Generic Drugs Market - Excessive Call for Generic Medicines is expected to Lead Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 5.2% from 2022 to 2028

Generic Drugs
  • Generic Drugs Market

As stated in our extensive report; providing insights on Key Drivers, Key Restraints, Segments (i.e.,Brand, Route of Drug Administration, Therapeutic Application, Key Distribution Channel, and Region); the Global Generic Drugs Market accounted for USD 392.4 Billion in the year 2021.

A generic drug is a treatment that is designed to be identical to a brand-name drug in terms of dose form, potency, mode of administration, quality, performance characteristics, and intended use. These drugs are cheaper and equivalent to branded drugs in dosage, strength, direction of the administration, quality, performance, and application. Generic Drugs are subjected to authorities' policies in numerous nations instead of being related to a specific company. As the Global Generic Drugs Market is huge, it is very probable to retain development in the forecast period. The motives attributed to this increase are the increasing prevalence of chronic diseases, growth in the geriatric population, and growing healthcare expenditure.

COVID-19 critically impacted the Generic Drugs Market during the early pandemic because of the lockdown regulations and supply chain disruption. Later, there has been an accelerated demand for generic pharmaceuticals because the COVID-19 infections provided many possibilities for generic drug producers to manufacture the medication to treat this infection.

“Key Factors Likely to Drive Growth of Generic Drugs Market”

The fundamental elements that contribute to the increase of the Generic Drugs Market consist of the growing occurrence of chronic diseases, diabetes & cardiovascular diseases, an increase in the geriatric population, increasing healthcare expenditure, the excessive call for generic medicines and a massive variety of patent expired branded drugs. However, stringent government policies and adverse results related to drugs are predicted to restrain the market development. The growing demand for newer versions of Generic Drugs, extra numbers of clinical trials, and massive numbers of licensing & partnering techniques to release new products via way of means of key companies contribute to the enormous demand for Generic Drugs shortly.

Asia Pacific is expected to witness the fastest growth in the Global Generic Drugs Marketduring the forecast period. This is owing to the rise in population along with increased awareness among the consumers about various disorders.

Some of the key players in the Global Generic DrugsMarketinclude-Mylan N.V., Abbott Laboratories, ALLERGAN, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, STADA Arzneimittel AG, GlaxoSmithKline PLC., Baxter International Inc., Pfizer Inc., Sandoz International GmbH, and others.