July 22, 2024

Generic Drugs Segment Is The Largest Segment Driving The Growth Of Altapharma Market

Market Overview:

The altapharma market refers to pharmaceutical drugs containing active pharmaceutical ingredients that are intended to be interchangeable with an innovator product. Generic drugs provide healthcare savings and increased access to medicines at much lower costs compared to branded drugs.

Market Key Trends:

The increasing demand for affordable healthcare across the globe is driving the growth of generics drugs market share. With patents of several blockbuster drugs expiring, many global pharmaceutical companies are introducing cheaper generic drugs in the market. This has helped in substantially reducing the costs of many therapies. Moreover, supportive regulatory norms in various countries for faster approval of generics is also fueling their market adoption over the forecast period. However, complications arising from quality issues in certain generics may challenge the market growth to some extent.

Market key trends:
The global Altapharma Market is witnessing rising adoption of biologics and biosimilar drugs due to their targeted approach and better efficacy for the treatment chronic diseases like cancer, diabetes and autoimmune diseases. Biologics have revolutionized the treatment of various indications. However, their development and production processes make them expensive compared to traditional small molecule drugs. This has boosted research and development of biosimilars that are similar to original biologics but are relatively affordable. In addition, increasing prevalence of chronic lifestyle diseases and growing geriatric population globally is another key trend driving the growth of the Altapharma market.

SWOT Analysis
Strength: Strong pipeline of innovative drugs for treatment of critical diseases, Growing biologics market.
Weakness: High R&D costs associated with new drug development, regulatory hurdles.
Opportunity: Emerging economies with large patient population, Rising healthcare expenditure.
Threats: Patent cliffs leading to loss of revenues, strict regulatory environment.

Key Takeaways

The Global Altapharma Market Demand is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing penetration of biologics and biosimilars. The biologics segment is anticipated to dominate the market owing to their targeted disease treatment approach.

Regional analysis: North America commanded the largest share of the global Altapharma market in 2023 owing to availability of advanced healthcare facilities and increasing healthcare spending in the US. However, Asia Pacific is projected to grow at the fastest pace during the forecast period due to rising healthcare infrastructure, growing medical tourism industry and presence of generic manufacturers in the region.

Key players operating in the Altapharma market are Pfizer, Roche, Johnson & Johnson , Novartis, Merck & Co, GlaxoSmithKline, Sanofi, AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer , Novo Nordisk, Allergan, Gilead Sciences, Boehringer Ingelheim, Takeda Pharmaceutical, Biogen.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it