The US segment will reach $121.8 billion in 2022, a market research firm notes.
The global generic drug market is expected to reach approximately $508 billion by 2026 growing at a compound annual growth rate (CAGR) of 5.6%, according to estimates based on research by Global Industry Analysts, Inc.
Additionally, the small molecule generics market, one of the segments analyzed in the report, is expected to grow at a CAGR of 5.2%, reaching approximately $325 billion by 2026.
Biosimilars growth has been readjusted to a CAGR of 6.3% for the next 7 years, with the segment representing a 37.7% share of the generic drugs market. Also, biosimilars are expected to increase their share in the coming years as overall pharmaceutical drug spending is expected to increase due to biosimilars.
The emergence of more biosimilars is expected to increase competition in the drug market as more agents, designed to improve cost factors, efficacy and safety, are expected to come to market.
The analysis predicts that the generic drug market in the United States will be approximately $121.8 billion by 2022, representing approximately 30.46% of the global market. Meanwhile, China is expected to reach a market size
of approximately $91.2 billion in 2026, growing at a CAGR of approximately 7.2% over the analysis period.
Other markets of interest were Canada and Japan, which are expected to grow by 5% and 3.8% CAGR, respectively, over the analysis period.
The market is expected to be driven by chronic diseases and conditions, such as diabetes, hypertension, and obesity. Although brand name drugs are still being produced for these, generic drugs should continue to meet most therapeutic needs, especially for the elderly.
Branded drugs have become a financial burden for many patients, so the development of cost-effective generic drugs has begun to intensify, according to the report.
Major application areas for generic drugs include arthritis, cancer, cardiology, central nervous system, infections, and respiratory tract. Generic agents for cardiovascular diseases dominate the generic market and are expected to cover an even larger share of the global generic drug market.
According to the report, cardiovascular diseases such as angina, arrhythmias, cholesterol, circulatory disorders, dyslipidemia, heart failure, hypertension and stroke are the leading causes of death worldwide .
Generic drugs for infectious diseases have also gained ground, and this is expected to continue due to the growing number of cases worldwide.
Additionally, the COVID-19 pandemic has proven to be a driver of the generic drug market over the past year.
As savings come under increasing strain and unemployment rises, the demand for cheaper substitutes for brand name drugs is growing, the report said.
The report included data from 42 different companies and was released in February 2022.
Global generic drug market to reach $507.8 billion by 2026. Press release. Global Industry Analysts, Inc. March 11, 2022. Accessed March 22, 2022. https://www.prnewswire.com/news-releases/global-generic-drugs-market-to-reach-507-8-billion-by- 2026–301499091.html