Generic Drug Market Valued at USD 431.15 Billion in 2023: Poised for Robust Growth by 2030

The 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 was valued at USD 431.15 billion in 2023 and is projected to grow at a CAGR of 5.22% during the forecast period, reaching nearly USD 615.72 billion by 2030.

𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

Generic drugs are designed to be bioequivalent to branded medications, offering identical therapeutic effects, quality, and safety at a significantly reduced cost-typically 80-85% less than brand-name drugs. These drugs are extensively utilized in treating chronic diseases, ensuring affordability and accessibility for patients globally. The market's growth is fueled by patent expirations of branded drugs, increasing prevalence of chronic diseases, and rising demand for cost-effective healthcare solutions. Regions like North America and Asia-Pacific, led by countries such as the U.S., India, and China, dominate the market due to robust healthcare infrastructure and generic drug production capabilities.

𝐖𝐚𝐧𝐭 𝐭𝐨 𝐒𝐞𝐞 𝐭𝐡𝐞 𝐓𝐫𝐞𝐧𝐝𝐬? 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐓𝐨𝐝𝐚𝐲:https://www.stellarmr.com/report/req_sample/Generic-Drug-Market/1638

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭:

The market is driven by the rising prevalence of chronic diseases, such as diabetes and cardiovascular conditions, which necessitate affordable treatment options. The cost-effectiveness of generic drugs compared to branded counterparts makes them attractive to patients and healthcare providers. Additionally, government initiatives, such as the U.S. Drug Competition Action Plan (DCAP) and India's self-reliance policies for APIs, encourage generic drug adoption. Expiring patents of high-demand branded drugs further contribute to the growth of generics, providing patients with more affordable alternatives.

𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Emerging trends include the rise of super generics and biosimilars, offering enhanced formulations or delivery methods. Increasing adoption of robotic process automation (RPA) in drug manufacturing enhances efficiency and reduces costs. Regulatory efforts, such as the Patient Protection and Affordable Care Act (ACA) in the U.S., are facilitating easier market entry for generics while maintaining quality standards. In addition, expanding online pharmacy channels and growing consumer awareness about generic drug benefits are shaping the future trajectory of the market.

𝐓𝐡𝐞 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬 𝐜𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:https://www.stellarmr.com/report/enquire_now/Generic-Drug-Market/1638

𝐌𝐞𝐫𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐔𝐩𝐝𝐚𝐭𝐞𝐬

𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦

Vietnam's generic drug market is expanding rapidly, fueled by government initiatives to increase the availability of affordable medicines. The market grew by 8% in 2023, driven by rising healthcare infrastructure and demand for essential medicines. Companies like Sanofi and Novartis are forming partnerships with local pharmaceutical firms to enhance distribution and production capabilities.

𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝

Thailand's focus on universal healthcare and access to affordable medications has boosted the generic drug market. The market witnessed a 7.5% year-on-year growth in 2023, with high demand for antibiotics and cardiovascular drugs. Leading companies such as Teva Pharmaceuticals and Pfizer are collaborating with Thai health agencies to introduce high-quality generics in the market.

𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐉𝐚𝐩𝐚𝐧'𝐬 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

Japan's generic drug market is driven by the government's push to reduce healthcare costs. In 2023, generics accounted for 80% of all prescriptions, and the market grew by 6.2%. Companies like Takeda Pharmaceutical and Astellas Pharma are leading the market with innovative formulations that meet Japan's stringent regulatory standards.

𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚'𝐬 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐆𝐫𝐨𝐰𝐭𝐡

South Korea's strong pharmaceutical manufacturing sector is driving growth in the generic drug market. The market expanded by 6.8% in 2023, with rising demand for biosimilars and oncology drugs. Local players like Celltrion and Hanmi Pharmaceutical are investing heavily in R&D to develop high-quality generics that cater to global markets.

𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞'𝐬 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲

Singapore's position as a regional healthcare hub is fostering growth in its generic drug market. The market recorded an 8.2% growth in 2023, supported by government incentives for generics and biosimilars. Companies such as Mylan and Sandoz are collaborating with local distributors to cater to the growing demand for cost-effective medicines in Singapore.

𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐒 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

The United States leads the global generic drug market, accounting for over 40% of global revenue in 2023. The growth is driven by the expiration of patents for major drugs and the rising prevalence of chronic diseases. Key players like Teva Pharmaceuticals, Sandoz, and Mylan are introducing innovative generics and biosimilars to meet the country's growing demand.

𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞'𝐬 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

Europe's generic drug market is growing steadily, with countries like Germany, the UK, and France leading in adoption. The market grew by 6.5% in 2023, driven by government policies encouraging generic usage to reduce healthcare costs. Companies such as Fresenius Kabi and Hikma Pharmaceuticals are investing in advanced manufacturing technologies to enhance production efficiency.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐮𝐥𝐥 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 @https://www.stellarmr.com/report/req_sample/Generic-Drug-Market/1638

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭:

By Type

Simple Generics
Super Generics
Biosimilars

By Brand

Pure Generics
Branded Generics

By End-User

Hospitals
Homecare
Speciality Clinics
Others

𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐯𝐢𝐬𝐢𝐭:https://www.stellarmr.com/report/Generic-Drug-Market/1638

𝐖𝐡𝐨 𝐢𝐬 𝐭𝐡𝐞 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 𝐦𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫𝐬 𝐨𝐟 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐰𝐨𝐫𝐥𝐝𝐰𝐢𝐝𝐞?

Teva Pharmaceutical Industries Ltd.
Novartis AG (Sandoz International)
Viatris
Sun Pharma
Fresenius Kabi
Aurobindo Pharma
Mylan N.V.
Pfizer Inc.
Sanofi
Novel Understanding
Fresenius SE & Co.
Lupin Limited
Endo Pharmaceuticals Inc.
Aspen Pharmacare Holdings Limited
Dr. Reddy's Laboratories
Glenmark Pharmaceuticals
Cipla Ltd.
Alkem Laboratories
Cadila Healthcare Ltd.
Intas Pharmaceuticals Ltd.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐒𝐭𝐞𝐥𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

♦Bike Sharing Market https://www.stellarmr.com/report/Bike-Sharing-Market/44

♦Membrane Market https://www.stellarmr.com/report/Membrane-Market/112

♦Banking-as-a-Service (BaaS) Market https://www.stellarmr.com/report/Banking-as-a-Service--BaaS--Market/121

♦Air Purifier Market https://www.stellarmr.com/report/Air-Purifier-Market/122

♦Formalin Market https://www.stellarmr.com/report/Formalin-Market/127

♦Composite Filling Market https://www.stellarmr.com/report/Composite-Filling-Market/128

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐒𝐭𝐞𝐥𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:
S.no.8, h.no. 4-8 Pl.7/4, Kothrud,
Pinnac Memories Fl. No. 3, Kothrud, Pune,
Pune, Maharashtra, 411029
sales@stellarmr.com

𝐀𝐛𝐨𝐮𝐭 𝐒𝐭𝐞𝐥𝐥𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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