Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Generic Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global generic drugs market size reached US$ 343.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 460.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.83% during 2023-2028.

Generic drugs are bioequivalent of branded medicines with the same active ingredients and equivalent therapeutic effects. They also have similar dosages, risks, consequences, side effects, strengths, intended use, and route of administration. They are relatively less expensive than branded drugs, as the production does not require extensive research. Besides this, the production of these drugs does not involve the repetition of clinical and animal studies to measure the effectiveness and safety of the medicine. As a result, generic drugs are gaining immense traction across the globe.

Generic Drugs Market Trends:

The growing global geriatric population and the rising occurrence of chronic medical disorders, such as cancer, diabetes, and cardiovascular diseases, represent one of the key factors positively influencing the market. In addition, changing dietary patterns and hectic schedules of individuals are leading to various conditions, which, in turn, is catalyzing the demand for generic drugs worldwide. Along with this, increasing efforts by governments of various countries to reduce healthcare costs and promote the manufacturing and uptake of generics are contributing to the market growth. They are also encouraging key players to introduce effective generic drugs and provide easy availability. Apart from this, the low production cost of generic medicines is creating a positive outlook for the market. Additionally, the expansion of the pharma companies and medical stores across the globe is further augmenting the market growth. Furthermore, the rising focus of leading manufacturers on partnership strategies to launch new products is propelling the market growth. Moreover, increasing investments in extensive research and development (R&D) activities and technological advancements in medicine formulation are anticipated to drive the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global generic drugs market report, along with forecasts at the global and country level from 2023-2028. Our report has categorized the market based on therapy area, drug delivery, and distribution channel.

Breakup by Therapy Area:

Central Nervous System
Cardiovascular
Dermatology
Genitourinary/Hormonal
Respiratory
Rheumatology
Diabetes
Oncology
Others

The central nervous system (CNS) represents the leading therapy area due to the rising prevalence of brain and spinal cord ailments across the globe.

Breakup by Drug Delivery:

Oral
Injectables
Dermal/Topical
Inhalers

Oral medicines are the most preferred form of drug delivery due to their convenient administration, which requires minimal to no medical assistance.

Breakup by Distribution Channel:

Retail Pharmacies
Hospital Pharmacies

Presently, the majority of generic drugs are distributed through retail pharmacy stores as most generic medications are over-the-counter (OTC) medicines and require no prescription.

Breakup by Country:

United States
China
Brazil
Germany
France
India
United Kingdom
Japan
Canada
Italy
Others

The United States exhibits a clear dominance in the market on account of numerous initiatives undertaken by governing authorities to improve generic drug manufacturing and access in the country.

Competitive Landscape:

The market is fragmented in nature with the presence of various small and large manufacturers. Some of the leading players operating in the market include Teva Pharmaceuticals Industries Ltd., Mylan N.V., Novartis AG, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Fresenius SE & Co., Lupin Limited, Endo Pharmaceuticals Inc., Aurobindo Pharma Limited, and Aspen Pharmacare Holdings Limited.

Key Questions Answered in This Report

1. What was the size of the global generic drugs market in 2022?
2. What is the expected growth rate of the global generic drugs market during 2023-2028?
3. What are the key factors driving the global generic drugs market?
4. What has been the impact of COVID-19 on the global generic drugs market?
5. What is the breakup of the global generic drugs market based on the therapy area?
6. What is the breakup of the global generic drugs market based on the drug delivery?
7. What is the breakup of the global generic drugs market based on the distribution channel?
8. What are the key regions in the global generic drugs market?
9. Who are the key players/companies in the global generic drugs market?