Why will Generic Drugs Market Boom in Asia-Pacific in Coming Years?

The global generic drugs market reached $278.4 billion revenue in 2019, and it will advance at a CAGR of 10.0% during 2020–2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. Furthermore, the market is expected to generate a revenue of $786.0 billion by 2030. The market is being driven by the surging geriatric population, surging incidence of patent expiration of branded drugs, growing prevalence of acute and chronic diseases, and soaring research and development (R&D) expenditure of pharma and biotech companies. 

As per a report published by the World Health Organization (WHO), people nowadays are living longer and the average life expectancy across the world has grown massively over the last few years. This has caused a sharp surge in the global geriatric population. According to the World Population Aging 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050.

Out of all the chronic disease-related deaths, in developing nations, 71% of the deaths occur due to ischemic heart diseases, 75% are caused owing to stroke, and 70% happen because of diabetes. Additionally, the low health insurance coverage for chronic illnesses such as stroke, cancer, and chronic obstructive pulmonary disease (COPD), is pushing up the requirement for low-cost generic drugs. Depending on application, the generic drugs market is divided into infectious diseases, respiratory diseases, neurological diseases, cardiological diseases, metabolic diseases, genitourinary/hormonal diseases, and orthopedic diseases. 

Across the globe, Asia-Pacific (APAC) held the largest share in the generic drugs market in 2019, and this trend is expected to continue in the coming years as well. This is ascribed to the surging population of geriatric people, soaring healthcare expenditure of the governments of several regional countries, rising prevalence of chronic diseases, and the increasing implementation of government initiatives for promoting the usage of generic drugs in the region.

Hence, it is safe to say that the market will grow substantially in the forthcoming years, primarily because of the rising incidence of chronic and acute diseases, surging geriatric population, and increasing occurrence of patent expiration of branded drugs all over the world. 


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