Press release
Global Generic Drug Market to Reach USD 360.84 Billion in 2022, Poised for 8.4% CAGR Growth
Generic Drug Market
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Key Drivers of Growth
One of the main factors fueling demand is the expiration of patents on many brand-name drugs. This has opened the market for cost-effective generic alternatives, which are significantly cheaper for patients and healthcare providers. The World Health Organization reports that chronic diseases account for 71% of global deaths, with heart disease, stroke, cancer, and diabetes being the most common. In 2021, generic drugs accounted for nearly 89% of prescriptions, compared to just 8% for brand-name drugs.
Pharmaceutical companies are also investing heavily in generic drug production. For example, in March 2023, California announced a USD 50 million investment in partnership with Civica Rx to produce affordable insulin as part of the CalRx initiative, offering prices as low as USD 30 per vial.
Technological innovations are further boosting market potential. Tools like artificial intelligence, machine learning, 3D printing, biosimilars, and continuous manufacturing are improving production efficiency, quality, and speed. Partnerships are also accelerating innovation; in September 2022, CytoReason collaborated with Pfizer to enhance drug discovery through AI-powered disease modeling.
Challenges Facing the Market
Despite strong growth prospects, concerns about quality and safety remain. Issues such as contamination, poor manufacturing practices, and inconsistent regulatory oversight in certain countries have led to product recalls and reduced public trust. Limited transparency in manufacturing processes and safety data also creates hesitancy among patients and healthcare providers. Additionally, varying regulatory standards worldwide make it difficult to ensure consistent quality across all markets.
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Market Segmentation Insights
By Manufacturer Type:
Pure Generic Drugs held the largest share in 2022, driven by low costs and wide availability as more patents expire.
Branded Generics are expected to see moderate growth, offering slightly higher pricing but unique formulations, better marketing, and improved patient adherence.
By Route of Administration:
Oral medications dominate due to ease of use, convenience, and effectiveness in treating chronic conditions like diabetes and cardiovascular diseases.
By Application:
Cardiovascular disease (CVD) drugs accounted for the largest market share, supported by high demand for affordable treatments and government policies promoting generic drug use.
Infectious disease treatments are expected to see the fastest growth due to the rising prevalence of conditions like antibiotic-resistant infections, influenza, and malaria, and the need for cost-effective treatment options.
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Some major players included in the global generic drug market report are:
Mylan N.V.
Abbott
AbbVie Inc.
Teva Pharmaceutical Industries Ltd.
Eli Lilly and Company
GSK plc
Baxter
Pfizer Inc.
Sandoz Group AG
Novartis AG
Generic Drug Market Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global generic drug market on the basis of manufacturer type, route of administration, application, distribution channel, and region:
Manufacturer Type outlook (Revenue, USD Billion; 2019-2032)
Pure Generic drug
Branded Generic drug
Route of administration Outlook (Revenue, USD Billion; 2019-2032)
Oral
Parentral
Topical
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Infectious Disease
Cardiovascular Disease (CVD)
Dermatology
Oncology
Respiratory
Arthritis
Others
Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
Hospital Pharmacies
Retail Pharmacies
Online Providers
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa
Outlook
The global generic drug market is set to benefit from ongoing patent expirations, supportive government policies, and continued technological progress. While quality control challenges and regulatory differences remain hurdles, the affordability and accessibility of generic drugs will ensure their growing importance in global healthcare.
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