Israel Generic Drugs Market, By Type (Pure Generic Drugs, Branded Generic Drugs), By Application (CNS, Cardiovascular, Dermatology, Genitourinary/Hormonal, Respiratory, Rheumatology, Diabetes, Oncology, and Others), By Drug Delivery (Oral, Injectables, Dermal/Topical, and Inhalers), By Distribution Channel (Retail Pharmacies, Hospital Pharmacies), By Region, Competition, Forecast & Opportunities,
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIsrael Generic Drugs Market, By Type (Pure Generic Drugs, Branded Generic Drugs), By Application (CNS, Cardiovascular, Dermatology, Genitourinary/Hormonal, Respiratory, Rheumatology, Diabetes, Oncology, and Others), By Drug Delivery (Oral, Injectables, Dermal/Topical, and Inhalers), By Distribution Channel (Retail Pharmacies, Hospital Pharmacies), By Region, Competition, Forecast & Opportunities,
Israel Generic Drugs Market is anticipated to witness substantial growth through 2028, owing to the incorporation of artificial intelligence (AI) in healthcare technologies for drug docking and prevailing cases of several chronic and infectious diseases.
Generic drugs are those medications that are bioequivalent to branded drugs in terms of quality, safety, and efficacy but are sold at a lower cost, making them a more affordable option for patients. The generic drug market in Israel has been experiencing a significant rise in recent years, driven by various factors, such as government policies, increasing demand for affordable healthcare, and a thriving pharmaceutical industry. One of the key factors contributing to the growth of the Israel generic drug market is the surging demand for affordable healthcare. With the increasing cost of healthcare worldwide, patients and healthcare providers are seeking cost-effective alternatives to expensive brand-name drugs. Generic drugs offer a viable solution, as they are typically priced 20-80% lower than their brand-name counterparts, making them more accessible to patients and reducing the financial burden on the healthcare system.
The Government of Israel has been supportive of the generic drug industry, implementing policies that foster competition and innovation. For instance, the government has been promoting the establishment of local generic drug manufacturing facilities through various incentives, such as tax benefits and grants. These initiatives have not only boosted the production of generic drugs in Israel but have also created employment opportunities and contributed to the overall economic growth of the country, which is expected to propel the Israel generic drugs market in the coming years. The Ministry of Health has implemented policies to promote the use of generic drugs, including measures such as mandatory generic substitution and prescription by international non-proprietary name, which refers to the active ingredient of a drug rather than its brand name. These policies have been successful in encouraging the use of generic drugs in Israel, leading to increased competition among manufacturers and driving down prices.
According to the National Library of Medicine, compared to other OECD nations, Israel spends less on health care than the average amount. This includes particularly little money on prescription drugs
Rising Cases of Chronic Diseases and Surge in Aging Population
One of the key drivers behind the demand for generic drugs is the rising cases of chronic and infectious diseases. The rising aging population and the increasing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, are driving the demand for affordable healthcare solutions, including generic drugs. As the aging population continues to grow, and the burden of chronic diseases increases, the need for cost-effective generic drugs to manage these conditions is expected to drive the demand for generic drugs. This demand is expected to continue to grow in the coming years with the increasing population. Israel is witnessing an increasing demand for generic drugs due to their cost-effectiveness. As the markets continue to expand and their populations seek affordable healthcare options, the demand for generic drugs is expected to rise, driving the Israel generic drugs market.
Moreover, the government's initiatives to promote generic drugs have also contributed to the demand for Generic Drugs in Israel. Regulatory agencies, such as the U.S. Food and Drug Administration (FDA), play a crucial role in the approval of generic drugs. As regulatory agencies continue to streamline the generic drug approval process, and as more generic drugs receive approval, it leads to increased availability of generic drugs in the market. This drives the competition and contributes to the growth of the generic drug market in the country.
In addition, companies are investing in the development of new and more efficient generic drugs to meet the growing demand and to improve efficiency and performance. Hence, all these factors or efforts are going to propel the Israel generic drugs market.
According to the National Institute of Health, cancer rates in Israel range from 276 to 340 per 100,000 in males and 196–307 per 100,000 in females.
Continued Technological Advancements in Healthcare Industries
The field of medicine has witnessed a remarkable transformation, fueled by advancements in technologies, leading to the discovery of several generic drugs. Technological innovations have not only streamlined the process of generic drug production but have also expanded the availability and quality of these essential medications. During the production of generic drugs, automation has improved efficiency and precision, reduced human error, and speeded up the manufacturing process.
Automated systems can perform tasks, such as measuring and dispensing raw materials, mixing ingredients, and packaging finished products with high accuracy and consistency. This has resulted in faster production times, improved quality control, and reduced costs which leads to the growth of the Israel generic drug market.
According to the International Trade Administration, the market for healthcare technology in Israel is estimated to be worth USD$ 6.2 billion, of which USD$ 3.8 billion goes to pharmaceuticals.
Recent Developments
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Market Segmentation
The Israel generic drugs market is segmented by type, application,
Company Profiles
Vitamed Pharmaceutical Industries Ltd, Perrigo Israel Pharmaceuticals Ltd., Taro Pharmaceutical Industries Ltd, Bonus BioGroup Ltd, Teva Pharmaceutical Industries Ltd., Rafa Laboratories ltd, Dexcel Pharma Technologies Ltd., Unipharm Ltd, Fischer pharmaceuticals limited, and Beit jala pharmaceuticals co are some of the key players in Israel generic drugs market.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, Volume in tons, and CAGR for 2018-2022 and 2023-2028 |
| Report Coverage | Revenue forecast, volume forecasting, Company shares, competitive landscape, growth factors, and trends |
| Segments Covered | Type Application Drug delivery Distribution Channel Region |
| Country Scope | The Mediterranean Coastal Plain, The Central Hills, The Jordan Rift Valley, The Negev Desert. |
| Key Companies Profiled | Vitamed Pharmaceutical Industries Ltd, Perrigo Israel Pharmaceuticals Ltd., Taro Pharmaceutical Industries Ltd, Bonus BioGroup Ltd, Teva Pharmaceutical Industries Ltd., Rafa Laboratories ltd, Dexcel Pharma Technologies Ltd., Unipharm Ltd, Fischer pharmaceuticals limited, Beit jala pharmaceuticals co |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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