Africa Generic Pharmaceutical Market To Reach $9.29 Billion By 2030

Africa Generic Pharmaceutical Market Growth & Trends

The Africa generic pharmaceutical market size is estimated to reach USD 9.29 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 4.32% from 2023 to 2030. The market is positioned for significant growth opportunities driven by several compelling factors. One crucial factor is the region's growing population and increasing healthcare needs, which have led to rising demand for affordable medicines. However, limited healthcare budgets have made it challenging for many people to access expensive branded drugs, creating an ideal environment for the flourishing of generic pharmaceuticals. These generics play a critical role in addressing the healthcare affordability challenges across Africa, making essential medications more accessible to a broader population.

Another advantage of generic drugs is their potential for high-volume sales. Africa's large patient population, coupled with the prevalence of chronic diseases like cardiovascular disorders, diabetes, and infectious diseases, presents a substantial market for generic medicines. These drugs not only fulfill immediate healthcare demands but also contribute to improving overall health outcomes by providing cost-effective solutions.

As the region's evolving healthcare landscape, the market in Africa is poised to assume a pivotal role in shaping the future of healthcare delivery. By offering affordable medications and meeting the needs of the growing patient population, these medicines will contribute significantly to enhancing healthcare accessibility and overall health outcomes for the population across the continent.

Furthermore, growing health concerns, emerging pharmaceutical innovation, and growing research & development activities contribute to market revenue. Pharmaceutical drug products have become increasingly important in the region, attributed to increasing competition between multinational and local pharmaceutical companies vying for a higher share. Therefore, continued generics innovation to expand their presence has benefited the market. For instance, in March 2023, MSN Group introduced Fesobig, the world's first bioequivalent generic of Feroteodine Fumarate, an effective treatment for Overactive Bladder (OAB) and Urinary Incontinence (UI). Priced at approximately USD 15 per tablet in the U.S., Fesobig will soon be available globally, pending regulatory approvals. This development holds significant potential for the market, offering cost-effective alternatives for patients in need.

The key market participants are engaged in strategies such as partnerships, agreements, mergers & acquisitions, collaborations, and launches, among others, to expand their global footprints and portfolios. For instance, in May 2023, Cipla Inc. announced its plans to produce a generic version of a revolutionary HIV-prevention drug, long-acting cabotegravir (CAB-LA), in South Africa. The manufacturing would take place at Cipla's facilities located in Benoni or Durban. This significant development marked the first time that an affordable variant of this breakthrough medication would be manufactured in South Africa. Consequently, it has the potential to provide millions of individuals at risk of HIV infection in Africa with access to a bimonthly injection that would significantly reduce their chances of contracting the virus.

 Request a free sample copy or view report summary: Africa Generic Pharmaceutical Market Report

Africa Generic Pharmaceutical Market Report Highlights

• Based on type, the simple generics segment held the largest revenue share of 64.67% in 2022 owing to the high penetration rate and availability coupled with increased cardiovascular, central nervous system disorders, and diabetes incidences. Biosimilars are anticipated to grow at the fastest CAGR of 6.68% over the forecast period

• In terms of application, the cardiovascular diseases segment dominated the market in 2022 with a revenue share of 16.84%. The growth is attributed to the growing burden of cardiovascular diseases and the strong demand for various generic pharmaceuticals

• Based on product, the small molecule segment dominated the market in 2022 owing to low cost, effectiveness, and a rising number of FDA approvals

• Based on the route of administration, the oral segment is anticipated to dominate the market in 2022 as this route of administration is more convenient, effective, and safe at a low cost

• In terms of distribution channel, the retail pharmacies segment dominated the market in 2022 with a revenue share of over 45.20% due to the wide range of drug availability, rapid dramatic changes in retail pharmacies' demand, and growing retail pharmacy competition

• In terms of region, South Africa dominated the market in 2022 with the largest revenue share of 22.42% owing to factors such as potential demand for generic pharmaceuticals over branded drugs, the growing burden of cardiovascular diseases, and rising new product launches in the region

Africa Generic Pharmaceutical Market Segmentation

Grand View Research has segmented the Africa generic pharmaceutical market based on type, application, product, route of administration, distribution channel, and region:

Africa Generic Pharmaceutical Type Outlook (Revenue, USD Million, 2018 - 2030)

• Simple Generics

• Specialty Generics

• Biosimilars

Africa Generic Pharmaceutical Application Outlook (Revenue, USD Million, 2018 - 2030)

• Central Nervous System Disorders

• Respiratory Diseases

• Hormones & Related Diseases

• Gastrointestinal Diseases

• Cardiovascular Diseases

• Infectious Diseases

• Cancer

• Diabetes

• Others

Africa Generic Pharmaceutical Product Outlook (Revenue, USD Million, 2018 - 2030)

• Small Molecule

• Large Molecule

Africa Generic Pharmaceutical Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)

• Oral

• Injectable

• Inhalable

• Others

Africa Generic Pharmaceutical Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Retail Pharmacies

• Hospital Pharmacies

• Others

Africa Generic Pharmaceutical Regional Outlook (Revenue, USD Million, 2018 - 2030)

• Africa

  • Botswana

  • Namibia

  • Zimbabwe

  • Zambia

  • Tanzania

  • Rwanda

  • Ghana

  • Nigeria

  • South Africa

  • Angola

  • Mozambique

  • Cameroon

  • Senegal

  • Ivory Coast

  • Rest Sub-Saharan Africa

• Rest of Africa and Sub-Saharan Africa

List of Key Players in the Africa Generic Pharmaceutical Market

• Abbott Laboratories

• F. Hoffmann-La Roche Ltd

• Novartis AG

• Cipla South Africa

• Aspen Holdings

• Teva Pharmaceutical Industries Ltd.

• Endo International plc

• Viatris, Inc.

• Sun Pharmaceutical Industries Ltd.

• Lupin

• AbbVie Inc.

• Aurobindo Pharma

• Sanofi

• Hikma Pharmaceuticals

• Dr. Reddy’s Laboratories Ltd.