Press release
Generic Drugs Market to Reach USD 681.57 Billion by 2032
Generic Drugs Market
The global generic drugs market, valued at USD 453.65 billion in 2024, is projected to grow at a CAGR of 5.22% from 2025 to 2032, reaching nearly USD 681.57 billion. This growth is fueled by the expiration of patents for brand-name medications, rising healthcare costs, and an increasing elderly population with chronic conditions such as cardiovascular diseases, diabetes, and respiratory disorders.
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● Vietnam: Generic Drug Growth in Vietnam
Vietnam's generic drugs market is experiencing significant growth due to government initiatives promoting the use of cost-effective medications. The country's focus on improving healthcare access and affordability has led to increased adoption of generic drugs, particularly in rural areas. Local pharmaceutical companies are expanding their production capacities to meet the rising demand.
Thailand: Generic Drug Opportunities in Thailand
Thailand presents substantial opportunities for generic drug manufacturers, driven by the government's Universal Coverage Scheme, which emphasizes the use of affordable medications. The Thai Food and Drug Administration's streamlined approval processes have facilitated quicker market entry for generic drugs, encouraging both domestic and international companies to invest in the Thai pharmaceutical sector.
Japan: Generic Drug Trends in Japan
Japan's aging population and escalating healthcare expenditures have led to increased reliance on generic drugs. The government's policies aim to raise the generic drug market share to over 80% by 2025. Companies like ASKA Pharmaceutical Co., Ltd. and Taisho Pharmaceutical Holdings Co Ltd are at the forefront, introducing innovative generic formulations to cater to the growing demand.
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South Korea: Generic Drug Consolidation in South Korea
South Korea's generic drug market is witnessing consolidation, with major pharmaceutical companies acquiring smaller firms to enhance their product portfolios and market reach. The government's support for biosimilars and emphasis on reducing healthcare costs have further propelled the growth of the generic drug sector.
Singapore: Generic Drug Updation in Singapore
Singapore's commitment to healthcare innovation and quality has led to the modernization of its generic drug market. The Health Sciences Authority's stringent regulatory framework ensures the availability of high-quality generic medications. Collaborations between local companies and international pharmaceutical giants are fostering the development of advanced generic formulations.
United States: Generic Drug Market Growth in the U.S.
The U.S. generic drugs market was valued at USD 133.85 billion in 2023 and is projected to reach USD 190.64 billion by 2033, growing at a CAGR of 3.6% from 2024 to 2033. Generics represent 90% of prescriptions dispensed but only 17.5% of total drug costs, highlighting their crucial role in the U.S. healthcare system. Key players like Mylan N.V., Pfizer, and Teva Pharmaceutical Industries Ltd. continue to dominate the market.
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Europe: Generic Drug Market Trends in Europe
Europe generated revenue of USD 118.09 billion in 2023 and is expected to register a CAGR of 4.5% between 2024 and 2033. Countries like Germany, France, and the UK are leading the adoption of generic drugs, supported by government policies aimed at reducing healthcare expenditures. Companies such as STADA Arzneimittel AG, GlaxoSmithKline Plc., and Novartis International AG are key contributors to the European generic drug landscape.
● Generic Drugs Market Key Recent Developments
In January 2024, Sun Pharma entered into a definitive merger with Taro Pharmaceuticals to acquire the remaining stake in Taro Pharma for $347.73 million, strengthening its position in the U.S. market.
In March 2025, Sun Pharma acquired Checkpoint Therapeutics, a U.S.-based immunotherapy and targeted oncology treatment company, for $355 million, expanding its oncology portfolio.
In October 2023, Viatris reached agreements to divest from almost all of its OTC business, its women's healthcare business, and its India-based active pharmaceutical ingredients business for a total of about $3.6 billion, focusing on core areas.
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● Generic Drugs Market Segmentation:
by Product
Simple Generics
Super Generics
Biosimilars
by Application
Cardiovascular Products
Anti-Infective Drugs
Anti-Arthritis Drugs
Central Nervous System Drugs
Anti-Cancer Drug
Respiratory Products
Others
by Distribution Channel
Hospitals
Pharmacies
Private Clinics
Drug Stores
Retail Pharmacies
Others
● Generic Drugs Market Key Players:
North America Generic Drugs Market Top Players:
1. Mylan N.V. - (USA)
2. Par Pharmaceuticals- (USA)
3. Pfizer - (USA)
4. Baxter International Inc. - (USA)
5. Eli Lilly and Company - (USA)
6. Abbott Laboratories - (USA)
7. Apotex Inc. - (Canada)
8. Apotex Corp. - (USA)
Europe Generic Drugs Market Top Players
1. Endo Pharmaceuticals - (Ireland)
2. Teva Pharmaceutical Industries Ltd- (Israel)
3. STADA Arzneimittel AG - (Germany)
4. GlaxoSmithKline Plc. - (United Kingdom)
5. Novartis International AG - (Switzerland)
APAC Generic Drugs Market Top Players:
1. Sun Pharma - (India)
2. Lupin Pharmaceuticals - (India)
3. Dr Reddy's - (India)
4. ASKA Pharmaceutical Co., Ltd. - (Japan)
5. Taisho Pharmaceutical Holdings Co Ltd - (Japan)
6. Aurobindo Pharma Limited - (India)
7. Hikma Pharmaceuticals PLC - (Jordan)
8. Torrent Pharmaceuticals Ltd - (India)
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, 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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