Why will Generic Drugs Market Boom in Asia-Pacific in Near Future?
The global generic drugs market generated a revenue of $278.4 billion in 2019, and it is predicted to advance at a CAGR of 10.0% between 2020 and 2030.
Furthermore, the market will reach a value of $786.0 billion by 2030. The factors driving the expansion of the market are the surging geriatric population, soaring prevalence of patient expiration of branded drugs, increasing incidence of acute and chronic diseases, and mushrooming research and development (R&D) expenditure of pharma and biotech companies.
Another major factor propelling the growth of the market is the patent expiration of several blockbuster drugs. For example, the patent protection of DULERA, which is sold by Merck Sharp & Dohme Corp., expired in December 2020. Similarly, the patent protection of FORADIL, which is a drug sold by Novartis AG, expired in November 2020. Additionally, pharma companies are recognizing that people are increasingly preferring low-cost generics over costly branded drugs. This is further boosting the popularity of generic drugs.
Besides the aforementioned factors, the growing incidence of chronic diseases is also pushing up the demand for generic drugs around the world. As per the WHO, chronic diseases are responsible for the deaths of up to three quarters of the global population. Out of all the deaths caused because of chronic diseases, in developing nations, ischemic heart diseases are responsible for 71% of the deaths, while 70% and 75% of the deaths are caused because of diabetes and stroke, respectively.
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