Global Generic Drug Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Generic Drug Market Size was valued at USD 390.57 billion in 2021 and is expected to reach USD 443.13 billion in 2022, is estimated to reach USD 675.18 billion by the end of 2030 at a CAGR of approximately 6.2% during the forecast period 2022-2030.

The market has recently seen a rise in demand for generic medications as a result of individuals becoming more aware of the range of affordable options offered by both the public and private sectors. Also, the main market players' considerable research and development efforts to bring cutting-edge medications under the umbrella of generic drugs have helped the market to experience phenomenal growth over the course of the projection period.

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Generic Drug Market: Overview

The vast aging population has contributed to a sharp rise in patient numbers globally, which has helped the market reach new heights. People frequently choose generic medications since they work similarly to branded medications in terms of how they affect the body. Also, the prevalence of chronic diseases among individuals around the world has contributed to the generic medication market's notable growth.

The market always necessitates the demand and supply of specific medicines since chronic illnesses take a long time to fully treat. As a result, the ability of these medications, which fall into the generic drug category, has been developing, greatly accelerating the market's growth.

Generic Drug Market: COVID-19 Analysis

1) Due to the enormous demand and supply that existed in the market, the COVID pandemic outbreak had a substantial impact on the generic medication industry.

2) The people who were affected by the epidemic also endured a number of related illnesses and ailments, adding to the financial burden on the populace. As a result, the leading market participants' provision of cutting-edge generic medications became apparent as a feasible solution for these individuals.

People's growing preference for generic medications due to their similarity to the medicine's primary ingredients has enabled the market to expand significantly over the course of the forecast period. As a result, the market placed a huge demand on the sales and supply of medications that affect the cardiovascular system.

Also, the large number of persons who had the disease during the pandemic contributed to the market for generic medications seeing enormous growth. In order to lower the overall cost of therapy, patients chose branded and pure generic medications.

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Generic Drug Market: Developing Factors

A) Leading players in the generic drug market have released new medications that use cutting-edge technology to treat patients and speed up cures while having fewer negative side effects on the body of the patient.
B) The economics of the market has been bolstered by significant investments made by the major market participants to improve and develop the production and manufacturing process for generic drugs.
C) Modern technology has dramatically lowered the overall cost of production, which has become a key factor in the growth of the generic medication market.
D) Also, the economy of the generic medicine industry has been greatly bolstered by recent developments that have occurred in the market in the form of acquisitions and collaborations among various market competitors.
E) Additionally, growing consumer acceptance of generic medications has also been identified as a critical aspect that is anticipated to significantly increase market size during the projection period.
F) The market's abundance of wholesale distributors and dealers has further boosted demand for generic medications.
G) Also, the prevalence of various chronic conditions among older adults who already have a limited amount of disposable income emerges as a significant driving force that significantly boosts the market and is anticipated to continue to do so given the current market trend. During the anticipated period, these elements started to emerge as the market's drivers of growth.

Generic Drug Market: Regional Perspectives

Geographically speaking, North America is thought to be the largest consumer of generic medications. This is due to the fact that many residents of this area suffer from various chronic ailments. Also, as more residents of this region became aware of the healthcare services provided by public and private institutions, generic drug sales and demand grew quickly.

The huge increase in the population of elderly persons has increased the use of outdated medications. Also, the market for generic medications has grown due to the frequency of respiratory and cardiovascular disorders among people.

The high price of name-brand medications has increased the demand for generic medications as well. The Asia-Pacific region has become the generic medicine industry's second-largest market. The residents in this region are under added stress due to a lack of disposable income, which has significantly increased the demand for generic medications. Due to the enormous need for generic drugs, Europe and South America have made a substantial contribution to the market's expansion.

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Generic Drug Market: Recent Development

In September 2018 - Allergan purchased the California-based biotechnology company Bonti endurance biotech.
In March 2019 - Allergan purchased Envy Medical, a biotechnology company that provides dermatology and medical aesthetic treatments.
In 2018 - In order to expand its line of products for the elements that maintain the skin's elasticity, Allergan purchased Elastagen.

Generic Drug Market: Key Players

Alkem Laboratories Limited
Teva Pharmaceutical Industries Limited
Cipla Ltd.
Reddy's Laboratories Ltd.
Mylan N.V.
Lupin Limited
STADA Arzneimittel AG
Hikma Pharmaceuticals plc
Torrent Pharmaceuticals Ltd.
Endo International plc
Aurobindo Pharma Limited
Sawai Pharmaceutical Co. Ltd.
Mallinckrodt plc
Amneal Pharmaceuticals Inc.

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The Generic Drug Market Segments covered in this report:

By Brand

Branded generic drugs
Pure generic drugs

By Route of Administration

Topical
Oral
Parental
Others

By Therapeutic Application

Cardiovascular system
Oncology
Dermatology
Respiratory system
Central nervous system
Others

By Distribution Channel

Retail pharmacies
Hospital pharmacies
Others

On the basis of Geography

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.