Generic Drug Market Report, Industry Overview, Growth Rate and Forecast 2024
by Rahul Rastogi Market Research AnalystOver the
recent years, the global generic drugs market has witnessed a moderate growth.
Some of the factors providing impetus to the market include cost-effectiveness
of generic drugs, government support, low capital investment, easy
availability, etc.
Generic
drugs are bioequivalent of the branded drugs in terms of quality, strength,
dosage and intended use. They require low capital investment as they only incur
manufacturing cost, without any expenditure on drug discovery and development,
advertising, distribution of free samples, etc. This leads to an overall
reduction of around 40-60% in the prices
trends of the generic drug. Owing to this, these drugs form an
important part of the public healthcare systems in both the developed and
developing countries. A new research report by IMARC Group, titled “Generic
Drugs Market: Global Industry Trends, Manufacturing Process, Share, Size,
Growth, Opportunity and Forecast 2018-2023”, estimates that the global generic drugs market value reached of around US$ 245 Billion in
2017. The report further anticipates the global generic drugs market size to reach a value of US$ 376 Billion by 2023, at a
projected CAGR of 7.4% over the forecast period.
Request Free Sample Report: https://www.imarcgroup.com/generic-drug-manufacturing-plant/request-sample
Global
Generic Drugs Market Drivers/Constraints:
·
Generic
drugs are as safe and effective as the brand-name drugs since they are
inspected, approved and regulated by the FDA or the government of the
respective nation. A surge in the awareness regarding the efficacy of these
drugs has helped in propelling their demand.
·
The
patent expiries of a number of blockbuster drugs in the recent years have
further improved the growth aspects of the generic drug manufacturers
worldwide.
·
A rise
in the number of chronic diseases like diabetes, cardiovascular diseases,
Parkinson’s disease, Alzheimer’s disease, etc. has increased the demand for
low-cost generic drugs, particularly in regions with aging population.
·
There
are several factors that hamper the growth of the generic drugs market. For
instance, these drugs are perceived inferior by various consumers, doctors and
physicians as they contain different inactive ingredients which may behave
differently on consumption.
Regional
Insights:
On
a geographical front, the Unites States exhibits a clear dominance in the
generic drug market, accounting for the majority of the global share. Rising
cases of chronic diseases, due to changing lifestyle and eating patterns, is
one of the major reasons for the expansion in the demand for generic drugs. The
Unites States is followed by China, Brazil, Germany and France.
Competitive
Landscape:
The
market is fragmented in nature with the presence of numerous small and large
manufacturers who compete in terms of prices. There is an intense competition
in the market which makes it difficult for small players to survive. Some of
the leading players operating in the market are:
·
Teva
Pharmaceuticals
·
Novartis
– Sandoz
·
Mylan
·
Freseunis
·
Hospira
Browse Full Report with TOC &
List of Figure: https://www.imarcgroup.com/generic-drug-manufacturing-plant
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Us
IMARC Group
is a leading market research company that offers management strategy and market
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and high technology organizations. Market forecasts and industry analysis for
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and tourism, nanotechnology and novel processing methods are at the top of the
company’s expertise.
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Created on Apr 26th 2019 07:29. Viewed 458 times.