Generic Drugs Market Size
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 413.60 Billion |
| Market Size (2029) | USD 508.79 Billion |
| CAGR (2024 - 2029) | 4.23 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Generic Drugs Market Analysis
The Generic Drugs Market size is estimated at USD 413.60 billion in 2024, and is expected to reach USD 508.79 billion by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).
The rising prevalence of chronic diseases has spurred the demand for affordable medications, driving the market for generic drugs. Their lower cost, compared to branded alternatives, is a significant factor fueling their adoption in developing and developed economies. Additionally, as patents expire on blockbuster drugs, the market is witnessing a surge in the development of generic versions, further propelling market growth.
Chronic diseases such as diabetes, cardiovascular diseases, respiratory diseases, and various cancers require ongoing medication use. The high prevalence of cardiovascular diseases is propelling the growth of the generic drugs market. For instance, coronary artery disease has risen at a high rate in recent years. According to a report published by the Centers for Disease Control and Prevention in May 2023, coronary heart disease is the most prevalent form of heart disease. Approximately 5% of adults aged 20 years and older, or one in 20, are affected by coronary artery disease (CAD) globally.
According to the same source, every year, about 850,000 people in the United States have a heart attack. Among these, 605,000 have had their first heart attack, and over 200,000 people have already had a heart attack. This presents a substantial market opportunity for the generic drugs market, as the demand for cost-effective medications used during treatment contributes significantly to the growth of the generic drugs market.
Moreover, the increasing prevalence of diabetes cases worldwide is projected to drive the global rise in diabetes cases and is expected to propel market growth during the forecast period. For instance, according to a report published by the Institute for Health Metrics and Evaluation in June 2023, the number of diabetes cases is projected to increase from 529 million in 2022 to 1.3 billion by 2050. The rising prevalence of chronic diseases is anticipated to drive the demand for effective treatments, thereby propelling the growth of the generic drug market during the forecast period. Furthermore, the implementation of various organic and inorganic strategies by key market players is expected to bolster market expansion. For instance, in May 2024, Gland Pharma Limited, Hikma Pharmaceuticals USA Inc., Long Grove Pharmaceuticals LLC, and Dr. Reddy's Laboratories Limited received approval for Edaravone Intravenous Solutions intended for the treatment of amyotrophic lateral sclerosis, a progressive neurodegenerative disease which is a generic alternate of Radicava.
In conclusion, the increasing incidence of chronic diseases, combined with the strategic initiatives of leading industry players, is projected to significantly enhance the growth of the generic drugs market in the coming years.
However, stringent government regulations and a short supply of generic drugs in the market are expected to restrain market growth during the forecast period.
Generic Drugs Market Trends
Oral Segment is Expected to Hold Significant Share in the Market Over the Forecast Period
- Oral generics represent the most straightforward, convenient, and safest form of drug administration. Their ease of use, suitability for repeated and prolonged application, self-administration capability, and pain-free nature make them the most widely utilized and manufactured drug format.
- The segment's growth is anticipated to accelerate due to increasing launches and strategic collaborations. For instance, in March 2024, Zydus Lifesciences launched Olaparib, a generic drug, and PARP inhibitor, under the brand name IBYRA in India. PARP (poly-ADP ribose polymerase) is a protein that helps damaged cells to repair themselves. As a cancer treatment, PARP inhibitors block the PARP from doing its repair work in cancer cells, and the cell dies.
- Furthermore, in May 2024, Apotex Corp launched its Emtricitabine and Tenofovir Alafenamide Fumarate tablets for the treatment of HIV infection. The tablets are a generic version of Descovy.
- Additionally, in April 2024, Deflazacort Oral Suspension was launched by Tris Pharma Inc., which is a treatment for Duchenne Muscular Dystrophy. The product is a generic version of Emflaza suspension. These product launches and approvals significantly enhance the sales and production of oral generic products, thereby driving segment growth.
