Global Generic Drugs Market Report and Forecast 2024-2032

Global Generic Drugs Market Size

The global generic drugs market was valued at USD 370.3 billion in 2023, driven by the rising incidence of chronic diseases along with increasing drug approvals across the globe. The market is expected to grow at a CAGR of 6.8% during the forecast period of 2024-2032, with the values likely to reach USD 678.2 billion by 2032.

Global Generic Drugs Market Outlook

• The market value is expected to grow with increasing incidence of generic drug approvals. In April 2024, Zydus Lifesciences launched a generic medication, Mirabegron, extended-release tablets in strength of 25 mg for the treatment of overactive bladder in the US market.

• Asia Pacific region will undergo rapid growth in the forecast period, while North America holds the largest market share.

• Oncology to lead the market segmentation based on therapeutic areas in coming years.

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Global Generic Drugs Market Overview

Generic drugs are medications that are similar to the dosage, strength, route of administration, quality, performance, and intended use, of a drug already floating in the market under a specific brand name. The market is bolstered by the growing prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer, arthritis, and others. Moreover, the rising expenditure on drug development, patent expirations of vital medications and evolving regulatory changes are expected to boost the market value for generic drugs in the forecast period.

Global Generic Drugs Market Growth Factors

Surge in Drug Approvals Boost the Market Value

The market is poised to be propelled by the increasing number of drug approvals. For instance, in April 2024, Zydus Lifesciences launched a generic medication in the US market to treat overactive bladder. The company launched Mirabegron extended-release tablets in the strength of 25 mg. The drug has been approved by the US Food and Drug Administration (USFDA).  The launch of such generic drugs, intended to make overactive bladder treatment more affordable and accessible is expected to help in the expansion overall market. This could also trigger competition among market players to manufacture more generic drugs, resulting in drugs being more cost-effective, and boosting the market demand.

In March 2024, Zydus Lifesciences, launched olaparib, a PARP inhibitor intended to treat cancer in the Indian market. The drug is available under the brand name IBYRA and targets specific genetic mutations prevalent in certain types of cancers, paving the way for a more tailored and effective treatment approach.  The launch of a generic drug for this condition showcases the focus of manufacturers on entering specialised high-value areas, escalating the credibility of manufacturers in the market, and driving the market growth.

Increasing Incidence of Strategic Partnerships to Boost the Generic Drugs Market Demand

In March 2024, the Institute of Drug Technology (Farmanguinhos/Fiocruz) collaborated with Boehringer Ingelheim's Brazilian unit to develop a generic version of Jardiance®, empagliflozin, for submission to Brazil's Health Regulatory Agency (Anvisa). The partnership is targeted at enhancing accessibility to treatments for critical medical conditions such as type 2 diabetes  and heart failure, improving glycemic control, and reducing risks of cardiovascular complications. The generic medication is expected to enable these therapies to be more affordable, addressing major health challenges in Brazil and potentially influencing global market dynamics.

Global Generic Drugs Market Trends

Global Generic Drugs Market Segmentation

Market Breakup by Therapy Area

• Cardiovascular

• Dermatology

• Respiratory

• Oncology

• Rheumatology

• Others

Market Breakup by Route of Administration

• Oral

• Injectables

• Dermal/Topical

• Inhalers

• Others

Market Breakup by Distribution Channels

• Hospital Pharmacy

• Retail Pharmacy

• Online Pharmacy

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Global Generic Drugs Market Share

Oral Leads the Market Share in Route of Administration

The market segmentation by route of administration includes oral, injectables, dermal/topical, inhalers, and others. The oral route of administration leads the market segment as tablets, pills, and capsules. It is preferred due to factors like ease of administration, patient compliance, and its convenience for bulk manufacturing and distribution. In addition, oral generic drugs are also easy to consume for long term treatment.

Oncology Dominates the Therapy Area Segment

The therapy area segment is distributed into cardiovascular, dermatology, respiratory, oncology, rheumatology, and others. The oncology therapy area dominates the segment due to increasing incidence of cancer across the globe. It is expected to hold the largest market share in the forecast period, followed by anti-infectives, and cardiovascular among other therapeutic areas.

Global Generic Drugs Market Analysis by Region

North America Holds the Largest Market Share while Asia Pacific Poised to Register Fastest Growth

Based on the regional analysis, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa, with each region contributing to the overall dynamics of the market. North America holds the largest market share which can be attributed to the high prevalence of diabetes, cardiovascular diseases, and cancer, among others. The market growth can further be attributed to continuous generic drug launches. For instance, in August 2023, Dr Reddy’s Laboratories launched a generic drugs for the treatment of diabetes in the United States market. The launch included Saxagliptin and Metformin Hydrochloride extended-release tablets, a therapeutic equivalent generic version of Kombiglyze XR tablets.

Owing to rising healthcare expenditure to bring economical treatment alternatives to patients, Asia Pacific is anticipated to witness fastest growth in the forecast period. The market demand for generic drugs is also fuelled by a significant portion of geriatric population in the region, that is more susceptible to developing chronic diseases.

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Leading Players in the Global Generic Drugs Market

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Teva Pharmaceutical Industries Ltd

• Viatris Inc.

• Sun Pharmaceutical Industries Ltd

• Lupin

• AstraZeneca

• Almirall, S.A

• Takeda Pharmaceutical Company Limited

• GSK plc

• Bausch + Lomb

• Novartis AG

• Sanofi

• Pfizer Inc.

• Fresenius SE & Co. KGaA

• Hikma Pharmaceuticals PLC

• Aurobindo Pharma

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Key Queries Solved in the Global Generic Drugs Market Report

• What was the global generic drugs market value in 2023?  
• What is the global generic drugs market forecast outlook for 2024-2032?  
• What are the major factors aiding the global market demand?  
• What are the major global market trends? 
• What is the market segmentation based on the therapy area?
• What is the market breakup by route of administration?
• What are the major distribution channels of generic drugs?
• What are the application areas of generic drugs?
• What are the major markets according to the EMR report? 
• Who are the key players involved in the global generic drugs market?
• How will the market landscape evolve in the upcoming years? 
• How does the rising prevalence of chronic diseases boost generic drugs demand?
• What are the major drivers, opportunities, and restraints in the market? 
• Why does the cardiovascular therapy area dominate the generic drugs market?
• How does the oncology segment contribute to the generic drugs market dynamics?
• How does the inclusion of online pharmacies impact the distribution of generic drugs?
• What will be the effect of each driver, challenge, and opportunity on the market? 
• Which country is poised to lead the market share in the forecast period? 
• Which distribution channel is anticipated to propel the market growth? 
• Which segment has the highest impact on the market size? 
• How are partnerships, collaborations, mergers and acquisitions shaping the market dynamics?
• What is the clinical trial landscape for generic drugs?