GENERIC DRUGS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026)

Overview of the Market

The global generic drugs market is estimated to generate revenue of USD 385 billion in 2026, with a CAGR of 6.58 percent over the forecast period.

The outbreak of COVID-19 had an influence on the worldwide generic medicine market because social distancing measures adopted by governments around the world had a considerable impact on hospitals, healthcare services, and drug makers. Due to work from home, the offices were not functioning effectively. COVID-19 has had a direct impact on supply and demand, causing supply chain disruption since many pharmaceuticals were unable to reach the market on time. Although the pharmaceutical industry was less affected by COVID-19 than the other industries, it was nonetheless disadvantaged in several ways.

Although the pharmaceutical industry was less affected by COVID-19 than the other industries, it was nonetheless disadvantaged in several ways. Because researchers were not allowed to attend laboratories and conduct ongoing experiments owing to the pandemic, several clinical trials were postponed. Those molecules would enter the market as a patented molecule if there were no interruptions, resulting in an increase in the Generic Drugs Market during the predicted period. Many pharmaceutical manufacturing companies have suffered losses as a result of supply and demand issues. As a result, COVID-19 has clearly had a negative influence on the worldwide generic medicine industry.

Because the global Generic Drugs Market is so large, it is expected to keep rising over the projection period. The rising prevalence of chronic diseases, the growing senior population, and rising healthcare costs are all factors contributing to this trend. Every year, the number of chronic cases rises, be it in the central nervous system, cardiovascular diseases, oncology (the National Cancer Institute estimates that more than 18 million cases will be detected in 2020), diabetes (the European Society of Cardiology estimates that someone dies from diabetes every seven seconds), and a variety of other diseases; as a result, more people are likely to take generic drugs.