Generic Drugs

Generic Drugs

Global Generic Drugs Market to Reach US$671.5 Billion by 2030

The global market for Generic Drugs estimated at US$430.2 Billion in the year 2023, is expected to reach US$671.5 Billion by 2030, growing at a CAGR of 6.6% over the analysis period 2023-2030. Small-Molecule Generics, one of the segments analyzed in the report, is expected to record a 4.8% CAGR and reach US$538.8 Billion by the end of the analysis period. Growth in the Biosimilars segment is estimated at 17.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$130.2 Billion While China is Forecast to Grow at 8.2% CAGR

The Generic Drugs market in the U.S. is estimated at US$130.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$126.8 Billion by the year 2030 trailing a CAGR of 8.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.8% and 5.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR.

Global Generic Drugs Market - Key Trends & Drivers Summarized

Generic drugs play a pivotal role in the healthcare industry by providing cost-effective alternatives to brand-name medications. These drugs contain the same active ingredients, dosage form, strength, route of administration, and therapeutic effects as their branded counterparts, ensuring they are equally safe and effective. The production of generic drugs becomes possible after the patent protections on brand-name drugs expire, allowing other manufacturers to create and market the same medication at a lower price. The rigorous approval process for generics, overseen by regulatory bodies such as the U.S. Food and Drug Administration (FDA), ensures that these drugs meet stringent standards for quality, performance, and labeling.

The widespread use of generic drugs has significant implications for both healthcare systems and patients. By offering more affordable options, generics help to reduce the overall cost of healthcare, making medications more accessible to a larger portion of the population. This affordability can lead to improved adherence to treatment regimens, as patients are less likely to skip doses or abandon treatment due to high costs. Moreover, the increased availability of generic drugs fosters competition in the pharmaceutical market, which can drive down prices even further. Hospitals, insurance companies, and government healthcare programs heavily rely on generic drugs to manage budgets and provide comprehensive care to patients.

The growth in the generic drugs market is driven by several factors. Firstly, the rising incidence of chronic diseases and an aging population increase the demand for various medications, many of which are available as generics. The expiration of patents on several high-revenue drugs opens the door for generic manufacturers to introduce cost-effective alternatives. Additionally, technological advancements in pharmaceutical manufacturing enhance the efficiency and cost-effectiveness of producing generic drugs. Regulatory initiatives aimed at speeding up the approval process for generics and biosimilars also play a crucial role in market expansion. Consumer behavior trends, such as increased trust in generic medications and a greater focus on reducing healthcare expenditures, further propel market growth. Lastly, emerging markets with growing healthcare needs and improving healthcare infrastructure present new opportunities for generic drug manufacturers. These factors collectively drive the robust growth and adoption of generic drugs globally.

Select Competitors (Total 255 Featured) -

• Abbott Laboratories
• Apotex Inc.
• ASKA Pharmaceutical Co., Ltd.
• Aspen Pharmacare Holdings Limited
• AstraZeneca Plc
• Baxter International Inc.
• Dr. Reddy’s Laboratories Limited`
• Eli Lilly and Company
• Endo International plc
• F. Hoffmann-La Roche AG
• Fresenius Kabi AG
• GSK plc
• H. Lundbeck A/S
• Incepta Pharmaceuticals Ltd.
• Lupin Ltd.
• Novo Nordisk A/S
• Sandoz International GmbH
• Sanofi-Aventis U.S. LLC
• STADA Arzneimittel AG
• Sun Pharmaceutical Industries Limited
• Teva Pharmaceutical Industries Ltd.
• Viatris Inc.

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