High Prevalence of Chronic Diseases and Growing Geriatric Population to Boost the Global Generic Drugs Market Through 2030

The global generic drugs market is significantly influenced by several factors like the increasing number of patients with chronic diseases, the growing geriatric population, rapid technological advancements, favorable government initiatives, and rising healthcare costs. The growing demand for pharmaceuticals and attempts to reduce the cost burden associated with it is promoting the use of generic drugs due to their lower cost. The growing disease burden and high prevalence of chronic diseases are expected to fuel the demand in the global generic drugs market during the forecast period.

According to Markets and Data Research report, “Global Generic Drugs Market Assessment, By Region, Opportunities and Forecast, 2016-2030F”, the Global Generic Drugs Market was valued at USD 335.65 billion in 2022 and is expected to register a CAGR of 7.06% during the forecast period.

The global generic drugs market is driven by factors, such as a rising instances of chronic diseases, increasing geriatric population, and cumulative efforts to reduce pharmaceutical spending and managing overall healthcare costs. Generic drugs are comparatively more cost-effective while having equal efficacy to branded pharmaceutical drugs. Developed nations like the United States and Canada have very high adoption rates of generic drugs, saving billions of USD per year. Developing countries like India are also actively adopting generic drugs to minimize pharmaceutical expenditure and provide cost-effective healthcare solutions to their citizens. The cost-effectiveness of generic drugs is the major contributor to its growing popularity and the large number of patent expirations of blockbuster drugs in upcoming years is expected to boost the market at a significant rate.

Biologics are sourced medications derived from living organisms and are on the costlier side due to manufacturing complications and approval procedures, while biosimilar drugs are exact copies of originally FDA-approved biologics produced by different manufacturers after patent expiration of original biologics. Thus, biosimilars are generic versions of biologic drugs and they have registered significant adoption in recent years contributing a major chunk of value share to the global generic drugs market. The upcoming patent expiration of several biologics like Stelara and Humira is expected to bring a boom in the generic drugs market during the forecast period. Despite all the supporting factors, the global generic drugs market is facing growth restrictions like stringent regulatory requirements, quality issues, and decreasing profit margins due to high market competition.

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Spread through 371 pages, the "Global Generic Drugs Market" report includes an in-depth TOC, over 271 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail. 

Key Takeaways:

• The growing prevalence of chronic diseases, such as cardiovascular, neurological, diabetes, and respiratory conditions, across the globe due to several factors, including changes in lifestyle, aging population, and environmental factors is anticipated to contribute to the growth of the generic drugs market.
• Growing geriatric population with a high disposition to chronic diseases like diabetes, hypertension, and others requires frequent use of pharmaceutical drugs, which, in turn, is anticipated to drive the demand for generic drugs in the forecasted years.
• Generic drugs used for cardiovascular diseases is anticipated to contribute approximately one-third of value share to the global generic drugs market as the prevalence of cardiovascular diseases is comparatively higher than other diseases.
• Growing number of patent expirations of blockbuster branded drugs are anticipated to contribute towards the development of the generic drugs market in the forecast years.

The Global Generic Drugs Market is Segmented in the Following Categories:

By Application: Neurovascular (Central Nervous System), Cardiovascular, Dermatology, Oncology, Respiratory, Diabetology, Others

By Type: Biosimilar Generics, Small Molecule Generics

By Brand: Branded Generic, Pure Generic

By Route of Administration: Oral, Injectable, Topical, Others

By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy

By Region: North America, Europe, South America, Asia-Pacific, Middle East and Africa

The North America region exhibits a clear dominance in this market due to the presence of developed economies, notably the United States and Canada. The high disease burden in the region is expected to drive the demand for generic drugs. North American countries have a high adoption rate of generic drugs and subsequent reduction in pharmaceutical expenditure, further enhancing the growth rate of the generic drugs market in the region.

The cardiovascular segment is anticipated to dominate the application category of the generic drugs market during the forecast period. The dominance of this segment is owed to the comparatively high prevalence of cardiovascular diseases like coronary heart disease and hypertension as compared to other diseases. As per WHO, cardiovascular diseases are the leading cause of death across the globe, which confirms the highest value share of cardiovascular applications of generic drugs.

Major Companies Operating in the Global Generic Drugs Market Include:

• Viatris
• Hikma Pharmaceuticals plc
• Novartis AG
• Teva Pharmaceuticals Industries Ltd.
• Fresenius SE & Co. KGaA.
• Sun Pharmaceutical Industries Ltd.
• Cipla
• Aspen Holdings
• Aurobindo Pharmaceuticals
• Dr. Reddy's Laboratories
• Lupin

Market players in the global generic drugs market are focusing on developing a line of generic drugs that are backed by extensive research and development (R&D) activities. These players are actively involved in market tactics like strategic launches, mergers and acquisitions, and partnerships for collaborative growth. Apart from this, the companies are expanding their geographic reach by entering untapped market spaces and establishing a new position in emerging nations. In September 2023, Biocon Generics Inc., a subsidiary of Biocon Limited, announced the complete acquisition of the oral solid dosage manufacturing facility of Eywa Pharma Inc., which is located in Cranbury, New Jersey, United States. The deal was evaluated to be worth USD 7.7 million along with the merger of all the existing workforce into the new venture. This acquisition will enhance the production capacity of Biocon up to 2 billion tablets/capsules per year.

“Global Generic Drugs Market Assessment, 2016-2030F”, evaluates the future growth potential of global generic drugs market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global generic drugs market.

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