The aging population of the nation and increasing incidences of chronic diseases are driving the growth of India generic drugs market in the forecast period.
According to TechSci Research report, “India Generic Drugs Market – By Region, Forecast & Opportunities, 2018-2028”, the India Generic Drugs market stood at USD24.53 billion in 2022 and is anticipated to reach USD36.51 billion by 2028. This can be attributed to the growing demand for generic drugs from hospitals & clinics. The rise in chronic diseases and increased cost of living can substantially raise the demand for generic drugs among the population. Generic medications follow strict rules to ensure that the same amount of active ingredients is supplied to the body simultaneously. Small molecule drugs are organic compounds with low molecular weight. They have several distinct advantages, such that most can be administered orally and pass-through cell membranes to reach intracellular targets. They can also be designed to engage biological targets by various modes of action. Their distribution can further be tailored, for example, to allow for systemic exposure with or without brain penetration. However, patients consider them inferior to branded medications, and some are still in doubt of their efficacy and are reluctant to replace them with branded drugs.
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The India generic drugs market is segmented into type, mode of drug delivery, form, source, distribution channel, application, region and by company. Based on generic drug type, the market is bifurcated into small molecule generic drugs and biosimilar generic drugs. Small molecule generic drugs held the largest market share of around 70.01% market share in 2022. This can be attributed to low-cost of the generic drugs in comparison to the branded drugs and affordability by the large segment of patients belonging from middle to low-income family.
Based on the mode of drug delivery, the market is divided among oral, parenteral, topical routes and others. The oral mode of drug delivery segment dominated the market in 2022 and is anticipated to continue maintaining its dominance during the forecast period. This is the most common method of drug delivery since it is the most convenient and cost-effective. Tablets and capsules, for example, provide a high degree of medication stability and give precise dosage. It is non-invasive thus patient can administer it by themself leading to more demand of generic drugs for oral administration in the forecast year.
Based on regional analysis, North India is expected to witness growth in the India generic drugs market in the coming years due to the high number of establishments of Jan Aushadi Kendra for the people and increasing population which will require more demand of medications thus requiring more generic drugs, this is expected to play a major role in accelerating the market demand for the generic drugs over the next five years.
The leading companies operating in the India generic drugs market are:
- Sun Pharmaceutical Industries Limited
- Torrent Pharmaceuticals Limited
- Cipla Limited
- Lupin Limited
- Piramal Group
- Glenmark Pharmaceuticals Limited
- Biocon Limited
- Dr. Reddy’s Laboratories Limited
- Aurobindo Pharma Limited
- Teva Pharmaceuticals Limited
India generic drugs market is a highly fragmented market, with many established companies holding significant shares in the industry, followed by several domestic players. However, the market is highly dependent on imports of active pharmaceutical ingredients, especially from China.
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“As healthcare expenses rise, it’s critical to produce generic alternatives and make them available to consumers. This could help curb the rise in healthcare costs often passed on to people. Small molecule drugs have been the mainstay of the pharmaceutical industry for nearly a century. Patients are three times more likely to abandon branded medicines than generic alternatives, and hefty copays frequently cause this abandonment. When it comes to aiding the many people who need to take prescription drugs, generic drugs are a convenient and economical choice that may boost the likelihood that patients would follow through with their doctor’s recommendations which will boost the demand for generic drugs in the upcoming years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Generic Drugs Market byType (Small Molecule Generics & Biosimilars), By Mode of Drug Delivery (Oral, Parenteral, Topical, Others), By Form (Tablets, Capsules, Injections, Others), By Source (Contract Manufacturing Organizations & In-house), By Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies & Others) By Application (Neurology, Oncology, Cardiovascular Diseases, Diabetes, Anti-Inflammatory Diseases, Others), By Region, has evaluated the future growth potential of India generic drugs market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India generic drugs market.
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