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Generic Drugs Market to Grow With a CAGR of 6.51% Through 2028

Rising demand for generic drugs and its cost effectiveness is driving the growth of Global Generic Drugs Market in the forecast period, 2024-2028.

According to TechSci Research report, “Generic Drugs Market –Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Generic Drugs Market stood at USD 416.06 billion in 2022 and is anticipated to grow with CAGR of 6.51% in the forecast period 2024-2028. This can be ascribed to the growing demand for affordable healthcare such as low-cost drugs compared to branded drugs, along with growing prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes etc. Similarly, growing adoption of generic drugs in developing as well as developed economies will further drive the growth of the market during the forecast period. Similarly, new entrants in the biosimilar drug and generic drug market will drive the growth of the market during the forecast period. Also, availability of health care professionals and technological advancements is expected to drive the growth of the market over the years.

While the generic drugs market is growing rapidly, there are also several challenges that need to be addressed to sustain this growth. These challenges include the high cost of drugs, regulatory hurdle, intense competition and quality concerns compared to branded drugs.

Browse over 189 market data Figures spread through 266 Pages and an in-depth TOC on "Global Generic Drugs Market

Global Generic Drugs Market can be segmented by type, by application, by drug delivery, by form, by source, by distribution channel and by region.

Based on Application, Global Generic Drugs Market can be divided into Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, and Others. The Cardiovascular Diseases segment is expected to dominate the market during the forecast period. Due to the high prevalence of CVD and the increasing demand for cost-effective treatments, the market for generic drugs to treat CVD is expected to grow. In addition, many of the top-selling brand-name drugs for CVD have recently lost or will soon lose their patents, opening the door for generic drug manufacturers to enter the market and offer cheaper alternatives.

Based on Drug Delivery, the market can be differentiated into Oral, Topical, Parenteral, and Others. The Oral drug delivery segment is expected to dominate the market during the forecast period. The increased demand for chronic disease treatments, such as cardiovascular disease, diabetes, and hypertension, has led to the development of many oral medications that are taken on a long-term basis. As these drugs continue to dominate the market, the demand for generic oral formulations of these medications will also increase. Similarly, most drugs that are currently available on the market are administered orally, and their patents are expected to expire in the coming years, making way for generic versions of these drugs to be developed and sold.

Major companies operating in Global Generic Drugs Market are:

  • Teva Pharmaceutical Industries Ltd.
  • Sandoz International GmbH (Novartis AG)
  • Viatris Inc.
  • Sun Pharmaceutical Industries Ltd.
  • Fresenius Kabi AG
  • STADA Arzneimittel AG
  • Aurobindo Pharma Limited
  • Dr Reddy's Laboratories Ltd
  • Cipla Ltd
  • Novo Nordisk A/S
  • Abbott Laboratories Inc.
  • Endo Pharmaceuticals Inc.
  • Sanofi SA
  • Aspen Pharmacare Holdings Limited
  • Lupin Limited

For instance, in June 2021, Teva Pharmaceutical Industries Ltd and Bioeq AG collaborated for the exclusive commercialization of Bioeq’s FYB201, a biosimilar candidate to Lucentis in Europe, Canada, Israel and New Zealand.

For instance, Adalimumab (generic for Humira), was approved in 2020 for the treatment of rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn's disease, ulcerative colitis, and plaque psoriasis.

For instance, Rivaroxaban (generic for Xarelto), was approved in 2019 for the treatment of deep vein thrombosis and pulmonary embolism.

For instance, in November 2020, Pfizer and Mylan announced merger of Pfizer’s upjohn generics unit with Mylan N.V generic unit to form Viatris. Due to this merger, Viatris will become one of the prominent players in the generic drugs industry.

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“The North America region will dominate the Generic Drugs market during the forecast period due to growing well established pharmaceutical industry and growing number of big pharmaceutical companies in this region. Similarly, growing approval and regulation of generic drugs which will help in increasing competition and lower drug price, is anticipated to drive the growth of the market during the forecast period. Additionally, there has been a trend towards consolidation in the generic drug industry, with larger companies acquiring smaller ones to expand their product portfolios and increase their market share, potentially leading to increased dominance by North American companies in the generic drugs market. The growing investments in research and development in this field are contributing to the development of new generic drugs for the treatment of chronic diseases, which is expected to further drive the growth of the market. However, the regulatory hurdle, intense competition and quality and efficacy compared to other brands, pose challenges to the growth of this market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Generic Drugs Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” Segmented By Type (Small Molecule Generics vs Biosimilars), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others), By Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By Source (In House vs Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Region, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Generic Drugs Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Generic Drugs Market.


Mr. Ken Mathews

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