Generic Pharmaceuticals Contract Manufacturing Market Anticipated To Reach USD 106.9 Billion By 2030

Posted by Neha Bora on March 8th, 2023

San Francisco, 8 March 2023: The Report Generic Pharmaceuticals Contract Manufacturing Market Size, Share & Trends Analysis Report By Drug Type (Branded, Unbranded), By Product (API, Drug Product), By Route Of Administration, By Application, And Segment Forecasts, 2022 - 2030

The global generic pharmaceuticals contract manufacturing market size is expected to reach USD 106.9 billion by 2030, registering a CAGR of 5.8% over the forecast period, according to a new report by Grand View Research, Inc. Cost-saving and time-saving benefits associated with the implementation of outsourcing is responsible for driving the industry. A significant number of people globally suffer from chronic diseases. For instance, the CDC states that 6 in 10 adults in the U.S. suffer from at least one chronic disease and 4 in 10 adults suffer from two or more chronic diseases. Chronic diseases are required to be treated for a long time. The high cost of medicines is increasing the demand for cost-effective generic drugs for the treatment of chronic diseases.

This is expected to support the industry's growth post-pandemic. There is an improvement in the regulatory approval of generic drugs. For instance, in 2021, the FDA approved 93 generic drugs, and by October 2022, the regulatory authority approved over 95 generic drugs. Such improvements are expected to have a positive impact on the manufacturing of generic drugs and; thus, support the industry growth. The Japanese government is constantly trying to improve the generic pharmaceuticals market in the country. The government is also taking measures to improve the supply of generics in the country and is also encouraging medical institutes to promote the use of generic drugs.

This is expected to improve CMO activities for generics in the coming years. Global spending on medicines is also on the rise. According to the data provided in a report published by IQVIA in April 2021, global spending on medicine is expected to increase in the next 4-5 years. The report states that global spending on medicine accounted for USD 1, 265 billion in 2020 and is going to reach USD 1,580-1,610 billion by 2025. This is also expected to improve the demand for generic drugs owing to their cost efficiency, thereby supporting the industry in growth.

Access Research Report of Generic Pharmaceuticals Contract Manufacturing Market @ https://www.grandviewresearch.com/industry-analysis/generic-pharmaceutical-contract-manufacturing-market-report

Generic Pharmaceuticals Contract Manufacturing Market Report Highlights

• The branded generics segment held the largest share in 2021due to the preference for branded generics among physicians. Some branded generic manufacturers offer benefits and gifts to physicians for boosting their product sales. This further contributes to the demand for branded generic manufacturing in the market
• The API product segment held the largest share in 2021. The growing demand for generic drugs is supporting the demand for generic API contract manufacturing
• The parenteral route of administration segment is expected to grow at the fastest CAGR over the forecast period due to the bioavailability of parenteral drugs over other formulations
• The oncology segment is expected to register the fastest CAGRfrom 2022 to 2030 owing to the high cost of cancer drugs contributing to the demand for cost-effective generic medicines
• Asia Pacific is expected to record the highest CAGR over the forecast period mainly due to the low cost of generic drug manufacturing

List of Key Players of Generic Pharmaceuticals Contract Manufacturing Market

• Jubilant Generics Ltd.
• Recipharm AB
• Siegfried Holding AG
• Aurobindo Pharma
• Cambrex Corp.
• Alcami Corp., Inc.
• Catalent, Inc.
• Acme Generics Pvt Ltd.
• Syngene International Ltd.
• Pfizer CentreOne

Access Press Release of Generic Pharmaceuticals Contract Manufacturing Market @ https://www.grandviewresearch.com/press-release/global-generic-pharmaceutical-contract-manufacturing-market