Generic Drugs Market Research Report Information by Type (Simple Generics and Super Generics), by Brand (Pure Generic and Branded Generic), by Indication (Central Nervous System (CNS), Cardiovascular, Urology, Oncology, Respiratory, and Others), by Route of Administration (Oral, Topical, Parenteral, and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and by Region (North America, Europe, Asia-Pacific, and Rest of the World – Industry Forecast till 2032
In 2023, the generic drug market was estimated to be worth USD 410.60 billion. According to projections, the generic drugs market would expand at a compound annual growth rate (CAGR) of 7.85% from USD 437.90 billion in 2024 to USD 874.36 billion by 2032. The primary drivers propelling the growth of the global generic medicine market are increased strategic initiatives by market competitors and rising rates of chronic diseases worldwide. On the other hand, market participants' voluntary product recalls are anticipated to impede the expansion of the worldwide market. Nonetheless, it is projected that the market will benefit greatly from investments made in generic medicine research and development (R&D).
Globally, the prevalence of chronic diseases is rising, which is driving the generic medication industry to grow significantly. Patients and healthcare providers are increasingly turning to generic pharmaceuticals as a result of the rising prevalence of problems including cancer, neurological disorders, cardiovascular diseases, inflammatory diseases, and others. This is because there is a greater need for affordable treatment choices.
Insights on Market SegmentsSuper generics and basic generics are included in the market segmentation of generic drugs depending on kind.
Pure generic and branded generic are included in the market segmentation of generic drugs depending on brand.
Based on indication, the generic drug market is divided into segments for the central nervous system (CNS), cardiology, urology, cancer, respiratory, and other areas.
Regional PerspectivesThe market is divided into four regions by the study: North America, Europe, Asia-Pacific, and the Rest of the World. The growing need for generic drugs in hospitals and other medical settings, technological improvements, and the increased incidence of chronic illnesses are all contributing to the substantial expansion of the generic drug market in North America.
Due to a strong healthcare system and partnerships and cooperation between industry participants, research organizations, and healthcare providers, the European generic drug market has the second-largest market share. Additionally, the generic drug provider in Germany is said to have the most market share, while the generic drug provider in France is anticipated to have the quickest rate of growth in the European region.
From 2023 to 2032, the Asia-Pacific generic drug market is anticipated to grow at the quickest rate due to the rise in chronic medical conditions like cancer, diabetes, and cardiovascular diseases, as well as rising healthcare costs and investments in R&D. Furthermore, India Generic Drugs is anticipated to develop at the highest rate in the Asia-Pacific region, while China Generic Drugs had the greatest market share.
Principal PlayersImportant players in the generic drug market are Aspen Holdings (South Africa), Teva Pharmaceuticals Industries Ltd. (Israel), Cipla Ltd. (India), Fresenius SE & Co. KGaA (Germany), Novartis AG (Switzerland), Sun Pharmaceutical Industries Ltd. (India), Lupin Pharmaceuticals, Inc. (India), Endo International plc (Ireland), Aurobindo Pharma (India), and Aspen Holdings (South Africa).