New York, NY, July 15, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Generic Drug Market by Brand (Pure Generic and Branded Generic) for Central Nervous System (CNS), Cardiovascular, Dermatology, Oncology, Respiratory and Others Therapeutic Applications - Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, the global generic drug market accounted for around USD 200.20 billion in 2015 and is expected to reach approximately USD 380.60 billion by 2021, growing at a CAGR of around 10.8 % between 2016 and 2021.
Pharmacology is the study of drugs and medicines, including their uses, effects, and characteristic. Generic drugs are chemically identical to their branded counterparts. Although generic drugs are bioequivalent to branded drugs, they are sold at a significant discount from branded drugs prices. As per the FDA approval, the generic drug should contain the same active ingredient as their branded counterpart; it should be bioequivalent and should meet batch requirements for identity, quality, purity, and strength. It should be identical on the route of administration and dosage form. It should be manufactured under the same rules and regulation of the FDA’s good manufacturing practice required for branded drugs. Generic drugs manufacturing companies are capable of selling generic drugs at a lower price because they are not required to repeat costly clinical trials and pay for marketing and promotion strategies.
Browse through 13 Tables & 24 Figures spread over 110 Pages and in-depth TOC on “Global Generic Drug Market Size & Share: Industry Overview & Forecast 2015-2021”.
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The market for the generic drug has been accelerated by increasing the number of patent expiration of branded drugs and government initiatives. Moreover, increasing the prevalence of chronic diseases and emerging markets are responsible for the growth of generic drugs market. Furthermore, decreased the cost of the drug is acting as the most important factor for the growth of the generic drug market. However, high competition and the shortage of drugs can restrict the growth of the generic drug market. In addition, the prescription of doctors is largely affecting the growth of the generic drug market because doctors are prescribing branded drugs to their patient. However, an untapped and emerging market like India and China are expected to generate more opportunities for generic drug market in the forecast period.
Based on the brand classification, the generic drug market is segmented as pure generic and branded generic. Branded generic drugs are bioequivalent to the generic drugs, but the difference is they are marketed under other companies brand names. Pure generic drugs segment is dominating the market with a high market share.
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Based on therapeutic application, the market is segmented as central nervous system (CNS), cardiovascular, dermatology, oncology, respiratory and others. CNS and Cardiovascular segments are the two largest market segment covered by the generic drug market. The cardiovascular segment covers more than 20% of the global generic drug market due to a number of patent expiry of cardiovascular drugs. Central Nervous System (CNS) is also an emerging segment with more than 15 % revenue contribution for the year 2015.
North America held the largest market share in the generic drug market in 2015. In the U.S. more than 88% of prescriptions patterns are filled by generic drugs, thus the demand is high for the generic drug. In addition, Europe is expected to show significant growth for generic drug market as a result of the increasing prevalence of chronic diseases and government support.
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In the Asia Pacific, India and China dominated the generic drug market in terms of volume. India is the leading country in the Asia Pacific region due to a number of Indian companies seeking regulatory approvals in the U.S. and other countries. Total Indian genetic market was around USD 21 billion in 2015 and it is mainly due to various Indian companies have got international regulatory approvals like the U.S. FDA, MHRA-UK, TGA-Australia and MCC-South Africa for their manufacturing plant. India is the largest exporter of the generic drug; leading Indian generic companies are generating more than 50% revenue from export business of generic drug.
In 2015, Brazil was the largest generic market in Latin America and it is due to the sale of generic drugs was accounted for 23% of the pharmaceutical sector by value and 25% by volume. It is expected to remain dominant in Latin America in the forecast period due to high demand and increasing development in the pharmaceutical sector.
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Key operating players for generic drugs market are Teva Pharmaceutical Industries Ltd., Novartis International AG, Mylan N.V., Abbott Healthcare Pvt Ltd, Actavis Pharmaceuticals and Sun Pharmaceuticals.
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This report segments the generic drugs market as follows:
Generic Drugs Market: Brand Segment Analysis
- Pure generic drugs
- Branded generic drugs
Generic Drugs Market: Therapeutic Application Segment Analysis
- Central nervous system (CNS)
- Cardiovascular
- Dermatology
- Oncology
- Respiratory
- Others.
Generic Drugs Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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