New York, United States, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Generic medications are bioequivalent to name-brand medications, meaning they have the same active components and therapeutic results. Similarities exist in the dosages, risks, consequences, side effects, strengths, intended purposes, and administration techniques. In comparison to name-brand equivalents, they are typically less expensive due to the reduced amount of money spent on research and development. There is also no need for extra testing on humans or animals to ascertain the medication's safety and effectiveness. Generic medicines are consequently rising in popularity across the globe. The growing global geriatric population and the rising incidence of chronic medical problems, such as cancer, diabetes, and cardiovascular diseases, are two significant reasons encouraging the market's expansion.
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Increasing Prevalence of Chronic Diseases Drives the Global Market
According to Straits Research, “The Total Addressable Market (TAM) for generic drugs was valued at USD 380.33 billion in 2022. It is projected to reach USD 546.03 billion by 2031, growing at a CAGR of 4.1% during the forecast period (2023-2031).” The rising prevalence of chronic diseases, including cancer, cardiovascular disease, and arthritis, has placed a heavy financial strain on the healthcare system in recent years. Generic drugs are more affordable and often used by people with chronic conditions than conventional pharmaceuticals, driving market expansion. Cardiovascular diseases, such as coronary heart disease, cerebrovascular disease, rheumatic heart disease, congenital heart disease, and others, are the most significant cause of death globally, according to the World Health Organization's July 2021 update. The increasing prevalence of cardiovascular diseases and their mortality is predicted to be significant drivers of the demand for generic pharmaceuticals. These will broaden the market under consideration and speed up its global expansion over the forecast year. Infectious disorders like HIV and tuberculosis are also pervasive, which increases the need for generic drugs and is expected to benefit how the market under investigation develops.
Rising Geriatric Population Creates Tremendous Opportunities
According to the WHO, one in six persons will be 60 or older by 2030. The number of people in this age group will increase from 1 billion in 2020 to 1.4 billion by 2050. By 2050, there will be 2.1 billion people in the globe who are 60 years of age or older. Between 2020 and 2050, the number of people 80 and older is anticipated to triple, reaching 426 million. According to the same source, low- and middle-income countries are currently going through the most significant change in population aging or the shift in a country's population's distribution towards older ages. Population aging is said to have started in high-income countries (for example, 30% of the population in Japan is already over 60 years old). As a result, this will increase healthcare demand, boosting market growth. The leading causes of illness and death have changed during the past century, significantly increasing life expectancy. According to the WHO, more developed countries have the oldest demographic profiles, whereas less developed countries have the bulk of older adults and are aging populations the fastest.
Regional Analysis
Asia-Pacific Generic Drugs Market Share is expected to grow at a CAGR of 4.91% during the forecast period. It is anticipated that the Chinese generic drugs market will grow throughout the forecast period due to the country's high prevalence of chronic diseases, the growing elderly population, the introduction of generic medications, and expanding strategic initiatives by the leading industry participants and government. The study predicts that the market would grow due to the country's aging population and high prevalence of chronic diseases driving demand for its medicines. The high prevalence of chronic diseases, the growing number of older people, the increasing number of new product releases, and the strategic initiatives taken by the government and major market players are all expected to support the expansion of the generic drug market in India. According to the Longitudinal Ageing Report in India (LASI) study, 75 million Indians over 60 are believed to suffer from a chronic condition. About 45 million people have cardiovascular disease, and 20 million have diabetes. The nation's high prevalence of chronic diseases would enhance the demand for affordable treatments, boosting the market under investigation.
North America is expected to grow at a CAGR of 4.07% during the forecast period. The market for generic medications is likely to rise throughout the forecast period due to the high prevalence of chronic diseases, the rising geriatric population, and new product releases by the key industry players in the U.S. For instance, the National Center for Chronic Disease Prevention and Health Promotion estimates that 4 out of 10 persons in the United States have two or more chronic diseases, and 6 out of 10 adults in the country have one or more chronic diseases (January 2021). Even though generic pharmaceuticals are substantially less expensive than other prescribed medications, these conditions create an annual burden of 3.8 trillion USD on the country's healthcare system. As a result, the country's extensive usage of generic drugs has the potential to significantly reduce healthcare spending, which is projected to impact the market's development under consideration significantly.
Key Highlights
- Based on the route of administration, the global generic drugs market is bifurcated into oral, topical, injectable, and other routes of administration. The oral segment is the highest contributor to the market and is estimated to grow at a CAGR of 3.83% during the forecast period.
- Based on application, the global generic drugs market is bifurcated into cardiovascular products, anti-infective drugs, anti-arthritis drugs, central nervous system drugs, anti-cancer drugs, respiratory products, and other applications. The cardiovascular products segment is the highest contributor to the market and is estimated to grow at a CAGR of 3.56% during the forecast period.
- Based on distribution channels, the global generic drugs market is bifurcated into hospitals/clinics, retail pharmacies, and other distribution channels. The retail pharmacies segment is the highest contributor to the market and is estimated to grow at a CAGR of 3.28% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 4.91% during the forecast period.
Competitive Players
The global generic drugs market's major key players are Mylan (Viatris Inc.), Abbott Laboratories, AbbVie Inc. (Allergan), Teva Pharmaceutical Industries Limited, Eli Lilly and Company, STADA Arzneimittel AG, GlaxoSmithKline PLC, Baxter International Inc., Pfizer Inc., Sanofi, Novartis AG (Sandoz International), Sun Pharma.
Market News
- In February 2022, Oakrum Pharma, LLC, in collaboration with ANI Pharmaceuticals, announced that the U.S. Food and Drug Administration (FDA) approved the Abbreviated New Drug Application (ANDA) for a generic version of Cystadane1 (betaine anhydrous for oral solution) Powder in a 180-gm bottle and granted Competitive Generic Therapy (CGT) of 180 days of exclusivity.
- In February 2022, Viatris Inc. announced that its subsidiary, Mylan Pharmaceuticals Inc., received approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Cyclosporine Ophthalmic Emulsion 0.05%, the first generic version of Allergan's Restasis®. There are no remaining legal or regulatory barriers, and the company is launching immediately.
Global Generic Drugs Market: Segmentation
By Route of Administration
- Oral
- Topical
- Injectable
- Other Routes of Administration
By Application
- Cardiovascular Products
- Anti-infective Drugs
- Anti-arthritis Drugs
- Central Nervous System Drugs
- Anti-cancer Drugs
- Respiratory Products
- Other Applications
By Distribution Channel
- Hospitals/Clinics
- Retail Pharmacies
- Other Distribution Channels
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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