Generic Drugs Market by Type and Geography - Forecast and Analysis 2021-2025
- Published: Aug 2021
- Pages: 120
- SKU: IRTNTR44584
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The generic drugs market share is expected to increase by USD 138.9 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.33%.
This generic drugs market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers generic drugs market segmentations by type (small-molecule generics and biosimilars) and geography (North America, Europe, Asia, and ROW). The generic drugs market report also offers information on several market vendors, including Amgen Inc., Dr. Reddys Laboratories Ltd., Fresenius SE and Co. KGaA, Merck and Co. Inc., Novartis AG, Pfizer Inc., Sanofi SA, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., and Viatris Inc. among others.
What will the Generic Drugs Market Size be During the Forecast Period?
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Generic Drugs Market: Key Drivers, Trends, and Challenges
The low-cost alternatives is notably driving the generic drugs market growth, although factors such as rising credibility issues may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the generic drugs industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Generic Drugs Market Driver
The low-cost alternatives is a major factor driving the global generic drugs market share growth. Generic drugs are available at a lower cost compared with branded drugs as generic drug applicants do not have to repeat animal and clinical studies that were required to demonstrate the safety and effectiveness of brand-name medicines. Generic drugs cost about 85% less than their brand-name equivalents, as generic drug companies do not have to incur high initial drug development costs. The high cost of branded drugs leads to higher pharmacy costs resulting in high patient expenditure for such drugs. The high-cost factor, therefore, leads patients to opt for generic drugs as alternatives to expensive brand biologics such as Humira and Remicade for the treatment of autoimmune diseases and disorders like arthritis. Generic drugs also comprise identical active ingredients with similar strength, stability, purity, efficacy, and safety to the branded drug. The acceptance of generic drugs due to their low cost has also enabled emerging markets to avail of such drugs for treating various diseases. Therefore, the low cost of generics, the growing use in emerging markets, and the effectiveness lead people to opt for generic drugs, thereby contributing to the growth of the market.
Key Generic Drugs Market Trend
The advent of RPA is another factor supporting the global generic drugs market share growth. Pharmaceutical companies are gradually using business processes automation technologies such as robotic process automation (RPA) for R&D and manufacturing. Pharmaceutical companies are increasingly adopting the RPA technology to ensure that their business operations and processes comply with regulations and standards, reduce costs for manual and repetitive tasks, and complete processes at a faster rate. Companies such as Pfizer, Teva Pharmaceutical Industries, and Novo Nordisk are using AI for pharmaceutical R&D and manufacturing as digital robots can perform high-volume and repeatable tasks. The speed at which such digital robots complete processes involved in manufacturing will enable CROs to execute recurring processes faster, thereby leading to increased efficiency. RPA's capability of ensuring proof of compliance and built-in scalability of digital automation code helps in saving costs, thereby leading CROs to focus on clinical research instead of process-intensive reporting functions. Therefore, generic drug companies are adopting RPA technology to avail benefits such as accuracy due to increased efficiency, digital health check-up, and lower operational risk due to automation of tasks that eliminate human errors.
Key Generic Drugs Market Challenge
The rising credibility issues will be a major challenge for the global generic drugs market share growth during the forecast period. The global generic drugs market faces credibility issues in terms of the safety and quality of generic drugs. The high potential for counterfeits, especially in developing countries, and the increasing number of substandard products being withdrawn from the market are major factors for distrust of generics among people. Increasing cases of substandard generic products being withdrawn from the market are also leading to credibility issues among patients. Few (less than 40%) US patients prefer generic drugs over brand-name formulations due to the lack of safety and quality guarantee of such drugs. Uncertainty, misperceptions, and skepticism are leading to consumers choosing brand-name drugs, despite the availability of therapeutically equivalent generic drugs for medications, costing around $12 million to US healthcare due to higher adoption of brand-name drugs over generic drugs. The lack of trust, increasing credibility issues, and rising misperceptions and skepticism of generic drugs lead patients to opt for brand-name drugs as brand-name drugs are believed to be safe and effective due to their retention of original ingredients. Essentially, this hampers the growth of the global generic drugs market.
This generic drugs market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global generic drugs market as a part of the global pharmaceuticals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the generic drugs market during the forecast period.
Who are the Major Generic Drugs Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Amgen Inc.
