Market Trends of Generic Drugs Industry
Oral Segment is Expected to Hold Significant Share in the Market Over the Forecast Period
- Oral generics represent the most straightforward, convenient, and safest form of drug administration. Their ease of use, suitability for repeated and prolonged application, self-administration capability, and pain-free nature make them the most widely utilized and manufactured drug format.
- The segment's growth is anticipated to accelerate due to increasing launches and strategic collaborations. For instance, in March 2024, Zydus Lifesciences launched Olaparib, a generic drug, and PARP inhibitor, under the brand name IBYRA in India. PARP (poly-ADP ribose polymerase) is a protein that helps damaged cells to repair themselves. As a cancer treatment, PARP inhibitors block the PARP from doing its repair work in cancer cells, and the cell dies.
- Furthermore, in May 2024, Apotex Corp launched its Emtricitabine and Tenofovir Alafenamide Fumarate tablets for the treatment of HIV infection. The tablets are a generic version of Descovy.
- Additionally, in April 2024, Deflazacort Oral Suspension was launched by Tris Pharma Inc., which is a treatment for Duchenne Muscular Dystrophy. The product is a generic version of Emflaza suspension. These product launches and approvals significantly enhance the sales and production of oral generic products, thereby driving segment growth.
- In conclusion, owing to the abovementioned factors, the oral generics segment is projected to expand robustly during the forecast period.
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North America is Expected to Dominate the Clinical Diagnostics Market During the Forecast Period
- North America is expected to hold a significant share of the global generic market owing to the increasing prevalence of chronic diseases, rising focus on cost-effective treatment, and increased demand for medications. The generic drug market is experiencing substantial expansion in therapeutic areas that correlate with the high prevalence of chronic diseases.
- For instance, the prevalence of certain chronic inflammatory disorders, such as cardiovascular diseases, diabetes, inflammatory bowel disease (IBD), and cancers, is high compared to other chronic indications. For instance, according to a report published by the American Diabetes Association in November 2023, 38.4 million Americans, or 11.6% of the population, suffered from diabetes, and about 352,000 Americans under 20 years of age were estimated to have been diagnosed with diabetes. This rising incidence of diabetes is expected to drive the demand for generic drugs in the country.
- Similarly, according to the American Cancer Society in January 2024, the prevalence of lung cancer is increasing in the country. The country reported 238,340 lung cancer cases in 2023 compared to 236,740 in 2022. According to the Canadian Cancer Society (CCS) 2023 report, cancer is responsible for one of the highest healthcare burdens in Canada, and the incidence of cancer is increasing in the country. This shows a rapid increase in the incidence of cancer cases in the region, and during the forecast period, the incidence of cancer is expected to increase further, thus raising the demand for oncology treatments.
- Moreover, strategic and non-strategic initiatives such as partnerships, mergers, and acquisitions by key market players are further expected to contribute to the market’s growth. For instance, in October 2023, Panacea Biotech launched its Paclitaxel protein-bound particles for injectable suspension (albumin-bound), a generic version of Abraxane, in the Canadian market. Paclitaxel protein-bound particles are used for the treatment of metastatic breast cancer, non-small cell lung cancer, and adenocarcinoma of the pancreas.
- Therefore, owing to the increasing number of cases of chronic diseases, product launches, and strategic initiatives, the North American market is expected to grow significantly during the forecast period.
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