Generic Pharmaceuticals Market Trends

Generic Drugs Overview

Generic Drugs Market size was valued at USD 410.60 billion in 2023. The Generic Drugs Market industry is projected to grow from USD 437.90 billion in 2024 to USD 874.36 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.85% during the forecast period (2024 - 2032).

Increasing incidences of chronic diseases across the globe and rising strategic initiatives by market players are the major factors driving the growth of the global generic drug market. However, voluntary product recalls from market players are expected to hamper the growth of the global market. Nevertheless, investment in research and development (R&D) for generic drugs is anticipated to create lucrative opportunities for the market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Generic Drugs Trends

Increasing incidences of chronic diseases across the globe fuels market growth

The escalating prevalence of chronic diseases worldwide is acting as a significant catalyst for the expansion of the global generic drug market. With conditions like cancer, neurology, cardiovascular diseases, inflammatory diseases, and others on the rise, there's an amplified demand for cost-effective treatment options, compelling patients and healthcare providers to turn towards generic medications. Generic drugs, being bioequivalent to their brand-name counterparts but more affordable, offer a viable solution for managing chronic illnesses without burdening healthcare budgets. This burgeoning demand for generics is not only driven by patients seeking affordable therapies but also by healthcare systems and governments striving to contain healthcare expenditure while ensuring widespread access to essential medications. Additionally, the increasing incidence of cardiovascular conditions worldwide is burgeoning the growth of the generic drugs market. As per the American Heart Association, there were nearly 244.1 million people living with ischemic heart disease (IHD) in 2020. Also, in May 2023, the Centers for Disease Control and Prevention reported that 805,000 people in the US have heart attacks every year. Also, the rising cases of inflammatory diseases such as rheumatoid arthritis and bowel inflammatory diseases across the globe are boosting the growth of the generic drugs market.

Generic Drugs Segment Insights

Generic Drugs Type Insights

The Generic Drugs Market segmentation, based on type, includes simple generics and super generics. The simple generics segment held the majority share in the market in 2023. Simple generic drugs are widely prescribed due to its easy availability. Furthermore, the rise in prevalence of chronic diseases such as hypertension, asthma and COPD will further drive the simple generics segment.

Generic Drugs Brand Insights

The Generic Drugs Market segmentation, based on brand, includes pure generic and branded generic. The pure generic segment held the largest market share in 2023 and the branded generic is the fastest-growing segment during the forecast period. Branded generics are marketed under a brand name chosen by the manufacturer. They may be perceived as having higher quality or better efficacy compared to pure generics due to branding and marketing efforts.

Figure 2: Generic Drugs Market, by Brand, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Generic Drugs Indication Insights

The Generic Drugs Market segmentation, based on indication, includes central nervous system (CNS), cardiovascular, urology, oncology, respiratory, and others. The oncology segment held the largest market share in 2023, and cardiovascular segment is the fastest-growing segment during the forecast period i.e., 2024-2032. Oncology drugs are essential for treating various types of cancer, including breast cancer, lung cancer, prostate cancer, leukemia, and lymphoma. Furthermore, rise in cancer cases and growing research-related activities in the pharmaceutical industry will drive the segment growth.

The Generic Drugs Market segmentation, based on route of administration, includes oral, topical, parenteral, and others. The oral segment held the largest market share in 2023 and parenteral is the fastest-growing segment during the forecast period i.e., 2024-2032. Oral dosage form has advantages such as ease of administration and no nursing requirements which leads to higher patient acceptability and compliance and efficacy to fight against disease such as pneumonia and respiratory infections.

The Generic Drugs Market segmentation, based on distribution channel, includes hospital pharmacy, retail pharmacy, and online pharmacy. The retail pharmacy segment held the largest market share in 2023 and online pharmacy is the fastest-growing segment during the forecast period i.e., 2024-2032. Online pharmacies provide comfort, flexibility, and convenience for the purchase of medications.

Generic Drugs Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. The North America Generic Drugs market is experiencing significant growth, driven by factors such as increasing demand for Generic Drugs at hospitals and medical settings, advancements in technology, and the rising prevalence of chronic diseases.

Further, the major countries will be study are US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, and South Korea.

Figure 3: GENERIC DRUGS MARKET BY REGION 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Generic Drugs market accounted for the second-largest market share due to well-established healthcare infrastructure, coupled with collaborations and partnerships between industry players, research organizations and healthcare providers, drives the market. Furthermore, the Germany Generic Drugs provider attributed to hold the largest market share, and the France Generic Drugs providers is projected be the fastest growing market in the Europe region.