- Dr. Reddys Laboratories Ltd.
- Fresenius SE and Co. KGaA
- Merck and Co. Inc.
- Novartis AG
- Pfizer Inc.
- Sanofi SA
- Sun Pharmaceutical Industries Ltd.
- Teva Pharmaceutical Industries Ltd.
- Viatris Inc.
This statistical study of the generic drugs market encompasses successful business strategies deployed by the key vendors. The generic drugs market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Amgen Inc.- The company offers wide range of generic drugs like Aimovig, Corlanor, Epogen, Xgeva and others.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The generic drugs market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Generic Drugs Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the generic drugs market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global pharmaceuticals market includes the following core components:
- Inbound logistics
- Outbound logistics
- Marketing and sales
- Support activities
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Generic Drugs Market?
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39% of the market's growth will originate from North America during the forecast period. The US is the key market for generic drugs market in North America. Market growth in this region will be faster than the growth of the market in all other regions.
Increased outsourcing of drug discovery and development will facilitate the generic drugs market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
What are the Revenue-generating Type Segments in the Generic Drugs Market?
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The generic drugs market share growth in the small-molecule generics segment will be significant during the forecast period. Globally, small-molecule generic drugs are increasingly used, as they cost significantly lesser than branded drugs; the shorter approval process for small-molecule generics with no animal and clinical study requirements reduces the time spent on drug development and cost of R&D. Several generic companies also receive approval for marketing a single product, thereby leading to competition in the marketplace and resulting in lower prices of drugs. Small molecule generic drugs are also sold at discounted prices, approximately 80%-85% lesser than brand-name drugs, thereby driving their demand.
This report provides an accurate prediction of the contribution of all the segments to the growth of the generic drugs market size and actionable market insights on post COVID-19 impact on each segment.
You may be interested in the regional reports:
Japan Generic Drugs market - The market share will grow at a CAGR of 8.16 percent over the period 2014-2019.
Generic Drugs Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.33%
Market growth 2021-2025
$ 138.9 billion
YoY growth (%)
North America, Europe, Asia, and ROW
Performing market contribution
North America at 39%
Key consumer countries
US, Germany, China, Japan, and UK
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Amgen Inc., Dr. Reddys Laboratories Ltd., Fresenius SE and Co. KGaA, Merck and Co. Inc., Novartis AG, Pfizer Inc., Sanofi SA, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., and Viatris Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Generic Drugs Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive generic drugs market growth during the next five years
- Precise estimation of the generic drugs market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the generic drugs industry across North America, Europe, Asia, and ROW
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of generic drugs market vendors
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1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value chain analysis: Pharmaceuticals market
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Type
- 5.1 Market segments
- Exhibit 15: Type - Market share 2020-2025 (%)
- 5.2 Comparison by Type
- Exhibit 16: Comparison by Type
- 5.3 Small-molecule generics - Market size and forecast 2020-2025
- Exhibit 17: Small-molecule generics - Market size and forecast 2020-2025 ($ billion)
- Exhibit 18: Small-molecule generics - Year-over-year growth 2020-2025 (%)
- 5.4 Biosimilars - Market size and forecast 2020-2025
- Exhibit 19: Biosimilars - Market size and forecast 2020-2025 ($ billion)
- Exhibit 20: Biosimilars - Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by Type
- Exhibit 21: Market opportunity by Type
6 Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 23: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 24: Geographic comparison
- 7.3 North America - Market size and forecast 2020-2025
- Exhibit 25: North America - Market size and forecast 2020-2025 ($ billion)
- Exhibit 26: North America - Year-over-year growth 2020-2025 (%)
- 7.4 Europe - Market size and forecast 2020-2025
- Exhibit 27: Europe - Market size and forecast 2020-2025 ($ billion)
- Exhibit 28: Europe - Year-over-year growth 2020-2025 (%)
- Exhibit 29: Recently approved Humira biosimilars in the EU
- 7.5 Asia - Market size and forecast 2020-2025
- Exhibit 30: Asia - Market size and forecast 2020-2025 ($ billion)
- Exhibit 31: Asia - Year-over-year growth 2020-2025 (%)
- 7.6 ROW - Market size and forecast 2020-2025
- Exhibit 32: ROW - Market size and forecast 2020-2025 ($ billion)
- Exhibit 33: ROW - Year-over-year growth 2020-2025 (%)
- 7.7 Key leading countries
- Exhibit 34: Key leading countries
- 7.8 Market opportunity by geography
- Exhibit 35: Market opportunity by geography ($ billion)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- Exhibit 37: Impact of drivers and challenges
- 8.3 Market trends
9 Vendor Landscape
- 9.1 Overview
- Exhibit 38: Vendor landscape
- 9.2 Landscape disruption
- Exhibit 39: Landscape disruption
- Exhibit 40: Industry risks
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 41: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 42: Market positioning of vendors
- 10.3 Amgen Inc.
