Generic Drugs Market Size, Share, Growth Analysis, By Type(Simple Generics, Super Generics), By Brand(Pure Generic, Branded Generic), By Indication(Central Nervous System (CNS), Cardiovascular, Dermatology, Oncology), By Route of Administration(Oral, Topical, Parenteral, Others), By End-Users(Hospitals, Homecare, Specialty Clinics, Others), By Distribution Channel(Hospital Pharmacy, Online Pharmacy, Retail Pharmacy), By Region - Industry Forecast 2024-2031

Generic Drugs Market Drivers

Growing Cases of Chronic Diseases 

• As of 2021, there were more than 10.1 million cases of cancer in men and 9.3 million cases in women. In addition, there were over 350 million people diagnosed with arthritis worldwide and the number is expected to grow as a result of the increase of the elderly population. Increasing prevalence of chronic diseases is expected to add to the need for quality health services, which would result in the growth of the generic drugs market across the forecast period.  

Implementation of Automation in Manufacturing  

• Robotic process automation (RPA) leverages artificial intelligence technology to automate routine, rules-based activities. The market’s leading operational players can devote more time, energy, and assets to this automation on higher value opportunities. One of the most significant developments in the market for generic brands that is projected to gain traction over the upcoming years is the use of RPA to ensure compliance with applicable regulations and standards. The RPA and other business process automation tools to execute high-volume R&D and production activities are frequently used by life sciences companies such as pharmaceutical firms. 

Restraints 

Strict Regulation on Pharmaceutical Products  

• One of the main factors that inhibit the growth of generic drugs is the rigorous regulations as the FDA evaluates the precision, side effects, and other substances used in generic pharmaceuticals. The manufacturers must withdraw pharmaceutical drugs if the providers do not follow the standards required. Due to severe governmental regulations, approval is required for generic pharmaceuticals, which is expected to affect the growth of the market.  

Lack of Trust on Brands and Quality Standards  

• Many stakeholders, including some patients and healthcare providers, may have issues with the quality, effectiveness, and safety standards of generic drugs compared to some brand-name drugs. Thus, to ensure that more people are accepting generic drugs, it is essential to build trust and assure stakeholders. Failure to build trust on generic drugs will lead to a lack of their market expansion.