Kenneth Research recently added a report on ‘Asia Pacific Generic Medicine Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Asia Pacific Generic Medicine Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Asia Pacific Generic Medicine Market products.
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Asia Pacific Generic Medicine Market: Introduction
Generic medicine refers to drugs that have the same ingredient similar to a branded drug. These medicines also produce the same therapeutic effect and are recommended in the same medicating manner, same way of consumption and usage and with the same quality.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Additionally, the inactive ingredients of generic medicines can differ when compared to their branded counter drugs. These medicines are majorly sold after the branded drug patents expire and are comparatively lower in costs when linked to the patented branded drugs. Generic medicines have same quality as compared to the branded drugs and are produced under the same care and manufacturing procedures.
The key driving factor for growth of generic medicines in APAC region is, growing pharmaceutical spending by the developing nations towards generics. Continuously rising healthcare expenditures have forced third party payers and governments to look for ways to control their healthcare expenses.
This is key factor that is driving the rising demand for generics against their branded counterparts. Another foremost driver of this industry is the constant patent cliff that is supplying growing pipelines opportunities for generic organizations.
Generic drugs market is segmented into drug type, therapeutic application, route of administration. On the basis of drug type the market has be categorized into monoclonal antibodies, vaccines, peptide hormones, peptide antibiotics, cytokines, insulin, immunoglobulin and blood factors among others.
Based on therapeutic application oncology, neurology, musculoskeletal diseases, cardiovascular diseases, and infectious diseases among others. APAC generic medicines market on the basis of route of administration is divided into oral, injectable, topical, and intra-venous among others. As per Insights and Reports analysts generic medicines accounted for 20% of total spending done by the government in 2017.
Generic medicines are anticipated to hold the major chunk of the APAC generic medicines market over the forecast period. Based on Geography, APAC region is further divided in to Japan, China, India, Australia, and South Korea. There is an unused market potential in Japan because of presence of key manufacturers of generic medicines market.
The key factors driving the generic medicines market in various countries or APAC region are:
· Japan: The country has high aging population and experience high medical costs incurred, in order to reduce the cost of treatment government is planning to support generic medicines and increase the productivity by to 60% in 2018 when compared to 25% in 2012.
· India: Government of India rolled out a plan named Universal health plan that is anticipated to cover over all population by 2019, in order to fulfill this plan state governments are promoting usage of generic medicines in government hospitals.
· Indonesia: The universal health coverage scheme implemented by the government of Indonesia improved the demand for generic medicines.
Key Market Players
Key market players of APAC Generic Medicine market include Ranbaxy Laboratories, Mylan, Inc. Industries, Ltd., Par Pharmaceutical, Inc., Celgne Corporation, Watson Pharmaceuticals, Ltd., Actavis, Dr. Reddy’s Laboratories, Sandoz International GmbH, Apotex, Inc., and Teva Pharmaceutical among others
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