LONDON--(BUSINESS WIRE)--The global generic drugs market is expected to grow by USD 123.50 million as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 6%.
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Read the 120-page report with TOC on "Generic drugs Market Analysis Report by Type (Small-molecule generics and Biosimilars), Geography (North America, Europe, Asia, and ROW), Application (Anti-infectives, CNS, and Other applications), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/generic-drugs-market-industry-analysis
The market is driven by low-cost alternatives. In addition, rising M&A activities are anticipated to boost the growth of the generic drugs market.
Generic drugs are available at lower prices compared to branded drugs. They cost about 85% less than brand-name equivalents as they do not require animal and clinical studies to demonstrate safety and efficacy. Moreover, generic drugs comprise identical active ingredients with similar strength, stability, purity, efficacy, and safety of the branded drug. These factors have increased the acceptance of generic drugs for the treatment of various diseases, especially in emerging markets. This is contributing to the growth of the market.
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Major Five Generic Drugs Companies:
Amgen Inc.
Amgen Inc. operates its business through a unified Business Segment. The company offers AVSOLA, which is an infliximab biosimilar of Remicade. It is indicated for the treatment of all the diseases same as Remicade.
Dr. Reddys Laboratories Ltd.
Dr. Reddys Laboratories Ltd. operates its business through segments such as Global Generics, Pharmaceutical Services & Active Ingredients, and Proprietary Products. The company offers many generic formulations, including tablets, capsules, injectables, and topical creams, across the major therapeutic areas of gastrointestinal ailments, cardiovascular disease, pain management, oncology, anti-infective, pediatrics, and dermatology.
Fresenius SE & Co. KGaA
Fresenius SE & Co. KGaA operates its business through segments such as Fresenius Medical Care, Fresenius Kabi, Fresenius Helios, and Fresenius Vamed. The company offers a wide range of generic drugs. Propofol and Cisatracurium Besylate are some of its key offerings.
Merck & Co. Inc.
Merck & Co. Inc. operates its business through segments such as Pharmaceuticals, Animal health, and Others. The company offers RENFLEXIS, which is used for the treatment of rheumatoid arthritis, Crohn's disease, ulcerative colitis, and plaque psoriasis.
Mylan NV
Mylan NV operates its business through segments such as North America, Europe, and Rest of World. ACAMPROSATE CALCIUM and ALMOTRIPTAN are the key generic drugs offered by the company.
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Generic Drugs Market Type Outlook (Revenue, USD Million, 2020-2024)
- Small-molecule generics
- Biosimilars
Generic Drugs Market Geography Outlook (Revenue, USD Million, 2020-2024)
- North America
- Europe
- Asia
- ROW
Generic Drugs Market Application Outlook (Revenue, USD Million, 2020-2024)
- Anti-infectives
- CNS
- Other applications
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Related Reports on Healthcare Include:
Global Biosimulation Market – Global biosimulation market by end-user (pharmaceutical and biotechnology companies, contract research organizations (CRO), and others) and geography (Asia, Europe, North America, and ROW).
Global Antimicrobial Therapeutics Market – Global antimicrobial therapeutics market by application (antiviral, antibacterial, antifungal, and antiparasitic) and geography (North America, Europe, APAC, and ROW).
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