The Asia-Pacific Generic Drugs market is expected to be the fastest growing from 2023 to 2032 due to occurrence of chronic medical disorders, such as cancer, diabetes, and cardiovascular diseases, increasing healthcare expenditure and investments in research and development activities. Moreover, China Generic Drugs accounted to hold the largest market share, and the India Generic Drugs is projected to be the fastest growing market in the Asia-Pacific region.

Generic Drugs Key Market Players & Competitive Insights

The Generic Drugs Market is distinguished by the presence of numerous global, regional, and local players catering to the generic drugs. Furthermore, the increasing prevalence of chronic diseases and the rising strategic initiatives associated with generic medicine across the globe is further driving the growth of Generic Drugs Market during the forecast period. The major players have adopted a strategy of obtaining regulatory approval from government agencies for their products and signing contracts and agreements to broaden their reach. For instance, in February 2023, The US FDA approved generic lenidomide capsules manufactured by Sun Pharma. 2.5 mg, 20 mg, and tentative approval for 10 mg, 15 mg, and 25 mg. Revlimid Capsules, 5 mg, 10 mg, 15 mg, 25 mg, and 2.5 mg, 20 mg are used as the reference product for each product approval. Cancers of different kinds are treated with lenidomide. It functions by inhibiting or halting the growth of cancerous cells. Additionally, it is used to treat anemia in people with certain bone marrow/blood abnormalities (myelodysplastic syndromes, or MDS).

Sun Pharmaceutical Industries Ltd. (India) is one of India’s top pharmaceutical companies. It is the world’s fourth-largest generic pharmaceutical company. It delivers high-quality and reasonable medicines trusted by customers in over 150 countries globally. The company also has a specialty products portfolio that contains ten specialty products, out of which five are in the market, and three are likely to be commercialized soon. It has products for various leading therapeutic areas such as diabetes, oncology, pain, autoimmune diseases, respiratory diseases, antibiotics and vaccines, cardiovascular, HIV, mental health, antivirals, and others. It also conducts business in Western Europe, Canada, Australia, New Zealand, China, and Japan. Moreover, South Africa, Brazil, Mexico, Russia, and Romania are some of our most significant emerging markets.

Moreover, In February 2023, The US FDA approved generic lenidomide capsules manufactured by Sun Pharma. 2.5 mg, 20 mg, and tentative approval for 10 mg, 15 mg, and 25 mg. Revlimid Capsules, 5 mg, 10 mg, 15 mg, 25 mg, and 2.5 mg, 20 mg are used as the reference product for each product approval. Cancers of different kinds are treated with lenidomide. It functions by inhibiting or halting the growth of cancerous cells. Additionally, it is used to treat anemia in people with certain bone marrow/blood abnormalities (myelodysplastic syndromes, or MDS).

Key Companies in the Generic Drugs market includes.

• Sun Pharmaceutical Industries Ltd. (India)


• Lupin Pharmaceuticals, Inc. (India)


• Endo International plc (Ireland)


• Aurobindo Pharma (India)


• Aspen Holdings (South Africa)


• Teva Pharmaceuticals Industries Ltd. (Israel)


• Viatris Inc. (US)


• Cipla ltd. (India)


• Fresenius SE & Co. KGaA (Germany)


• Novartis AG (Switzerland)

Global Generic Drugs Industry Developments

• In March 2024, Par Pharmaceutical, Inc., an operating subsidiary of Endo International plc, introduced a generic version of the ibuprofen-famotidine pills a generic version of Amgen's (US) (formerly Horizon Therapeutics) DUEXIS.


• In February 2024, Fresenius Kabi announced the launch of Cyclophosphamide for Injection, USP, a generic substitute for Cytoxan, for use in treating several forms of cancer.


• In February 2024, Cipla ltd. has been approved by the Central Drugs Standard Control Organisation (CDSCO) to market plazomicin, an antibiotic, in India for the treatment of complicated urinary tract infections (cUTI), including pyelonephritis (kidney infection).

Generic Drugs Segmentation

Generic Drugs Type Outlook

• Simple Generics


• Super Generics

Generic Drugs Brand Outlook

• Pure Generic


• Branded Generic

Generic Drugs Indication Outlook

• Central Nervous System (CNS)


• Cardiovascular


• Urology


• Oncology


• Respiratory


• Others

Generic Drugs Route of Administration Outlook

• Oral


• Topical


• Parenteral


• Others

Generic Drugs Distribution Channel Outlook

• Hospital Pharmacy


• Retail Pharmacy


• Online Pharmacy

Generic Drugs Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America