Generic Drugs Market Upcoming Trends, Demand and Analysis Till 2021 | Market Data Forecast
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Global Generic drugs market was worth USD 395.20 billion in 2016 and is expected to reach USD 652.6 billion by 2021 with a CAGR of 10.53%. This market will increase tremendously during forecast period.
Generic drugs are copies of branded drugs which have exactly same composition, intended use, effects, side effects, risks, safety, and strength as the genuine drug. An example of a generic drug for diabetes is metformin. They are cost effective compared to branded drugs.
Browse market data tables and in-depth TOC of the Generic Drugs Market to 2021 @ https://www.marketdataforecast.com/market-reports/global-generic-drugs-market-2183/
Generic drugs are also known as abbreviated drugs. To sell a generic drug manufacturing company must submit an Abbreviated New Drug Application for approval. The Drug Price Competition and Patent Term Restoration Act of 1984, mostly known as the Hatch-Waxman Act, made ANDAs feasible by creating a compromise in the drug industry. Generic drug companies have obtained greater access to the market for prescription drugs, and branded companies have obtained restoration of patent life for their drugs lost during FDA's approval process.
The cost-effectiveness of abbreviated drugs has given it a competitive lead over branded drugs in the market. Key driving factor for generic drugs is patent expiry for branded drugs. Patent for Branded drugs with sales of up to USD 135 billion was expired in 2015. Nearly USD 150 billion worth of patents for branded drugs will expire by 2020 which will give generic drugs a huge advantage. One more trend which influences market growth is outsourcing. Vendors are using outsourcing as a strategy to reduce their capital which will be an advantage to generic drugs. Only restraint for this market is rigid rules setup by FDA for approval of these drugs and the threat of counterfeit drugs.
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Generic drugs market is segmented into Biosimilars, Simple generic and Super generic. Based on therapeutic drugs, they are further segmented into Cardiovascular products, anti-infective products, anti-arthritis drugs, central nervous system drugs, anti-cancer drugs, respiratory products, and others. Super generics are sold at higher price than their pure generic counterpart. Super generics account for 18% of total spending on generic drugs. But biosimilars are comparatively cost effective even among generic drugs. Biosimilar drugs is expected to have significant growth during the forecast period. Based on Geography, Global Generic drugs market is further segmented in to regions such as North America, Asia-Pacific, Europe, Latin America and Middle East and Africa. North America dominates the market globally followed by Europe and Asia-pacific. Asia-Pacific is expected to grow significantly because of developing countries like India, China and Japan establishing pathways for approvals of generic drugs and their untapped market potential.
Key players in this market are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr. Reddy’s Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical and others.
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The scope of the report provides:
The evaluation of the current market for your product or services and the future implications of the market
Addresses the opportunities by better understanding the market through size estimates and growth rate analysis to forecast the market for the future
Extensive segmentation to understand the dynamics of market at a very granular level by splitting down the market to the smallest segment
Addresses the key market dynamics involving the drivers, restraints and challenges with an aim of providing insights for gaining market share
The factors responsible for the shaping of the industry as it is as a result of competitive environment is analyzed through Porter’s Five Forces
The effects of political, economic, social, technological, legal and environmental factors on the industry is analyzed through PESTLE analysis to better understand the aspects of strategic management required to comply with the exogenous and endogenous factors
Strategic evaluation of the key players to gain insights of their performance allowing access to their product portfolio, financial performance and the strengths of their business strategic developments
Comparative study of the firms across the industry measuring their performances based on market share and recent activities in order to achieve competitive intelligence
Equip you with the information providing with the investment opportunities in the industry
Looking for more? If you are in need of a specific research study, we have an expertise in undertaking a customized study and will aid to meet your research requirement to the fullest.
Order your copy of the report: https://www.marketdataforecast.com/cart/buy-now/global-generic-drugs-market-2183/
About Us:
Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, we cater to the needs of both individual and corporate clients. Our analyst team comprises expert professionals in market research, who with their collective knowledge and skillset dedicatedly serve clients from various industries and regions.
Contact:
Abhishek Shukla
Sales Manager (International Business Development)
Market Data Forecast
Direct Line: +1-888-702-9626
Mobile: +91 998 555 0206
Mail:abhishek@marketdataforecast.com
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Generic drugs are copies of branded drugs which have exactly same composition, intended use, effects, side effects, risks, safety, and strength as the genuine drug. An example of a generic drug for diabetes is metformin. They are cost effective compared to branded drugs.
