According to the latest report by IMARC Group, titled "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. Generic drugs are medications equivalent to brand name drugs with the same active ingredients, dosage form, strength, route of administration, quality, and intended use. They offer precise results and high accuracy, and clinical benefits at an affordable price, and the production does not require extensive research as compared to brand-name drugs. Their production does not involve the repetition of clinical and animal studies to measure the effectiveness and safety of the medicine.
Global Generic Drugs Market Trends:
The surging prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases, and the increasing healthcare expenditure represent one of the major factors driving the demand for generic drugs around the world. Furthermore, the rising aging population, which is more prone to such ailments, is fueling the growth of the market. Moreover, several initiatives undertaken by governing agencies of numerous countries to promote the usage of generic drugs are favoring the growth of the market. They are also undertaking measures to reduce healthcare costs and offering quality healthcare facilities that are accessible to all. In addition, the growing awareness about the benefits of using generic drugs is influencing the market positively. Apart from this, the increasing number of smokers and alcohol consumers on account of sedentary lifestyles, hectic work schedules, and changing dietary patterns is resulting in a rising number of cancer patients worldwide, which in turn, is catalyzing the demand for generic drugs. Besides this, the growing number of online pharmacies, which is making it more convenient for patients to access generic drugs, is creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 460.5 Billion by 2028, exhibiting a CAGR of 6.83% during 2023-2028.
- On the basis of the therapy area, the market has been segmented into the central nervous system, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, oncology, and others. Presently, central nervous system holds the largest market share.
- Based on the drug delivery, the market has been classified into oral, injectables, dermal/topical, and inhalers. Oral currently accounted for the biggest market share.
- On the basis of the distribution channel, the market has been bifurcated into retail and hospital pharmacies. At present, retail pharmacies hold the largest market share.
- Region wise, the market has been divided into the United States, China, Brazil, Germany, France, India, United Kingdom, Japan, Canada, Italy, and others. Amongst these, the United States enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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.
|Base Year of the Analysis
||Therapy Area, Drug Delivery, Distribution Channel, Country
||United States, China, Brazil, Germany, France, India, United Kingdom, Japan, Canada, Italy, Others
||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
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