The size of the European Generic drugs market is estimated to value USD 105.34 billion by 2027 and USD 74.76 billion in 2022, growing at a CAGR of 7.10% during the forecast period.
Generic medicines are less expensive than brand-name pharmaceuticals, which has led to an increase in generic drug sales in the market. Because the cost of these medications is low, many companies have begun to invest in the production of generic drugs. The rising prevalence of chronic diseases, diabetes, cardiovascular diseases, the growing geriatric population, rising healthcare expenditure, high demand for generic medicines, and a large number of patent-expired branded drugs are all contributing to the growth of the European generic drugs market. Patients prefer generic drugs because generic drugs are less expensive and have the same chemical composition and potency. When a patient has a serious disease, the therapy lasts longer, resulting in a rise in generic medication sales.
The growing need for newer generic medications, the increased number of clinical studies, and the huge number of licensing and partnering strategies used by important vendors to introduce new products all contribute to considerable demand for European generic drugs in the near future. The rapid expansion of the pharmaceutical sector, as well as its growing percentage of overall healthcare spending, has reignited the age-old issue over how to balance the expense of innovation in drug development while also providing universal access to that research. 3D printing has the ability to change medication production in the generic medicines industry. 3D printed medications aid R&D productivity while also providing new benefits to patients. Drugs with customized size, form, and texture may be produced via 3D printing, which is not feasible with standard generic medication production. Because of the high frequency of chronic diseases, the government and many drug industries are boosting their R&D spending to develop new compounds and enhance current technology so that more patients' problems may be treated. As a result of all of these qualitative data, it is obvious that the generic medicine industry will grow considerably during the forecasted period.
Government restrictions and drug-related side effects are anticipated to hinder the European generic drugs market growth. One of the challenges in the generic medicines market in the European market is a lack of knowledge about generic medications. The heavy advertising and marketing of branded medications obscures the availability of generic drugs that can be used instead of the more expensive branded drugs.
This European Generic Drugs Market report has been segmented and sub-segmented into the following categories:
The European generic drugs market is projected to expand as the frequency of chronic diseases rises in this region. For example, the number of people diagnosed with diabetes in Europe has increased in recent years, which is projected to raise demand for generic drugs. Many clinical trials have been delayed as a result of the pandemic, as researchers were not permitted to visit laboratories and continue those ongoing trials. If no disruption occurs, those molecules will enter the market as a patented molecule and will be taken away from the patient, resulting in an increase in the generic drug market in the forecasted periods. According to the World Health Organization, cervical cancer is one of the most prevalent diseases afflicting women in Europe, new cases diagnosed each year. As a result, throughout the projected period, a rising patient population is predicted to boost demand for generic drugs in Europe.
KEY MARKET PLAYERS:
A few of the notable companies dominating the European 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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