What are Key Factors Driving the Growth of Generic Drugs Market?
Almost 75% of the deaths in 2020 were because of chronic diseases, as per the World Health Organization (WHO). Among the diseases, the deadliest were ischemic heart disease, diabetes, cancer, and stroke. This is to be a major factor to propel the global generic drugs market size to $786.0 billion by 2030 from $278.4 billion in 2019, at a 10.0% CAGR between 2020 and 2030. This is because branded drugs are often expensive, which is why a large number of people in developing countries are not able to purchase them.
Receive Sample Copy of this Report: https://www.psmarketresearch.com/market-analysis/generic-drugs-market-outlook/report-sampleGeneric drugs, on the other hand, are cost-effective, at the same time contain the same active ingredients and have a similar effect as patented drugs. In this regard, the generic drugs market is also being driven by the patent expiry of blockbuster medications. As patented drugs lose their certification, it gives pharmaceutical companies the opportunity to create their cheaper but equally effective variants.
During the COVID-19 crisis, the generic drugs market has received a boost, as governments around the world, despite implementing lockdowns and movement restrictions, have ensured that the supply of essential medicines isn't hampered. Moreover, as people have lost their jobs or are working at reduced salaries, they are drastically cutting down on expenses, which is why the preference for cheap generic drugs over the expensive patented ones has risen.
Make an Enquiry Before Purchase: https://www.psmarketresearch.com/send-enquiry?enquiry-url=generic-drugs-market-outlookIn the near future, the highest CAGR in the generic drugs market, of 10.4%, is predicted to be displayed by the oral category, on the basis of route of administration. Being the simplest and a painless method of drug administration, it is widely popular among the masses.
The indirect bifurcation generates the higher revenue in the generic drugs market, under the distribution channel segment. Most people prefer to buy drugs from hospitals, clinics, and pharmacies/chemists, which are all increasing in number around the world due to the mounting patient count.
Asia-Pacific (APAC) has made the largest revenue contribution to the generic drugs market till now, and it will continue doing so throughout this decade. The growing geriatric population and burden of acute and chronic diseases are driving the demand for medication. Moreover, the majority of the people here still cannot afford expensive medicines, which is why they go for the cost-effective generic drugs.