- In conclusion, owing to the abovementioned factors, the oral generics segment is projected to expand robustly during the forecast period.
North America is Expected to Dominate the Clinical Diagnostics Market During the Forecast Period
- North America is expected to hold a significant share of the global generic market owing to the increasing prevalence of chronic diseases, rising focus on cost-effective treatment, and increased demand for medications. The generic drug market is experiencing substantial expansion in therapeutic areas that correlate with the high prevalence of chronic diseases.
- For instance, the prevalence of certain chronic inflammatory disorders, such as cardiovascular diseases, diabetes, inflammatory bowel disease (IBD), and cancers, is high compared to other chronic indications. For instance, according to a report published by the American Diabetes Association in November 2023, 38.4 million Americans, or 11.6% of the population, suffered from diabetes, and about 352,000 Americans under 20 years of age were estimated to have been diagnosed with diabetes. This rising incidence of diabetes is expected to drive the demand for generic drugs in the country.
- Similarly, according to the American Cancer Society in January 2024, the prevalence of lung cancer is increasing in the country. The country reported 238,340 lung cancer cases in 2023 compared to 236,740 in 2022. According to the Canadian Cancer Society (CCS) 2023 report, cancer is responsible for one of the highest healthcare burdens in Canada, and the incidence of cancer is increasing in the country. This shows a rapid increase in the incidence of cancer cases in the region, and during the forecast period, the incidence of cancer is expected to increase further, thus raising the demand for oncology treatments.
- Moreover, strategic and non-strategic initiatives such as partnerships, mergers, and acquisitions by key market players are further expected to contribute to the market鈥檚 growth. For instance, in October 2023, Panacea Biotech launched its Paclitaxel protein-bound particles for injectable suspension (albumin-bound), a generic version of Abraxane, in the Canadian market. Paclitaxel protein-bound particles are used for the treatment of metastatic breast cancer, non-small cell lung cancer, and adenocarcinoma of the pancreas.
- Therefore, owing to the increasing number of cases of chronic diseases, product launches, and strategic initiatives, the North American market is expected to grow significantly during the forecast period.
Generic Drugs Industry Overview
The global generic drugs market is highly competitive, with many players dominating the market. The market players are adopting strategies such as rising R&D investment, mergers, acquisitions, and product innovations to sustain the increasing market rivalry. The key market players include Mylan NV, Eli Lilly and Company, GlaxoSmithKline PLC, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Novartis AG, and Sanofi.
Generic Drugs Market Leaders
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Sanofi
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Pfizer
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Teva Pharmaceutical Industries Limited
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Abbott Laboratories
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Sun Pharmaceutical Industries Ltd.
*Disclaimer: Major Players sorted in no particular order
Generic Drugs Market News
- May 2024: Dr. Reddy's Laboratories introduced a generic medication, Doxycycline Capsules (40 mg), to the US market. This medication is designed to combat a broad spectrum of bacterial infections. Notably, the product serves as a therapeutic generic alternative to the USFDA-approved Oracea capsules (40 mg).
- January 2024: SinoT received approval for its generic drug Posaconazole delayed-release tablets from Health Canada. Posaconazole is a member of the group of triazole antifungals, which is used to prevent certain kinds of fungal or yeast infections.
Generic Drugs Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Chronic Diseases
4.2.2 Rise in Geriatric Population
4.2.3 Increase in Healthcare Expenditure
4.3 Market Restraints
4.3.1 Stringent Government Regulations
4.3.2 Adverse Effects Associated With the Drugs
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Route of Administration
5.1.1 Oral
5.1.2 Topical
5.1.3 Injectable
5.1.4 Other Routes of Administration (Sublingual, Rectal)
5.2 By Application
5.2.1 Cardiovascular Products
5.2.2 Anti-infective Drugs
5.2.3 Anti-arthritis Drugs
5.2.4 Central Nervous System Drugs
5.2.5 Anti-cancer Drugs
5.2.6 Respiratory Products
5.2.7 Other Applications (Gastrointestinal, Hormonal Drug)
5.3 By Distribution Channel
5.3.1 Hospitals/Clinics
5.3.2 Retail Pharmacies
5.3.3 Other Distribution Channels (Online Pharmacy, Specialty Drug Stores)
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Mylan (Viatris Inc.)