- 10.4 Dr. Reddys Laboratories Ltd.
- Exhibit 48: Dr. Reddys Laboratories Ltd. - Overview
- Exhibit 49: Dr. Reddys Laboratories Ltd. - Business segments
- Exhibit 50: Dr. Reddys Laboratories Ltd. -Key news
- Exhibit 51: Dr. Reddys Laboratories Ltd. - Key offerings
- Exhibit 52: Dr. Reddys Laboratories Ltd. - Segment focus
- 10.5 Fresenius SE and Co. KGaA
- Exhibit 53: Fresenius SE and Co. KGaA - Overview
- Exhibit 54: Fresenius SE and Co. KGaA - Business segments
- Exhibit 55: Fresenius SE and Co. KGaA - Key offerings
- Exhibit 56: Fresenius SE and Co. KGaA - Segment focus
- 10.6 Merck and Co. Inc.
- Exhibit 57: Merck and Co. Inc. - Overview
- Exhibit 58: Merck and Co. Inc. - Business segments
- Exhibit 59: Merck and Co. Inc. -Key news
- Exhibit 60: Merck and Co. Inc. - Key offerings
- Exhibit 61: Merck and Co. Inc. - Segment focus
- 10.7 Novartis AG
- Exhibit 62: Novartis AG - Overview
- Exhibit 63: Novartis AG - Business segments
- Exhibit 64: Novartis AG -Key news
- Exhibit 65: Novartis AG - Key offerings
- Exhibit 66: Novartis AG - Segment focus
- 10.8 Pfizer Inc.
- Exhibit 67: Pfizer Inc. - Overview
- Exhibit 68: Pfizer Inc. - Business segments
- Exhibit 69: Pfizer Inc. - Key offerings
- Exhibit 70: Pfizer Inc. - Segment focus
- 10.9 Sanofi SA
- Exhibit 71: Sanofi SA - Overview
- Exhibit 72: Sanofi SA - Business segments
- Exhibit 73: Sanofi SA -Key news
- Exhibit 74: Sanofi SA - Key offerings
- Exhibit 75: Sanofi SA - Segment focus
- 10.10 Sun Pharmaceutical Industries Ltd.
- Exhibit 76: Sun Pharmaceutical Industries Ltd. - Overview
- Exhibit 77: Sun Pharmaceutical Industries Ltd. - Product and service
- Exhibit 78: Sun Pharmaceutical Industries Ltd. -Key news
- Exhibit 79: Sun Pharmaceutical Industries Ltd. - Key offerings
- 10.11 Teva Pharmaceutical Industries Ltd.
- Exhibit 80: Teva Pharmaceutical Industries Ltd. - Overview
- Exhibit 81: Teva Pharmaceutical Industries Ltd. - Business segments
- Exhibit 82: Teva Pharmaceutical Industries Ltd. -Key news
- Exhibit 83: Teva Pharmaceutical Industries Ltd. - Key offerings
- Exhibit 84: Teva Pharmaceutical Industries Ltd. - Segment focus
- 10.12 Viatris Inc.
- Exhibit 85: Viatris Inc. - Overview
- Exhibit 86: Viatris Inc. - Business segments
- Exhibit 87: Viatris Inc. -Key news
- Exhibit 88: Viatris Inc. - Key offerings
- Exhibit 89: Viatris Inc. - Segment focus
- 11.1 Scope of the report
- 11.2 Currency conversion rates for US$
- Exhibit 90: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 91: Research Methodology
- Exhibit 92: Validation techniques employed for market sizing
- Exhibit 93: Information sources
- 11.4 List of abbreviations
- Exhibit 94: List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- low-cost alternatives
- Advent of RPA
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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