The size of the Asia Pacific Generic drugs market is forecasted to grow USD 122.28 billion by 2028 from USD 81.93 billion in 2023, registering a CAGR of 8.34% from 2023 to 2028.
Generic drugs are flourishing in the healthcare sector. An increase in the demand for generic drugs over branded drugs because they are cost-efficient, is the major driver in the generic drugs market in the APAC region. In addition, the generic drugs are of the same quality, have the same ingredients as the branded drugs, and are also FDA (Food and Drug Administration) approved.
The need for medication is driven by the rising elderly population and the burden of acute and chronic illnesses. As people in these countries still cannot afford high-rated medicines, therefore, they choose generic medicines.
High marketing of branded drugs overshadows generics is expected to hamper the growth rate of the APAC generic drugs market. Under certain conditions, physicians prefer branded drugs over generic drugs. It includes brands influencing the physicians, brand loyalty towards the brand medicines. Therefore, the branded medicines are overshadowing generic drugs. And also due to the rapid increase in the competition in the healthcare sector.
Impact of COVID-19 on the APAC generic drugs market:
COVID-19 has had a direct influence on supply and demand, as well as causing supply chain disruption since several medications were unable to reach the market on time. In addition, many clinical experiments were halted due to the pandemic, and pharma manufacturing businesses also suffered losses due to supply and demand issues. The COVID-19 epidemic impacted the APAC generic medicine market because hospitals, healthcare facilities, and medication manufacturers were severely decreased due to social distancing measures adopted by governments throughout the world.
This research report on the Asia-Pacific generic drugs market has been segmented and sub-segmented into the following categories:
During the forecast period, the Indian generic drugs market is estimated to lead the APAC market and had accounted for a substantial share in 2022. India is the world's top supplier of generic medicines. For example, the Indian pharmaceutical industry supplies more than half of the worldwide demand for vaccines, 40% of generic demand in the United States, and 25% of all medication in the United Kingdom. India is the world's largest producer of pharmaceuticals by volume and the fourteenth-largest producer by value. India is dominated by generic medicines in the pharmaceutical business, which account for 71% of the market share. In 2022, India's domestic pharmaceutical industry is expected to be worth US$ 42 billion, rising to US$ 65 billion by 2024 and US$ 120-130 billion by 2030.
The Chinese generic drugs market is anticipated to register a healthy CAGR during the forecast period. In the generic drug market, the sales value of Atorvastatin in the Chinese market is expected to accelerate from 2023 to 2028 due to the effective alleviation of COVID-19.
The Japanese generic drugs market is another lucrative regional market in Asia-Pacific. In terms of value, Japan is one of the world's largest markets for generic medicines and is expected to grow significantly during the forecast period. Japan has a large aging population, which results in high medical expenses; by recognizing the country's aging population as well as the rising prices of branded medications, the Japanese government began implementing healthcare policy measures to reduce medical spending, which is estimated to be creating great opportunities for both the manufactures.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the Asia-Pacific generic drugs market profiled in the report are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr. Reddy’s Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical and others.
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