Australia Generic Drugs Market Assessment, By Application [Neurovascular, Cardiovascular, Dermatology, Oncology, Diabetology, Respiratory, Others], By Type [Biosimilar Generics, Small Molecule Generics], By Brand [Branded Generic, Pure Generic], By Route of Administration [Oral, Injectable, Topical, Others], By Distribution Channel [Hospital Pharmacy, Retail Pharmacy, Online Pharmacy], By State, Opportunities and Forecast, 2017-2031F

Australia Generic Drugs Market is projected to witness a CAGR of 7.90% during the forecast period 2024-2031, growing from USD 5.20 billion in 2023 to USD 9.56 billion in 2031.

Australia Generic Drugs Market Size, Growth, Report 2031

Australia generic drugs market&nbsp;is projected to witness a&nbsp;CAGR of 7.90%&nbsp;during the forecast period 2024-2031, growing from&nbsp;USD 5.20 billion&nbsp;in 2023 to&nbsp;USD 9.56 billion&nbsp;in 2031. The market&rsquo;s growth is supported by the introduction of supportive government policies and measures, the rising prevalence of chronic conditions, the expansion of the aging population, and increasing investments by the key market players toward constructing new manufacturing facilities. As per the estimates of the Australian Bureau of Statistics, 17.1% of Australians were 65 or older in 2022. The growth of the aging population is bolstering the requirement for cost-effective therapeutic solutions as they are more susceptible to chronic diseases and disorders.
The rising efforts by the key players in the market to support the launch of novel products in the country are also boosting the Australia generic drugs market&rsquo;s growth. In July 2023, Lupin Ltd.&rsquo;s subsidiary Generic Health received approval for Tiotropium 18 micrograms powder in Australia. This approval ensures that patients in Australia have access to low-cost and high-quality treatments for chronic obstructive pulmonary disease. Additionally, the growth of the market is also supported by the rising investments by companies in Australia towards research and development and manufacturing activities to support the production of complex generics in the country. The efforts of the government to boost the production and availability of generics in the country are also increasing to reduce economic burdens on the patients. They are also focusing on increasing awareness about the safety and efficacy of generic drugs.
<h2 style="text-align: justify;">Rising Cases of Chronic Diseases Bolster Market Demand</h2>
The rising cases of different chronic diseases in the country is augmenting the Australia generic drugs market demand. According to the estimates of the Cancer Council SA, approximately 165,000 Australians were diagnosed with cancer in 2023. The expansion of the aging population is also expected to boost the occurrence of such conditions, propelling the requirement for long-term, cost-effective medication to manage the conditions. The cost-efficient and effective nature of generic drugs makes them a preferred solution by healthcare professionals and patients for managing and treating lifelong diseases. The economic efficiency offered by these drugs is particularly important for patients living with chronic conditions as they require medications for extended periods of time. The country&rsquo;s healthcare system also focuses on early interventions and preventive care and reducing the burden of chronic conditions, resulting in increased prescription of generic medications.
<h2 style="text-align: justify;">Supportive Government Initiatives Boost Market Growth</h2>
The presence of associations such as the Generic and Biosimilar Medicines Association&nbsp;(GBMA) to represent the companies that are involved in exporting, manufacturing, and supplying biosimilars and generics and the introduction of supportive government policies are boosting the market&rsquo;s expansion in the country. In July 2024, GBMA welcomed a new member, JAMP Pharma Australia. With the help of their members, the association aims to avoid medicine shortages and protect patients. In line with the five-year agreement between the government of Australia and GBMA the members of the latter have invested approximately USD 134 million (AUD 200 million) in additional procurement and infrastructure to create a buffer of medications that will last four to six months.
<h2 style="text-align: justify;">Cardiology Segment Holds the Major Market Share</h2>
The rising cases of cardiac conditions in the country are positively influencing the market&rsquo;s expansion. According to the Australian Institute of Health and Welfare estimates, 6.7% of adults in Australia&nbsp;had one or more heart-related conditions in 2022. This rise can be attributed to a sedentary lifestyle and an increasing preference for processed foods. Thus, the requirement for generics is pushed to ensure the effective treatment and management of the conditions while ensuring economic efficiency.
Additionally, diabetology is expected to witness significant growth over the forecast period. As per the estimates of the Australian Bureau of Statistics, 5.3% of the Australian population had diabetes in 2022. In this chronic condition, the body cannot produce the required amount of insulin, which is essential for converting glucose to energy. The poor management of the condition can result in additional health complications, including limb amputation, stroke, and heart attack.
