Generic Drugs Market Analysis: Key Players, Share, and Future Outlook

According to the report, the global Generic Drugs Market was valued for $385.3 billion in 2022 and is estimated to reach $835.7 billion by 2032, exhibiting a CAGR of 8.1% from 2023 to 2032.

Prime determinants of growth

An increase in the prevalence of chronic diseases, the patent expiry of multiple branded drugs, and new generic drugs approvals drive the growth of the global Generic drugs market. However, a concern related to efficiency of generic drugs may restrict the market growth. Moreover, a rise in the number of key players and developing economies presents new opportunities in the coming years.

The Others segment to maintain its leadership status throughout the forecast period.

Based on the therapeutic application, the others segment held the highest market share in 2022, accounting for nearly one-third of the global generic drugs market and is estimated to maintain its leadership status throughout the forecast period. The increase in the prevalence of chronic disorders such as COPD and asthma and growing use of generic pain killer drugs is the major factor that propels the growth of the spirometer segment across the globe. In addition, an increase in the number of key players drives the growth of the market. However, the cancer segment is projected to manifest the highest CAGR of 9.7% from 2023 to 2032. Emerging countries such as Brazil, Russia, India, and China offer promising opportunities for the pulse oximeter segment market.

The Oral segment to maintain its leadership status throughout the forecast period.

Based on route of administration, the Oral segment held the highest market share in 2022, accounting for nearly three-fifths of the global Generic drugs market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the others segment is projected to manifest the highest CAGR of 8.8% from 2023 to 2032, owing to the advancements in generic drugs administration.

The Retail pharmacies segment to maintain its leadership status throughout the forecast period.

Based on distribution channel, the retail pharmacies segment held the highest market share in 2022, accounting for nearly three-fifths of the global Generic drugs market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the online providers segment is projected to manifest the highest CAGR of 9.3% from 2023 to 2032, owing to the rise in the adoption of online sites to buy generic drugs.

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global Generic drugs market revenue and is likely to dominate the market during the forecast period. The increase in the adoption of generic drugs contributes to the growth of the Generic drugs market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.4% from 2023 to 2032. The growing awareness about generic drugs, and the presence of high-potential markets such as India and China, is expected to drive the growth of the Generic drugs market.

Leading Market Players: -

• AMNEAL PHARMACEUTICALS, INC.
• GLAXOSMITHKLINE PLC
• NOVARTIS AG
• TEVA PHARMACEUTICAL INDUSTRIES LIMITED
• VIATRIS INC.
• SUN PHARMACEUTICAL INDUSTRIES LTD
• CIPLA LTD
• HIKMA PHARMACEUTICALS PLC
• LUPIN
• AUROBINDO PHARMA.