Introduction
The Indian Generic Drugs Market, as reported by TechSci Research in their latest publication, “India Generic Drugs Market – By Region, Forecast & Opportunities, 2018-2028,” has exhibited remarkable growth. In the year 2022, the market reached a substantial valuation of USD 24.53 billion, and it is projected to soar to USD 36.51 billion by the year 2028. This robust expansion is fueled by the escalating demand for generic drugs, primarily within the hospital and clinic sectors. Factors contributing to this demand include the increasing prevalence of chronic illnesses and the rising cost of living, both of which are significantly driving the population’s reliance on generic drugs.
Key Growth Drivers
- Rising Demand for Generic Drugs: The Indian population is increasingly turning to generic drugs due to their affordability and effectiveness. Generic medications adhere to strict regulations, ensuring that they provide the same active ingredients to the body as their branded counterparts. This reliability is a key factor influencing the growing demand for generic drugs.
- Small Molecule Drugs: Small molecule generic drugs, characterized by their low molecular weight, offer distinct advantages. They are often administered orally, pass through cell membranes to reach intracellular targets, and can be designed to interact with biological targets in various ways. Their distribution can be tailored to allow for systemic exposure with or without penetration of the blood-brain barrier. However, some patients still view them as inferior to branded medications and are hesitant to make the switch.
Browse over 33 market data Figures spread through 70 Pages and an in-depth TOC on “India Generic Drugs Market”
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Who Will Benefit from this Report
- Healthcare Professionals: Healthcare practitioners will gain insights into the driving factors behind the increased use of generic drugs, enabling them to make informed recommendations to their patients.
- Pharmaceutical Manufacturers: Pharmaceutical companies can use this report to understand market dynamics, including which types of generic drugs are in high demand. This knowledge can guide their production strategies.
- Investors: Investors looking for opportunities in the Indian pharmaceutical market will find valuable data on the current state and potential growth of the generic drugs market.
- Government and Regulators: Policymakers and regulatory bodies can utilize this report to comprehend how the generic drugs market is evolving, enabling them to make informed decisions regarding healthcare policy.
Market Segmentation
- Generic Drug Types: The market is categorized into Small Molecule Generic Drugs and Biosimilar Generic Drugs. Small molecule generic drugs held the largest market share, accounting for approximately 70.01% in 2022. Their affordability compared to branded drugs makes them accessible to a large segment of the population, especially those from middle to low-income families.
- Mode of Drug Delivery: The market is segmented based on the mode of drug delivery, including oral, parenteral, topical routes, and others. The oral mode of drug delivery dominated the market in 2022 and is expected to maintain its lead. Oral administration is convenient and cost-effective, and it is a preferred method for many patients due to its non-invasiveness, precise dosage, and medication stability.
- Regional Analysis: North India is anticipated to experience substantial growth in the Indian Generic Drugs Market. The proliferation of Jan Aushadi Kendra establishments, designed to provide affordable medications to the public, combined with a growing population, is expected to drive higher demand for generic drugs in this region. This demographic and infrastructural shift is poised to play a pivotal role in accelerating market demand for generic drugs in the coming years.
This comprehensive report provides an insightful analysis of the Indian Generic Drugs Market, offering an understanding of growth drivers, market segmentation, and regional prospects. It serves as a valuable resource for healthcare professionals, pharmaceutical manufacturers, investors, and policymakers, aiding them in making informed decisions in the burgeoning generic drugs market.
The leading companies operating in the India generic drugs market are:
- Sun Pharmaceutical Industries Limited
- Torrent Pharmaceuticals Limited
- Cipla Limited
- Lupin Limited
- Piramal Group
- Glenmark Pharmaceuticals Limited
- Biocon Limited
- Dr. Reddy’s Laboratories Limited
- Aurobindo Pharma Limited
- Teva Pharmaceuticals Limited
India generic drugs market is a highly fragmented market, with many established companies holding significant shares in the industry, followed by several domestic players. However, the market is highly dependent on imports of active pharmaceutical ingredients, especially from China.
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“As healthcare costs continue to soar, the importance of creating and offering generic alternatives to consumers cannot be overstated. This measure has the potential to mitigate the escalating burden of healthcare expenses that often falls on individuals. Small molecule drugs have been the cornerstone of the pharmaceutical industry for nearly a century. It is noteworthy that patients are three times more likely to forsake branded medications in favor of generic substitutes, with the high copayments frequently serving as the catalyst for such decisions.
When it comes to supporting the numerous individuals reliant on prescription medications, generic drugs emerge as a convenient and cost-effective choice. This could significantly enhance patient adherence to their physicians’ recommendations, ultimately fostering an increased demand for generic drugs in the years ahead,” explained Mr. Karan Chechi, Research Director at TechSci Research, a globally recognized management consulting firm.
TechSci Research has conducted an evaluation of the future growth potential of the Indian generic drugs market. Their comprehensive report covers various aspects, including market types (Small Molecule Generics and Biosimilars), modes of drug delivery (Oral, Parenteral, Topical, and others), drug forms (Tablets, Capsules, Injections, and others), sources (Contract Manufacturing Organizations and In-house), distribution channels (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies, and others), and applications (Neurology, Oncology, Cardiovascular Diseases, Diabetes, Anti-Inflammatory Diseases, and others), all segmented by region.
This report not only furnishes statistics and information regarding the current market size, structure, and future growth projections but also aims to deliver cutting-edge market intelligence to assist decision-makers in making informed investment choices. Additionally, the report identifies and analyzes emerging trends, as well as the pivotal drivers, challenges, and opportunities within the Indian generic drugs market.”
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