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 size was valued at USD 621 Million in 2022 and is poised to grow from USD 681.86 Million in 2023 to USD 1440.50 Million by 2031, growing at a CAGR of 9.8% during the forecast period (2024-2031).

The situation in the generic drugs market is very competitive because of the presence of large number of players focusing on cost efficiency and market penetration. There are several leading companies who are the major market dominators due to their large product lines and global presence. These organizations possess strong manufacturing possibilities and perform a number of strategic partnerships to retain their position. In addition, the existence of considerable numbers of new players and local manufacturers in the developing regions such as Asia-Pacific lead to the necessity to compete. It is also significant to remember that new medications become harder to launch as off-patent originator products because they are more difficult to develop, produce, and sell.  'Teva Pharmaceuticals Industries Ltd., (Israel) ', 'Novartis AG, (Switzerland) ', 'Pfizer Inc., (US) ', 'Sun Pharmaceutical Industries Ltd., (India) ', 'Fresenius SE & Co. KGaA.(Germany) ', 'Lupin (India) ', 'Endo International plc., (Ireland) ', 'Aurobindo Pharma (India) ', 'Novartis AG (Switzerland) ', 'Hikma Pharmaceuticals PLC. (UK) ', 'STADA Arzneimittel AG (Germany) ', 'Eli Lilly and Company (US) ', 'Aspen Holdings (South Africa) ', 'Dr. Reddy’s Laboratories Ltd. (India) ', 'Zydus Cadila (India) ', 'Amgen Inc. (US) ', 'Boehringer Ingelheim (Germany) ', 'Baxter International Inc. (US) ', 'MediGene AG (Germany) ', 'Alvogen (US) ', 'Sandoz International GmbH (Switzerland) ', 'Bristol-Myers Squibb Company (US) ', 'Recordati Industria Chimica e Farmaceutica S.p.A. (Italy)'

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.  

Growing Production and Consumption of Generic Drug in India: As one of the top pharmaceutical markets in the world, India hosts several of the world’s leading pharma companies. India’s pharma industry lauded as 3rd in the world by volume and 14th by value, according to Invest India, India’s official agency for Investment Promotion and Facilitation, and has more than 3,000 pharmaceutical companies and over 10,500 factories. Additionally, India boasts the most US-FDA approved pharma plants outside of the US. 

North America accounts for the largest demand share in terms of revenue with the US market a major demand hub in the region. The US is the home to some of the major pharmaceutical companies such as Pfizer Inc., Merck and Co. Inc., and Amgen Inc. Pharmaceutical giants are influencing both physicians and patients through a varied range of specialized products. In demand in North American is high due to key factors such as spike in chronic liver diseases, drastic change in the lifestyles and increased consumption of alcohol and tobacco in the US. Canada is witnessing rising demand for biosimilars, driven by increasing cases of breast cancer.