Generic Pharmaceuticals Market Growth & Trends
The global generic pharmaceuticals market is expected to reach over USD 682.9 billion expanding at a CAGR of 8.3% from 2023 to 2030, according to a new study by Grand View Research Inc. The growth of the generic pharmaceuticals market is largely attributable to the expiry of product patents which clears the way for generic drugs and biosimilar manufacturers to launch products in the market. For instance, in July 2020, Teva Pharmaceutical Industries Ltd. entered into a joint venture with Takeda Pharmaceutical Company Limited aimed to manufacture and commercialize specialty assets, complex generic drugs, and other pipeline opportunities. This joint venture was anticipated to drive the generic pharmaceuticals market.
Furthermore, increasing government initiatives to promote generic drug products for reducing the overall healthcare expenditure on pharmaceuticals and the patent expiry of major products. For instance, the Therapeutic Goods Administration (TGA) Australia aims to offer affordable, efficient, high-quality, and accessible generic drugs to citizens for their treatment. In support of generic drugs, the TGA has been trying to reduce regulatory and reimbursement burdens such as changing the landscape of generic drugs and reducing barriers through international collaboration with manufacturers to launch their generic drugs in the market. Such initiatives of the Australian government open new avenues in the market.
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In the U.S., every year millions of Americans use a generic drug for their treatment, hence, generic drugs remain the best bargain in the health care insurance programs, and given the recent enactment of healthcare reform legislation such as the introduction of the Patient Protection and Affordable Health Care Act. P.L. 111-148. Under this act, prescription drug coverage is mandated by the government as part of these new health insurance plans. The introduction of such policies may improve the quality and efficiency of healthcare, thereby, driving market growth.
The rising disease burden of infectious & non-infectious diseases coupled with the increasing geriatric population which is prone to chronic diseases such as diabetes, and hypertension, among others, may positively affect the market growth. According to an article published, in September 2022, around 17.9 million general population suffer from cardiovascular diseases (CVD) every year worldwide. Diseases including TB, diabetes, cardiovascular diseases, and HIV were among the major causes of death. The increasing incidence and prevalence of these diseases is expected to drive the market.
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Generic Pharmaceuticals Market Segmentation
Grand View Research has segmented the global generic pharmaceuticals market based on type, product, application, route of administration, distribution channel, and region:
Generic Pharmaceuticals Type Outlook (Revenue, USD Million, 2018 – 2030)
- Simple Generics
- Specialty Generics
Generic Pharmaceuticals Application Outlook (Revenue, USD Million, 2018 – 2030)
- Central Nervous System Disorders
- Respiratory Diseases
- Hormones & Related Diseases
- Gastrointestinal Diseases
- Cardiovascular Diseases
- Infectious Diseases
List of Key Players In Generic Pharmaceuticals Market
- Teva Pharmaceutical Industries Ltd.
- Viatris Inc.
- Novartis AG
- Sun Pharmaceutical Industries Ltd.
- AbbVie Inc. (Allergan)
- Sawai Pharmaceutical Co., Ltd.
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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