6.1.2 Abbott Laboratories
6.1.3 Teva Pharmaceutical Industries Limited
6.1.4 Eli Lilly and Company
6.1.5 STADA Arzneimittel AG
6.1.6 GlaxoSmithKline PLC
6.1.7 Baxter International Inc.
6.1.8 Pfizer Inc.
6.1.9 Sanofi
6.1.10 Sun Pharmaceutical Industries Ltd
6.1.11 AbbVie Inc. (Allergan)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Generic Drugs Industry Segmentation
As per the scope of this report, a generic drug is a pharmaceutical drug that contains the same chemical substance as that used for the patented molecule. A generic drug is only allowed onto the market when its original drug's patent period expires. It is a molecule now allowed to be sold by all the players under a different brand name. The generic drugs market is segmented by route of administration, application, distribution channel, and geography. The route of administration segment is further divided into oral, topical, injectable, and other routes of administration. The application segment is further segmented into cardiovascular products, anti-infective drugs, central nervous system drugs, anti-cancer drugs, respiratory products, and other applications. The end user segment is further bifurcated into hospitals/clinics, retail pharmacies, and other distribution channels. The geography segment is further divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD) for the above segments.
| By Route of Administration | |
| Oral | |
| Topical | |
| Injectable | |
| Other Routes of Administration (Sublingual, Rectal) |
| By Application | |
| Cardiovascular Products | |
| Anti-infective Drugs | |
| Anti-arthritis Drugs | |
| Central Nervous System Drugs | |
| Anti-cancer Drugs | |
| Respiratory Products | |
| Other Applications (Gastrointestinal, Hormonal Drug) |
| By Distribution Channel | |
| Hospitals/Clinics | |
| Retail Pharmacies | |
| Other Distribution Channels (Online Pharmacy, Specialty Drug Stores) |
| By Geography | ||||||||
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Generic Drugs Market Research FAQs
How big is the Generic Drugs Market?
The Generic Drugs Market size is expected to reach USD 413.60 billion in 2024 and grow at a CAGR of 4.23% to reach USD 508.79 billion by 2029.
What is the current Generic Drugs Market size?
In 2024, the Generic Drugs Market size is expected to reach USD 413.60 billion.
Who are the key players in Generic Drugs Market?
Sanofi, Pfizer, Teva Pharmaceutical Industries Limited, Abbott Laboratories and Sun Pharmaceutical Industries Ltd. are the major companies operating in the Generic Drugs Market.
Which is the fastest growing region in Generic Drugs Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Generic Drugs Market?
In 2024, the North America accounts for the largest market share in Generic Drugs Market.
What years does this Generic Drugs Market cover, and what was the market size in 2023?
In 2023, the Generic Drugs Market size was estimated at USD 396.10 billion. The report covers the Generic Drugs Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Generic Drugs Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the factors driving the Generic Drugs Market?
The major factors driving the Generic Drugs Market are a) Increasing Prevalence of Chronic Diseases b) Rising geriatric populations and c) Increase in healthcare expenditure
What are the factors driving the Generic Drugs Market?
The major factors driving the Generic Drugs Market are a) Increasing Prevalence of Chronic Diseases b) Rising geriatric populations and c) Increase in healthcare expenditure
Generic Medicines Industry Report
This comprehensive report offers a deep dive into the generic drugs industry, providing a detailed analysis of key market drivers and market segments. 糖心vlog传媒 offers customization based on your specific interests, including: 1. Route of Administration: Parental and Inhalers 2. Application: Dermatology, Oncology, Rheumatology, and Genitourinary/Hormonal 3. End-Users: Hospitals, Homecare, and Specialty Clinics
