A generic drug
is an identical or bioequivalent copy of a branded drug. These drugs are chemically identical to their branded counterparts; but they are typically sold at substantial discounts from the branded price. These drug classes have exactly the same dosage, intended use, effects, side effects, route of administration, risks, safety, and strength as the original drug. The cost-effectiveness of generic drugs has given it a competitive advantage over branded drugs in the market and is expected to be the key growth driver for generic drugs in the near future.
This report identifies the
generic drugs market
size in for the year 2014-2016, and forecast of the same for year 2021. It also highlights the potential growth opportunities in the coming years, while also reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape, and other key aspects with respect to generic drugs market.
Globally, North America dominates the market for generic drugs in 2015 with highest market share due to easy availability of such drugs in the region along with regulations over prescription of branded drugs by governing authorities in the region. North America was followed by Europe as the second largest regional market for generic drugs. However, Asia-Pacific is expected to be the fastest growing regional segment during the period of study due to increasing awareness about generic drugs in the region.