Browse market data tables and in-depth TOC of the Generic Drugs Market to 2021 @ https://www.marketdataforecast.com/market-reports/global-generic-drugs-market-2183/
Generic drugs are also known as abbreviated drugs. To sell a generic drug manufacturing company must submit an Abbreviated New Drug Application for approval. The Drug Price Competition and Patent Term Restoration Act of 1984, mostly known as the Hatch-Waxman Act, made ANDAs feasible by creating a compromise in the drug industry. Generic drug companies have obtained greater access to the market for prescription drugs, and branded companies have obtained restoration of patent life for their drugs lost during FDA's approval process.
The cost-effectiveness of abbreviated drugs has given it a competitive lead over branded drugs in the market. Key driving factor for generic drugs is patent expiry for branded drugs. Patent for Branded drugs with sales of up to USD 135 billion was expired in 2015. Nearly USD 150 billion worth of patents for branded drugs will expire by 2020 which will give generic drugs a huge advantage. One more trend which influences market growth is outsourcing. Vendors are using outsourcing as a strategy to reduce their capital which will be an advantage to generic drugs. Only restraint for this market is rigid rules setup by FDA for approval of these drugs and the threat of counterfeit drugs.
Free sample of the report is available @ https://www.marketdataforecast.com/market-reports/global-generic-drugs-market-2183/request-sample
Generic drugs market is segmented into Biosimilars, Simple generic and Super generic. Based on therapeutic drugs, they are further segmented into Cardiovascular products, anti-infective products, anti-arthritis drugs, central nervous system drugs, anti-cancer drugs, respiratory products, and others. Super generics are sold at higher price than their pure generic counterpart. Super generics account for 18% of total spending on generic drugs. But biosimilars are comparatively cost effective even among generic drugs. Biosimilar drugs is expected to have significant growth during the forecast period. Based on Geography, Global Generic drugs market is further segmented in to regions such as North America, Asia-Pacific, Europe, Latin America and Middle East and Africa. North America dominates the market globally followed by Europe and Asia-pacific. Asia-Pacific is expected to grow significantly because of developing countries like India, China and Japan establishing pathways for approvals of generic drugs and their untapped market potential.
Key players in this market are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr. Reddy’s Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical and others.
Inquire before buying @ https://www.marketdataforecast.com/market-reports/global-generic-drugs-market-2183/inquire
The scope of the report provides:
The evaluation of the current market for your product or services and the future implications of the market
Addresses the opportunities by better understanding the market through size estimates and growth rate analysis to forecast the market for the future
Extensive segmentation to understand the dynamics of market at a very granular level by splitting down the market to the smallest segment
Addresses the key market dynamics involving the drivers, restraints and challenges with an aim of providing insights for gaining market share
The factors responsible for the shaping of the industry as it is as a result of competitive environment is analyzed through Porter’s Five Forces
The effects of political, economic, social, technological, legal and environmental factors on the industry is analyzed through PESTLE analysis to better understand the aspects of strategic management required to comply with the exogenous and endogenous factors
Strategic evaluation of the key players to gain insights of their performance allowing access to their product portfolio, financial performance and the strengths of their business strategic developments
Comparative study of the firms across the industry measuring their performances based on market share and recent activities in order to achieve competitive intelligence
Equip you with the information providing with the investment opportunities in the industry
Looking for more? If you are in need of a specific research study, we have an expertise in undertaking a customized study and will aid to meet your research requirement to the fullest.
Order your copy of the report: https://www.marketdataforecast.com/cart/buy-now/global-generic-drugs-market-2183/
About Us:
Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, we cater to the needs of both individual and corporate clients. Our analyst team comprises expert professionals in market research, who with their collective knowledge and skillset dedicatedly serve clients from various industries and regions.
Contact:
Abhishek Shukla
Sales Manager (International Business Development)
Market Data Forecast
Direct Line: +1-888-702-9626
Mobile: +91 998 555 0206
Mail:abhishek@marketdataforecast.com
Visit MarketDataForecast Blog @ http://www.marketdataforecast.com/blog/
Follow us @ https://in.linkedin.com/company/market-data-forecast