Generic Drug Market Overview
Generic Drug Market size was valued at USD 431.15 Bn. in 2023 and the total Global Generic Drug Market revenue is expected to grow at a CAGR of 5.22% from 2024 to 2030, reaching nearly USD 615.72 Bn. in 2030.
A generic drug is made to be identical to a brand-name drug in terms of dosage form, safety, strength, administration method, quality, performance qualities, and intended purpose. It also shares the same active component as a brand-name drug. This indicates that a generic medication functions and has the same therapeutic benefit as a name-brand medication. Usually offered at significant savings, generic medications are 80–85% less expensive than name-brand ones. The FDA thoroughly examines them to make sure they adhere to the same exacting requirements for manufacture and quality as the name-brand goods.
Generic Drug Market Report Scope and Research Methodology
Rising Prevalence of Chronic Disease- The market for generic drugs is driven by the increasing incidence of chronic illnesses such as diabetes and cardiovascular disorders, as these drugs are more affordable than name-brand ones. Generic medications are becoming more and more appealing to patients and healthcare professionals alike as the patient base expands and the demand for cost-effective treatments increases. Also, Generic substitutes for name-brand medications become available once their patents expire, offering even more affordable treatment options. The move toward generic medications ensures that necessary treatments are easily accessible and reasonably priced, which lowers healthcare costs and enhances patient outcomes.
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Generic Drug Market Regional Insights
Novartis AG (Sandoz International) - Novartis AG (Sandoz International) stated that it will invest over $500 million in new biosimilar capabilities in Germany and Slovenia. As part of its commitment to maintain its leadership in the worldwide market for biosimilars and generics, Sandoz is making this investment. Furthermore, Novartis declared its plan to split Sandoz into a completely autonomous business with a focus on biosimilars and generics. The spin-off was successfully completed in October 2023, with Sandoz shares included in key market indices.
Generic Drug Market Segmentation
By Type, the Global generic drugs market is further divided into Simple Generics, Super Generics, and Biosimilars. The Supers generic segments occupied the largest market share of approximately 40% in the year 2023. Super generics are hybrids that are different from the original product in terms of composition or mode of distribution, as well as value-added generics and unique therapeutic agents. In contrast, simple generics don't need clinical trials and have a defined regulatory approach and development roadmap for filing an ANDA. The clinical impact of biosimilars is equivalent to that of generics, although their similarity to the original branded medication is limited by validation technology.
Generic Drug Market Key Players
Viatris
Sun Pharma
Fresenius Kabi
Aurobindo Pharma
Mylan N.V.
Pfizer Inc.
Sanofi
Novel Understanding
Fresenius SE Co.
Lupin Limited
Endo Pharmaceuticals Inc.
Aspen Pharmacare Holdings Limited
Dr. Reddy's Laboratories
Glenmark Pharmaceuticals
Cipla Ltd.
Alkem Laboratories
For in-depth information on this study, visit the following link:https://www.stellarmr.com/report/Generic-Drug-Market/1638
Key questions answered in the Generic Drug Market are:
- What is Generic Drug ?
- What was the Generic Drug market size in 2023?
- What is the growth rate of the Generic Drug Market?
- Which are the factors expected to drive the Generic Drug market growth?
- What are the different segments of the Generic Drug Market?
- What growth strategies are the players considering to increase their presence in Generic Drug ?
- What are the upcoming industry applications and trends for the Generic Drug Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Generic Drug Market?
- What segments are covered in the Generic Drug Market?
- Who are the leading companies and what are their portfolios in Generic Drug Market?
- What segments are covered in the Generic Drug Market?
- Who are the key players in the Generic Drug market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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