The global generics market size was estimated to be USD 440 billion in 2023 and is expected to reach at USD 801.2 billion by 2033 with a CAGR of 5.6% during the forecast period 2023-2033. Rising technological advancements, cost savings, increasing demand for affordable healthcare, government initiatives and policies, generic adoption by healthcare providers, and increasing generic penetration in emerging markets will drive the market growth.
Generic drugs are being included in treatment procedures by healthcare organisations, such as hospitals, clinics, and healthcare systems. Healthcare providers are increasingly turning to generic medications due to reasons like cost-effectiveness, regulatory support, and a growing body of research demonstrating their efficacy and safety. For instance, Bespak Europe Limited collaborated with biopharmaceutical partners in November 2021 to create a needle-free injector that was specifically catered to the needs of a certain patient population.
By product type, oral solids was the highest revenue-grossing segment in the global generics market in 2022 owing to its widespread usage, ease of manufacturing, and familiarity among patients and healthcare providers. For instance, Sandoz introduced its biosimilar version of the biologic medication Enbrel, used to treat rheumatoid arthritis, in March 2022. This is the first biosimilar to be introduced in the US, and it is anticipated that it will offer patients a more accessible and affordable treatment choice. Topical formulations will be the fastest revenue-grossing segment in the global generics market in 2022 owing to the increasing prevalence of dermatological conditions and the growing demand for localized treatment options.
By therapeutic area, oncology was the highest revenue-grossing segment in the global generics market in 2022 owing to the increasing prevalence of cancer and the growing demand for cost-effective treatment options. For instance, the global market for RPA in the pharmaceutical sector is anticipated to reach $1.2 billion in 2022. RPA is being used more frequently in the generic medication market to automate processes like data entry, validation, and reporting, which is fueling this expansion. Cardiovascular will be the fastest revenue-grossing segment in the global generics market in 2022 owing to the high prevalence of cardiovascular diseases and the increasing demand for affordable cardiovascular medications.
By distribution channel, hospital pharmacies was the highest revenue-grossing segment in the global generics market in 2022 owing to the large volume of medication sales and the significant demand for generics in hospital settings. For instance, Pfizer successfully acquired Mylan in November 2020, resulting in the creation of Viatris, a brand-new global pharmaceutical business specialising in generic and specialty drugs. Online pharmacies will be the fastest revenue-grossing segment in the global generics market in 2022 owing to the increasing adoption of e-commerce platforms, convenience, and the growing popularity of online purchasing of medications.
Generic drugs are being included in treatment procedures by healthcare organisations, such as hospitals, clinics, and healthcare systems. Healthcare providers are increasingly turning to generic medications due to reasons like cost-effectiveness, regulatory support, and a growing body of research demonstrating their efficacy and safety. For instance, Bespak Europe Limited collaborated with biopharmaceutical partners in November 2021 to create a needle-free injector that was specifically catered to the needs of a certain patient population.
By product type, oral solids was the highest revenue-grossing segment in the global generics market in 2022 owing to its widespread usage, ease of manufacturing, and familiarity among patients and healthcare providers. For instance, Sandoz introduced its biosimilar version of the biologic medication Enbrel, used to treat rheumatoid arthritis, in March 2022. This is the first biosimilar to be introduced in the US, and it is anticipated that it will offer patients a more accessible and affordable treatment choice. Topical formulations will be the fastest revenue-grossing segment in the global generics market in 2022 owing to the increasing prevalence of dermatological conditions and the growing demand for localized treatment options.
By therapeutic area, oncology was the highest revenue-grossing segment in the global generics market in 2022 owing to the increasing prevalence of cancer and the growing demand for cost-effective treatment options. For instance, the global market for RPA in the pharmaceutical sector is anticipated to reach $1.2 billion in 2022. RPA is being used more frequently in the generic medication market to automate processes like data entry, validation, and reporting, which is fueling this expansion. Cardiovascular will be the fastest revenue-grossing segment in the global generics market in 2022 owing to the high prevalence of cardiovascular diseases and the increasing demand for affordable cardiovascular medications.
By distribution channel, hospital pharmacies was the highest revenue-grossing segment in the global generics market in 2022 owing to the large volume of medication sales and the significant demand for generics in hospital settings. For instance, Pfizer successfully acquired Mylan in November 2020, resulting in the creation of Viatris, a brand-new global pharmaceutical business specialising in generic and specialty drugs. Online pharmacies will be the fastest revenue-grossing segment in the global generics market in 2022 owing to the increasing adoption of e-commerce platforms, convenience, and the growing popularity of online purchasing of medications.
Global Generics Market, By Region (USD Billion)
North America was the highest revenue-grossing segment in the global generics market in 2022 owing to its large patient population, robust healthcare infrastructure, and the presence of major generic pharmaceutical companies. For instance, the U.S. Food and Drug Administration (FDA) authorised the first generic version of the EpiPen, a tool used to treat life-threatening allergic responses, in August 2020. This approval sought to improve access to inexpensive epinephrine auto-injectors and market competition. Asia Pacific will be the fastest revenue-grossing segment in the global generics market in 2022 owing to the region's large and growing population, increasing healthcare spending, and rising demand for affordable medications.Global Topical Formulations Market (USD Billion), 2023 & 2033
This comprehensive research report focuses on the global and regional market size and forecasts from 2022 to 2033.Report Scope:
- Base Year: 2022
- Forecast Period: 2023-2033
- Study Coverage
- Market Forecast by Product type, Therapeutic area, Distribution channel
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
- 20% Free Customization Available to Meet Your Exact Requirement
Segmentation: Generics Market Report 2022-2033
Generics Market Analysis & Forecast by Product Type 2022-2033 (Revenue USD Bn)
- Oral Solids
- Injectables
- Topical Formulations
- Inhalants
Generics Market Analysis & Forecast by Therapeutic Area 2022-2033 (Revenue USD Bn)
- Cardiovascular
- Central Nervous System
- Respiratory
- Gastrointestinal
- Oncology
- Infectious Diseases
Generics Market Analysis & Forecast by Distribution Channel 2022-2033 (Revenue USD Bn)
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
Generics Market Analysis & Forecast by Region 2022-2033 (Revenue USD Bn)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin American
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Generics Market: Product Type Estimates & Trend Analysis
8. Generics Market: Therapeutic Area Estimates & Trend Analysis
9. Generics Market: Distribution Channel Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Generics Market
12. Europe Global Generics Market
13. Asia Pacific Global Generics Market
14. Latin America Global Medical Aesthetics Market
15. MEA Global Medical Aesthetics Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Mylan NV
- Eli Lilly and Company
- GlaxoSmithKline PLC
- Pfizer Inc.
- Sun Pharma
- Novartis
- Sanofi.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | July 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 440 Billion |
| Forecasted Market Value ( USD | $ 801.2 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
