Generic medicine Market, by Drug Type (Blood Factors, Cytokines, Immunoglobulin, Insulin, Monoclonal Antibodies, Peptide Antibiotics, Peptide Hormones, Vaccines, Others), by Therapeutic Application (Cardiovascular Diseases, Infectious Diseases, Musculoskeletal Diseases, Neurology, Oncology, Others), by Route of Administration (Injectable, Intra-Venous, Oral, Topical, Others), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026

Global Generic Medicine Market Analysis 2026:

A generic medicine frequently known as generic drug is a pharmaceutical medicine that consists of the same chemical component as that in a drug in addition to it being protected by chemical patents. Generic drugs are ideally more affordable than brand-name drugs. Generic medicines of those drugs can be legally manufactured which have never been patented or their patent has expired. The generic drug is chemically identical to brand-name drugs and it has similar standards of the FDA for effectiveness, purity, and safety. Certain misconceptions about generic medicines are that they produced in low-quality facilities or are poor in quality compared to brand-name drugs. However, the FDA applies same standards for all drug-producing facilities. Moreover, FDA estimates that around 50% of generic medicines are formulated by the brand-name companies itself as a result of an expired patent.

Market Driving Factors: Extensively increasing healthcare costs is one of the key factors for the growth of the Generic Medicine Market

A streamlined approval process, along with more drug approvals are the driving factors for the growth of the global generic medicine market. In addition, growing demand for healthcare coupled with higher costs is one of the significant factors for the growth of the global generic medicine market. For instance, in India, spur in the healthcare costs pushes 5.5 crore people below the poverty line. Furthermore, consolidation among pharmaceutical industry, hospital systems, wholesalers, and group purchasing organizations (GPOs) has also made a positive impact on the growth of the global market. For instance, the four largest GPOs such as Vizient, Premier Inc., Health Trust, and Intalere, combining, represent 90% of the healthcare distribution market.

Misconception about generic drugs among people is restraining the growth of global Generic Medicine Industry

Variations in the appearance of generic drugs attributing to increasing misconception about the generic medicines among the people are anticipated to restrain the growth of the global generic medicine market. Moreover, in several cases, new or different symptoms are experienced by the patient when the manufacturer switches from a brand-name drug to a generic form. These factors also expected to decline the growth of the market.

Japan to bring forward target for increased generic drug use is projected to create enormous opportunities for the Generic medicine market

In recent days, generic medicines are considered as an essential tool and multiple Asian countries’ governments are supporting the export and production of these generic drugs.
Japan's government has decided to increase the use of generic drugs by up to 80% by 2020. An increase in demand for generic medicines in Japan, regulatory cooperation and the aging population are some of the factors for the growth of generics in Japan market. Moreover, the Japanese government is focusing more on the nature and size of business opportunities in the Pharmaceutical industry, the specificities of Japan government approval processes for medicine and the potential scope for bilateral cooperation. These aforementioned elements are expected to create huge opportunities for the generic medicine market in the Japanese market.

Generic Medicine Market Segmentation, by Type:

The generic vaccine segment has a significant share in the global market, during the projected period

The vaccine segment for the generic medicine market has the highest share and it is further anticipated to grow at a healthy rate, over the forecasted period. This is mainly because of reverse engineering and manufacture of generic vaccines significantly lower the costs. It also offers high quality and affordable vaccination to patients across the globe. In addition, India is a primary supplier of generic vaccines to many countries and UNICEF.

Generic Medicine Market, by Application:

Oncology therapeutic application will be most lucrative, over the forecasted period

Oncology therapeutic application has witnessed significant growth, during the projected period, at a healthy rate. The increasing prevalence of cancer worldwide is one of the major factors boosting the growth of the generic medicine market. Also, the higher costs along with full-length cancer treatment results in patients opting for generic drugs because of affordable prices. Moreover, multiple factors such as sedentary lifestyle and excessive exposure to ultraviolet rays, and changing food habits are anticipated to increase the number of cancer cases; eventually, it will drive the demand for oncology generic medicines, worldwide. 

Cardiovascular disease has the major share, in the global generic medicine market, during the projected period. This is mainly because of circulatory disorders, heart failure, hypertension, stroke, and arrhythmias. For instance, as per the study of WHO (World Health Organization), 85% of all CVD deaths are occurring mainly due to strokes and heart attacks, across the globe. Above mentioned factors can impel the growth of the global market.

Generic Medicine Market, by Route of Administration:

Oral generic drugs segment will witness a dominant revenue till 2026

Oral medicine has a significant market share and it is projected to grow at a healthy rate, over the forecasted period.
Consistently decreasing price of oral generic drugs is one of the major factors for the growth of the global generic medicine market. Also, the FDA (Food & Drug Administration) has strengthened the generic industry’s competitive pressures among the market players. Furthermore, oral generics are the most recommended product, significantly owing to the convenience associated with the administration and less assistance.

Generic medicine Market, by Region:

Asia-Pacific region will have lucrative opportunities for the market investors

Emerging countries of the Asia-Pacific region such as China and India are anticipated to contribute to the generic medicine market growth. This is mainly because of the growing cognizance of the severe disease along with technological advancements in the enhancement of generic drugs. Government supportive policies for generic medicines are also fueling the growth of the Asian market. Furthermore, an increase in pharmaceutical spending by the emerging countries for the generic drugs along with consistently increasing healthcare expenditures are also projected to foster the growth of the global market.

North America region will have a major share in the global market, throughout the forecasted period 

North America has a dominant share in the global generic drugs market, during the forecasted period. Extensively increasing awareness of novel innovations and diagnosis and therapies for the treatment of severe diseases such as cancer CVDs and many others, are expected to drive the growth of the generic medicine market. In addition, the rise in the novel branded generics drugs launches coupled with an increasing rate of collaboration & strategic alliances in this region, is anticipated to fuel the growth of the generic medicine market. 

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Key participants in the Global Generic Medicine Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Source: Research Dive Analysis

Some of the significant generic medicine market players include Pfizer Inc., Teva Pharmaceutical Industries Ltd., Actavis Pharmaceuticals, Mylan N.V., Sandoz International GmbH, Par Pharmaceutical., Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Lupin Pharmaceuticals, Inc., and Endo International plc.
Market players prefer inorganic growth strategies to expand into local markets. Generic medicine Market players are emphasizing more on merger & acquisition and advanced product development. These are the frequent strategies followed by established organizations.
 

Source: Research Dive Analysis