DUBLIN--(BUSINESS WIRE)--The "India Generic Drugs Market, By Type (Small Molecule Generics v/s Biosimilars), By Mode of Drug Delivery (Oral, Parenteral, Topical, Others), By Form, By Source, By Distribution Channel, By Application, By Region, Competition, Forecast & Opportunities, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The Indian Generic Drugs Market stood at USD 24.53 Billion in 2022 and is expected to grow at a steady CAGR of 6.97% during the forecast period.
The growing prevalence of chronic diseases such as diabetes, cardiovascular disease, etc., and sedentary lifestyle propel market growth. The expanding geriatric population is contributing to the market growth as the comorbidities are more in the old population, thereby needing proper medications with the easiest route for drug administration.
In developing countries like India, government bodies and other regulatory bodies have encouraged manufacturers to launch effective generic drugs supporting market growth. The introduction of 3-D printing technology helps in manufacturing generic drugs with varying release dates and tastes and is expected to propel market growth.
The short expiration and gap between re-filing of the new drug encourages various companies to produce generic drugs owing to rise in competition which further reduces the generic medication prices. Enhancing accessibility to healthcare services and growing healthcare awareness among the public drive market growth.
Several initiatives are undertaken by government bodies towards awareness of the availability of generics like Pradhan Mantri Bhartiya and Jan Aushadi Yojana have become the highlight, offering quality medicines at affordable prices to the people. This scheme is currently running in each state of India with its high popularity among the people with average to low-income categories providing the public access to medications.
The Indian Generic Drugs Market is segmented based on type, mode of drug delivery, form, source, distribution channel, application, and region. Based on type, the market can be split into small molecule generics and biosimilars. Small molecule generic drugs held the largest market share of 70.01% in 2022. This is due to the low cost of generic drugs compared to branded drugs and affordability to the large segment of patients from middle to low-income families.
Objective of the Study:
- To analyze the historical growth of the market size of the Indian Generic Drugs Market from 2018 to 2021.
- To estimate and forecast the market size of the Indian Generic Drugs Market from 2023 to 2028 and growth rate until 2028.
- To classify and forecast the Indian Generic Drugs Market based on type, mode of drug delivery, form, source, distribution channel, application, regional distribution, and competitive landscape.
- To identify dominant region or segment in the Indian Generic Drugs Market.
- To identify drivers and challenges for the Indian Generic Drugs Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Indian Generic Drugs Market.
- To identify and analyze the profile of leading players operating in the Indian Generic Drugs Market.
- To identify key sustainable strategies adopted by the market players in the Indian Generic Drugs Market.
The significant market players operating in the Indian Generic Drugs Market include
- 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
Years considered for this report:
- Historical Years: 2018-2021
- Base Year: 2022
- Estimated Year: 2023
- Forecast Period: 2024-2028
India Generic Drugs Market, By Type:
- Small Molecule Generics
India Generic Drugs Market, By Mode of Drug Delivery:
India Generic Drugs Market, By Form:
India Generic Drugs Market, By Source:
- Contract Manufacturing Organizations
- In- House
India Generic Drugs Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
India Generic Drugs Market, By Application:
- Cardiovascular Diseases
India Generic Drugs Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/te8klr