Global Generic Drugs Market Is Predicted To Reach USD 796.48 Billion By 2023 With A CAGR Of 10.53 % According To Market Data Forecast Report.

Global Generic Drugs Market Is Predicted To Reach USD 796.48 Billion By 2023 With A CAGR Of 10.53 % According To Market Data Forecast Report.

ID: 2189 | October 2018 | Region: Global

Global Generic Drugs Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Global Generic drugs is estimated to be USD 290.83 billion in 2018 and predicted to rise to USD 412.50 billion with a CAGR of 7.24% by 2023. The market is segmented by type (super generic, biosimilars and simple generic) by therapeutic drugs (anti-infective products, anti-cancer drugs, central nervous system drugs, , respiratory products, anti-arthritis drugs,  Cardiovascular products and others), and by region – Global Industry Analysis, Size, Share, Growth, Trends and forecasts (2018-2023). Further the market is also geographically segmented into North America, Asia-Pacific, Europe, Latin America and Middle-East & Africa.

Generic drugs are copies of branded drugs that have same composition, effects, risks, and functions as the original drug but at a lower price. The major factor that is giving lead to generic drugs compared to original drugs is its cost effectiveness. One more factors is that patents of drugs worth USD 135 billion are expired in 2015 which will be a huge advantage for the development of generic drugs market during forecast period. The major restraint to the Genetic drugs market is stringent regulations by FDA.

Super generic drugs are sold at a relatively higher price than their pure generic counterparts. Super generics has highest investments among all generic drugs. But biosimilars are expected to grow tremendously during the forecast period because of their low prices. They are relatively cheaper than other generic drugs. Therefore, various countries are preferring biosimilars and laying pathway for their establishment in those countries.

Geographically, North America has the highest share in the Global Generic drugs market. As some major players in the generic drug market are in north America, some doctors and clinic started prescribing only generic drugs and it will improve even more to the point that most of the drugs prescribed would be generic drugs. Asia-Pacific is expected to increase at the highest CAGR because of its large population and relatively less stable economies.

Key players in this market are Ranbaxy Laboratories, Ltd, Sandoz International GmbH, Mylan, Inc. Industries, Ltd., Par Pharmaceutical, Inc., Actavis, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Dr. Reddy’s Laboratories, Teva Pharmaceutical and others.

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