IMARC Group's latest research report, titled "Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," provides an extensive analysis of the industry, including generic drugs market growth, size, trends, and business opportunities. The report also covers competitor and regional analysis and the latest advancements in the global market. The global generic drugs market size reached US$ 343.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 460.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.83% during 2023-2028.
Generic Drugs Market Overview:
Generic drugs are pharmaceutical products that are bioequivalent to their branded counterparts but are sold at a lower price. They are a cost-effective alternative for patients and healthcare systems, particularly in regions with a high burden of diseases and limited healthcare budgets. When a pharmaceutical company develops a new drug, it typically obtains a patent that grants exclusive rights to manufacture and sell the medication for a specific period. During this patent protection period, the drug is sold under a brand name, and the company that holds the patent has the exclusive right to market and sell the drug. Generic drugs have become an essential component of modern healthcare, as they help reduce the financial burden on patients and healthcare systems.
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Generic Drugs Market Trends:
The global market is majorly driven by the rising awareness among the masses. Coupled with the augmenting cost of pharmaceutical drugs and treatments is driving the demand for generic drugs across the globe. Moreover, the rising prevalence of chronic diseases, fueled by an aging global population, has intensified the demand for affordable medications. Generic drugs have played a significant role in meeting this demand, enabling patients to access treatments that are both effective and economically viable. Their cost-effectiveness has also helped governments and healthcare systems manage escalating healthcare expenditure, allocating resources more efficiently and ensuring a broader reach of essential medications.
Key Market Segmentation:
Top Generic Drugs Companies Worldwide :
Breakup by Therapy Area:
Breakup by Drug Delivery:
Breakup by Distribution Channel:
Breakup by Region:
Key Highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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