Global Advancing Generic Drug Development Market Insights Forecasts to 2033

• The Global Advancing Generic Drug Development Market Size was Anticipated to Hold a Significant Share in 2023
• The Market Size is Growing at a CAGR of 6.1% from 2023 to 2033
• The Worldwide Advancing Generic Drug Development Market Size is Expected to Reach Significant Share by 2033
• North America is Expected to Grow the fastest during the forecast period.

 

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The Global Advancing Generic Drug Development Market Size is Anticipated to Hold a Significant Share by 2033, Growing at 6.1% CAGR from 2023 to 2033.

 

Market Overview

Advancing generic drug development refers to the process of improving and accelerating the creation and approval of generic medications. A generic drug is a medication designed to be identical to an already marketed brand-name drug in terms of dose form, safety, strength, mode of administration, quality, performance characteristics, and intended usage. These similarities contribute to bioequivalence, which means that a generic medicine functions in the same way and offers the same therapeutic benefit as the brand-name medicine.

 

Advancing generic drug development market is fuelled by patent expiration, cost-effective alternatives, regulatory support, technological advancements, economic incentives, and healthcare policies. The FDA's Hatch-Waxman Act facilitates approval, while efforts to counteract patent evergreening contribute to the growing market for affordable medications.

 

For Instance, In February 2024, Mediplus Health Services, India's second-largest pharmacy retail chain headquartered in Hyderabad, made a big entry into the $25 billion generic medication market. The company has announced the launch of its brand of generic pharmaceuticals, available across its vast network of 4200 pharmacies.

 

In August 2024, the Tamil Nadu Chief Minister stated that he plans to establish pharmacy stores called 'Mudalvar Marunthagam' soon to ensure that people have access to generic and other medicines at a reduced cost.

 

Report Coverage

This research report categorizes the market for advancing generic drug development based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the advancing generic drug development market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the advancing generic drug development market.

 

Driving Factors

The advancing generic drug development market is propelled by several factors including patent expirations for brand-name drugs that enable generics to enter the market, offering cost-effective alternatives that reduce healthcare expenses. Regulatory support has streamlined approval processes while rising rates of chronic diseases and healthcare cost management efforts boost demand for affordable medications. Technological innovations and globalization expand market access, and the focus on generics by major pharmaceutical companies opens new opportunities. Increased consumer awareness further drives the generic drug development market worldwide.  

 

Restraining Factors

The growth of the advancing generic drug development market is constrained by several factors including regulatory challenges and evolving requirements can complicate and delay drug approvals. Intellectual property disputes can hinder market entry, and the complexity of developing generics for sophisticated drugs demands significant resources. Supply chain issues, economic fluctuations, and pricing pressures also affect the market, along with concerns about maintaining consistent quality and safety hindering the market growth.

 

Market Segmentation

The advancing generic drug development market share is classified into drug type, therapeutic area, and distribution channel.

• The tablets segment is estimated to hold the highest market revenue share through the projected period.

Based on the drug type, the advancing generic drug development market is classified into tablets, capsules, injectables, biologics, ointments/creams, and others. Among these, the tablets segment is estimated to hold the highest market revenue share through the projected period. The dominance of the tablet segment is driven by the high prevalence of tablet formulations in generic drug offerings, their cost-effective production, and the ease of distribution and administration. Tablets are a common form of medication, benefiting from cost-effective production and efficient manufacturing processes. Their lower production costs compared to other dosage forms, like injectables and biologics, make them economically attractive. The straightforward regulatory pathways for tablet approvals further enhance market potential.

 

• The cardiovascular segment is anticipated to hold the largest market share through the forecast period.

Based on the therapeutic area, the advancing generic drug development market is divided into cardiovascular, oncology, infectious diseases, neurology, endocrinology, and others. Among these, the cardiovascular segment is anticipated to hold the largest market share through the forecast period. The dominance of the segment is due to the high prevalence of cardiovascular diseases, which necessitates ongoing treatment and management. The segment benefits from a large volume of patent expirations for cardiovascular medications, driving the demand for generic drugs. Furthermore, the chronic nature of many cardiovascular conditions ensures a steady demand for long-term medication, further solidifying the cardiovascular segment's dominant position in the market.

