Global Generic Drugs Market Report and Forecast 2023-2031

The global generic drugs market value was USD 411.8 billion in 2022, driven by the increasing demand for affordable medications across the globe. The market size is anticipated to grow at a CAGR of 5.5% during the forecast period of 2023-2031 to achieve a value of USD 666.8 billion by 2031.

Generic Drugs Introduction

Generic drugs are pharmaceutical products that have the same active ingredients, dosage form, strength, and route of administration as the branded drugs. They are developed and marketed after the patent expiry of the original branded drugs. The production and sale of generic drugs are usually much cheaper than their branded counterparts, making them an affordable option for patients.

The global generic drug market has witnessed steady growth over the years due to various factors such as the increasing prevalence of chronic diseases, the rise in the aging population, and the cost-effectiveness of these drugs. In addition, the patent expiry of several branded drugs has resulted in an increase in the number of generic drug approvals by regulatory bodies, further propelling market growth.

However, the market also faces challenges such as a lack of awareness about generic drugs in some regions, stringent regulatory policies, and the presence of counterfeit products. Nevertheless, ongoing research and development activities aimed at improving the safety and efficacy of generic drugs are expected to open up new growth opportunities for the market in the future.

Generic Drugs Market Scenario

Generic drugs are pharmaceuticals that have the same active ingredients, dosage, and strength as their brand-name counterparts, but are sold under their chemical name rather than a brand name. Generic drugs are typically less expensive than brand-name drugs and are considered a cost-effective alternative for patients who require ongoing medication therapy. The global market for generic drugs has been growing rapidly in recent years, driven by factors such as rising healthcare costs, increasing demand for affordable medications, and expiration of patents on branded drugs.

The market for generic drugs is highly competitive, with a large number of players operating in the space. Many pharmaceutical companies have entered the market to capitalize on the growing demand for generic drugs, resulting in increased competition and pricing pressures. The market is also characterized by ongoing efforts to improve manufacturing processes and reduce costs, as well as increasing regulatory scrutiny to ensure the safety and quality of generic drugs.

In addition, there is growing interest in the development of complex generic drugs, such as biosimilars, which are highly similar to biologic drugs and have the potential to offer significant cost savings to patients. The increasing focus on specialty drugs and the development of complex generics is expected to drive further growth in the global generic drug market in the coming years.

Generic Drugs Market Segmentations

Market Breakup by Brand

• Pure Generic
• Branded Generic

Market Breakup by Indications

• Central Nervous System (CNS)
• Cardiovascular
• Dermatology
• Oncology
• Respiratory
• Others

Market Breakup by Route of Administration

• Oral
• Topical
• Parenteral
• Others

Market Breakup by End User

• Hospitals
• Homecare
• Specialty Centers
• Others

Market Breakup by Distribution Channel

• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy

Market Breakup by Region

North America

• United States of America
• Canada

Europe

• United Kingdom
• Germany
• France
• Italy
• Others

Asia Pacific

• China
• Japan
• India
• ASEAN
• Australia
• Others

Latin America

• Brazil
• Argentina
• Mexico
• Others

Middle East and Africa

• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Key Trends in the Generic Drugs Market

Some key trends in the generic drug market are:

• Increasing demand for cost-effective drugs: The rising healthcare expenditure is driving the demand for generic drugs, which are more affordable than branded drugs. As governments and insurance companies push for cost-effective alternatives, the demand for generic drugs is expected to increase
• Patent expirations: As patents for major branded drugs expire, it provides an opportunity for generic drug manufacturers to enter the market. The loss of exclusivity allows generic drug manufacturers to produce and market a cheaper version of the drug, leading to increased competition
• Growth in the biologics market: Biologic drugs, which are more complex and expensive to manufacture, are now facing patent expirations. This presents an opportunity for generic drug manufacturers to enter the market and offer more affordable alternatives
• Regulatory changes: Government regulations around the world are pushing for more widespread use of generic drugs, which is expected to increase demand. For example, the FDA has launched initiatives to expedite the review process for generic drugs, making it easier for them to enter the market
• Increasing consolidation: The generic drug market has seen increasing consolidation, with larger companies acquiring smaller ones to increase their market share. This trend is expected to continue, with larger companies seeking to expand their portfolios and global presence

Generic Drugs Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Teva Pharmaceuticals Industries Ltd
• Mylan NV
• Novartis AG
• Pfizer Inc
• Sun Pharmaceutical Industries Ltd
• Fresenius SE & Co. KGaA
• Lupin
• Endo International plc
• Aurobindo Pharma
• Novartis AG
• Hikma Pharmaceuticals PLC
• STADA Arzneimittel AG

13. Eli Lilly and Company
14. Aspen Holdings