Base Year
Historical Year
Forecast Year
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.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
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.
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.
| Key Trends | Impact |
| Drug Launches | The market growth is likely to be influenced by the escalating number of drug launches by market players. The regulatory authorities such as the US Food and Drug Administration are approving generic drugs frequently which are fulfilling a crucial gap of unmet needs in the market and propels the market growth. |
| Prevalence of Chronic Diseases | The increasing prevalence of chronic diseases such as diabetes, and cardiovascular diseases worldwide is contributing to increasing demand for generic drugs. Patients suffering from these diseases often consume generic drugs for the long term, owing to its accessibility and affordability. |
| Increasing Research and Development Activities | With increasing prevalence and rising demand for generic drugs, the number of research activities has also increased in the market. The market demand is attracting market players to develop new, better, and personalised formulations for patients suffering from chronic diseases. |
| Growth in Patent Expiration | In recent years, there has been a significant growth in patent expiration for essential medications used in treating cancer, diabetes, and cardiovascular diseases. As a result, the market has witnessed an influx of generic drugs to meet the increasing requirement for cost-effective and over the counter alternatives. |
Market Breakup by Therapy Area
Market Breakup by Route of Administration
Market Breakup by Distribution Channels
Market Breakup by Region
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
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.
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.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
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:
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Therapy Area |
|
| Breakup by Route of Administration |
|
| Breakup by Distribution Channels |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Supplier Landscape |
|
| Companies Covered |
|
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
Purchase Full Report
Datasheet
Single User License
One User
Five User License
Five Users
Corporate License
Unlimited Users
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
Share