 

• The online pharmacies segment is anticipated to grow at the fastest CAGR growth through the forecast period.

Based on the distribution channel, the advancing generic drug development market is categorized into retail pharmacies, wholesalers and distributors, hospital pharmacies, and online pharmacies. Among these, the online pharmacies segment is anticipated to grow at the fastest CAGR growth through the forecast period. The rapid expansion is fueled by the increasing adoption of e-commerce, the convenience and accessibility of online platforms, and the rising preference for digital solutions in healthcare. Technological advancements and improvements in digital infrastructure also contribute to the expansion of online pharmacies, making them a prominent and rapidly growing segment of the market.

 

Regional Segment Analysis of the Advancing Generic Drug Development Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is anticipated to hold the largest share of the advancing generic drug development market over the predicted timeframe.

 

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Asia Pacific is anticipated to hold the largest share of the advancing generic drug development market over the predicted timeframe. The region benefits from a rapidly growing population with increasing healthcare demand and a rising prevalence of chronic diseases. Cost-effective manufacturing capabilities and a favorable regulatory environment further enhance the attractiveness of the region for generic drug production. Furthermore, substantial investments in healthcare infrastructure and the expansion of market access in emerging economies drive demand for affordable medications.  

 

India is one of the world's largest suppliers of generic pharmaceuticals. The country is responsible for nearly one-fifth of global generic exports by volume. Sun Pharma, Aurobindo, Cipla, and Lupin are among the top global generic manufacturers.

 

North America is expected to grow at the fastest CAGR growth of the advancing generic drug development market during the forecast period. The region is attributed to well-established healthcare infrastructure and a high demand for cost-effective medication solutions, driven by a large and aging population with chronic health conditions. The presence of a robust regulatory framework, with supportive policies for generic drugs, accelerates market entry and development.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the advancing generic drug development market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.   

 

List of Key Companies

• Sun Pharmaceutical Industries Ltd.
• Torrent Pharmaceuticals Ltd.
• Cipla Limited
• Lupin Limited
• Piramal Group
• Mankind Pharma
• Biocon Ltd.
• Teva Pharmaceutical Industries Ltd.
• Mylan N.V.
• Novartis AG
• Pfizer Inc.
• Endo Pharmaceuticals Inc.
• Dr. Reddy's Laboratories
• Allergan
• Amgen Inc.
• Hikma Pharmaceuticals
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In August 2024, Sunshine Biopharma, Inc. a pharmaceutical firm that offers and researches life-saving medications in several therapeutic areas such as oncology and antivirals, announced the launch of nine (9) new generic prescription products this year.  

 

• In July 2024, dsm-Firmenich announced the release of CBtru, an advanced formulated cannabidiol (CBD) therapeutic product intermediate intended for oral solid delivery.

 

• In July 2024, Centaur Pharmaceuticals, which is completely integrated, announced the launch of a generic version of the chronic heart failure medicine Corlanor in the United States.

 

• In June 2024, Teva Pharmaceuticals, Inc., a US affiliate of Teva Pharmaceutical Industries Ltd., announced the availability of an authorized generic version of Victoza (liraglutide injection 1.8mg) in the United States.

 

• In June 2024, Teva announced the release of the generic formulation of liraglutide (Victoza Novo Nordisk) in the United States, marking the first launch of a generic glucagon-like peptide 1 receptor agonist.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the advancing generic drug development market based on the below-mentioned segments: 

 

Global Advancing Generic Drug Development Market, By Drug Type

• Tablets
• Capsules
• Injectables
• Biologics
• Ointments/Creams
• Others

 

Global Advancing Generic Drug Development Market, By Therapeutic Area

• Cardiovascular
• Oncology
• Infectious Diseases
• Neurology
• Endocrinology
• Others

 

Global Advancing Generic Drug Development Market, By Distribution Channel

• Retail Pharmacies
• Wholesalers and Distributors
• Hospital Pharmacies
• Online Pharmacies

 

Global Advancing Generic Drug Development Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa