PUBLISHER: The Business Research Company | PRODUCT CODE: 1599006
PUBLISHER: The Business Research Company | PRODUCT CODE: 1599006
Generic pharmaceuticals are copies of known brand-name drugs that have exactly the same dosage, intended use, effects, side effects, route of administration, risks, safety and strength as the original drug. Their pharmacological effects are exactly the same as those of their brand-name counterparts. An example of a generic drug used for diabetes, is Metformin. The brand name for Metformin is Glucophage. A generic drug used for Hypertension, is Metoprolol, whereas the brand name for the same drug is Lopressor.
The generic pharmaceuticals market consists of sales, by entities (organizations, sole traders and partnerships), of generic pharmaceuticals products.
The global generic pharmaceuticals market was valued at $289,292.74 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 7.00%.
Increased Number Of Surgical Procedures
The increased number of surgical procedures boosted the growth of the generic pharmaceuticals market during the historic period. The increased number of surgical procedures drove demand for cost-effective medications needed during and after operations. With rising interventions, the need for anesthetics, pain management drugs and antibiotics, many of which are available as generics, has surged. Healthcare providers are increasingly choosing generics to reduce costs without sacrificing care, enhancing accessibility. This trend, particularly in outpatient settings, supports efforts to lower healthcare spending while ensuring effective treatment options, thus propelling market growth. For instance, according to the Global Survey on Aesthetic/Cosmetic Procedures by the International Society of Aesthetic Plastic Surgery (ISAPS), a US-based professional body for board-certified aesthetic plastic surgeons, there was an 11.2% increase in procedures performed by plastic surgeons in 2022, totaling over 14.9 million surgical and 18.8 million non-surgical procedures globally. The report highlights a significant rise in aesthetic surgery, with a 41.3% increase over the past four years. Both categories have shown growth since the last survey, with surgical procedures increasing by 16.7% and non-surgical procedures by 7.2%, including a remarkable 57.8% rise in non-surgical procedures over the same period. Additionally, according to Novascotia.ca, the official website for the province of Nova Scotia, Canada, in the 2022-2023 fiscal year, there were 1,873 more surgeries performed compared to 2019-20, along with 4,863 additional endoscopy and cystoscopy procedures. Notably, outpatient hip and knee replacement surgeries surged to 1,193 in 2022-23 from just 85 in 2019-20, allowing patients to recover at home and freeing up hospital beds for other patients. Therefore, the increased number of surgical procedures contributed to the growth of the generic pharmaceuticals market.
Introduction Of Innovative Ready-To-Use Injectable Formulations To Enhance Patient Convenience In Chemotherapy Regimens
Generic pharmaceuticals manufacturers are introducing innovative ready-to-use injectable formulations to improve patient convenience in chemotherapy regimens. These products eliminate the need for reconstitution or dilution, enabling quick and efficient medication administration by healthcare providers. By simplifying preparation, they enhance patient experience and adherence to treatment protocols while aiding in the effective management of chemotherapy-related side effects, such as nausea and vomiting, ultimately promoting more comfortable care for cancer patients. For instance, in July 2024, Amneal Pharmaceuticals, Inc., a US-based generics and specialty pharmaceutical company, and Steriscience Specialties Private Limited, an India-based pharmaceutical company, launched FOCINVEZ, a ready-to-use injectable formulation of fosaprepitant. This single-dose vial product is unique as it is free of Polysorbate 80 and does not require reconstitution or dilution, allowing for direct administration using the included vial hanger. FOCINVEZ is indicated for adults and pediatric patients aged six months and older in combination with other antiemetic agents to prevent acute and delayed nausea and vomiting associated with highly and moderately emetogenic cancer chemotherapy, including high-dose cisplatin.
The global generic pharmaceuticals market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 10.31% of the total market in 2023.
Generic Pharmaceuticals Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global generic pharmaceuticals market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for generic pharmaceuticals? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The generic pharmaceuticals market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider generic pharmaceuticals market; and compares it with other markets.