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<h2 style="text-align: justify;">Biosimilars Hold Significant Market Share</h2>
The growth of the segment is supported by the rising collaborations by the key market players to boost the introduction of different biosimilars in the country. In February 2024, Sandoz AG and Biocon Biologics Ltd. announced a five-year partnership that will provide the former exclusive rights to distribute, promote, and sell biosimilars Bevacizumab and Trastuzumab in Australia. Under the collaboration, Sandoz will distribute both the drugs that are used for treating different types of cancers and ensure sustained access to them across Australia. Such partnerships ensure patients have access to cost-effective medications for combating chronic diseases.
Future Market Scenario (2024-2031F)
As per the Australia generic drugs market analysis, the growth of the market is expected to be supported by the increasing investments towards the healthcare system of the country. The government plans to invest USD 94 billion (AUD 140 billion) towards the country&rsquo;s health system in 2025-26. This increased funding is expected to aid the government in ensuring that the population has access to improved healthcare, allowing them to lead healthier lives and improve patient outcomes. The funding also draws from the strength of the agreement between the Generic and Biosimilar Medicines Association and Medicines Australia with the government. The government is also investing in Medicare to ensure that the Australian population has access to healthcare services. Additionally, the market's growth is also expected to be supported by the high expiration rate of patents in the coming years, with some therapeutics, including central nervous system drugs and oncology drugs, expected to offer more potential than others.
Report Scope
&ldquo;Australia Generic Drugs Market&nbsp;Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of Australia generic drugs market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 7.90% between 2024 and 2031
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Revenue Forecast in 2031
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USD 9.56 billion
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Segments Covered
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Application, Type, Brand, Route of Administration, Distribution Channel
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States Covered
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Western Australia, Northern Territory, Queensland, South Australia, New South Wales (Including Capital Territory), Rest of Australia
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Key Companies Profile
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Aurobindo Pharma Australia Ltd., Lupin Ltd., Teva Pharmaceuticals Industries Ltd., Cipla Ltd., Dr. Reddy's Laboratories, Noumed Pharmaceuticals Pty Limited, AstraZeneca, Sun Pharmaceutical Industries Ltd., Viatris Inc., Sandoz AG
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;Australia generic drugs&nbsp;market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Application
<ul>
<li>Neurovascular</li>
<li>Cardiovascular</li>
<li>Dermatology</li>
<li>Oncology</li>
<li>Diabetology</li>
<li>Respiratory</li>
<li>Others</li>
</ul>
</li>
<li>By Type
<ul>
<li>Biosimilar Generics</li>
<li>Small Molecule Generics</li>
</ul>
</li>
<li>By Brand
<ul>
<li>Branded Generic</li>
<li>Pure Generic</li>
</ul>
</li>
<li>By Route of Administration
<ul>
<li>Oral</li>
<li>Injectable</li>
<li>Topical</li>
<li>Others</li>
</ul>
</li>
<li>By Distribution Channel
<ul>
<li>Hospital Pharmacy</li>
<li>Retail Pharmacy</li>
<li>Online Pharmacy</li>
</ul>
</li>
<li>By State
<ul>
<li>Western Australia</li>
<li>Northern Territory</li>
<li>Queensland</li>
<li>South Australia</li>
<li>New South Wales (Including Capital Territory)</li>
<li>Rest of Australia</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
The rising investments by the key players of the market towards the expansion of manufacturing facilities in the country are expected to boost the Australia generic drugs market size. In February 2024, Noumed Pharmaceuticals Pty Limited broke ground on a USD 65.3 million (AUD 100 million) production facility that will be constructed outside of Adelaide. The 43,000 square meter site will create 180 jobs when completed and have a production floor of 26,000 square meters. Such facilities' construction will bolster generics production, ensuring patient medication accessibility.
Key Players Operating in Australia Generic Drugs&nbsp;Market are:
<ul style="text-align: justify;">
<li>Aurobindo Pharma Australia Ltd.</li>
<li>Lupin Ltd.</li>
<li>Teva Pharmaceuticals Industries Ltd.</li>
<li>Cipla Ltd.</li>
<li>Reddy's Laboratories</li>
<li>Noumed Pharmaceuticals Pty Limited</li>
<li>AstraZeneca</li>
<li>Sun Pharmaceutical Industries Ltd.</li>
<li>Viatris Inc.</li>
<li>Sandoz AG</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
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Australia Generic Drugs Market Assessment, Opportunities and Forecast, 2017-2031F

The growth of the Australia generic drugs market is boosted by the expansion of the aging population, increasing cases of cardiovascular diseases and diabetes, and rising investments towards the development of the healthcare sector.

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