Generic Pharmaceuticals Contract Manufacturing Market Predicted to Cross USD 106.9 Billion by 2030Posted by Sona Kulkarni on September 7th, 2023 Generic Pharmaceuticals Contract Manufacturing Market Growth & Trends 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. Request a free sample copy or view report summary: Generic Pharmaceuticals Contract Manufacturing Market Report Generic Pharmaceuticals Contract Manufacturing Market Report Highlights
Access Press Release@ https://www.grandviewresearch.com/press-release/global-generic-pharmaceutical-contract-manufacturing-market Generic Pharmaceuticals Contract Manufacturing Market Segmentation Grand View Research has segmented the global generic pharmaceuticals contract manufacturing market on the basis of drug type, product, route of administration, application, and region: Generic Pharmaceuticals Contract Manufacturing Drug Type Outlook (Revenue, USD Million, 2018 - 2030)
Generic Pharmaceuticals Contract Manufacturing Product Outlook (Revenue, USD Billion, 2018 - 2030)
Generic Pharmaceuticals Contract Manufacturing Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)
Generic Pharmaceuticals Contract Manufacturing Application Outlook (Revenue, USD Million, 2018 - 2030)
Generic Pharmaceuticals Contract Manufacturing Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of Key Players of Generic Pharmaceuticals Contract Manufacturing Market
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Like it? Share it!More by this author
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