Generic Pharmaceuticals Market to Hit $947.67 Bn by 2034, says Healthcare Expert
Ottawa, Dec. 04, 2024 (GLOBE NEWSWIRE) -- The global generic pharmaceuticals market size was valued at USD 424.98 billion in 2024 and is predicted to hit around USD 874.63 billion by 2033, a study published by Towards Healthcare a sister firm of Precedence Statistics.
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Market Overview
The generic pharmaceuticals market is witnessing significant growth due to the increasing demand for cost-effective medications and innovations in drug manufacturing. Prescription drugs include most generic drugs. As per the Food and Drug Administration (FDA), generic drugs make up a significant portion of prescriptions in the U.S. In 2022, approximately 91% of prescriptions were filled with generic medications. This represents a notable increase from 2010 when generic drugs accounted for 78% of all prescriptions. According to the IQVIA, the demand for generic medicines is rising due to their affordability and accessibility. They improve overall health outcomes and are safe. They play an important role in expanding treatment access in underserved areas. The rising approval of generic medicines and rising focus on drug discovery are expected to boost the growth of the market during the forecast period. Additionally, the increasing production of generic medicines to address health concerns while aiming at developing cost-effective therapeutic approaches propel the market.
Generic Pharmaceuticals Market Trends
- Low Cost of Generic Medicines: The use of generic pharmaceuticals has an apparent financial advantage. As per the Food and Drug Administration, generic drugs are usually sold at significant discounts, estimated to be 80 to 85% less than the price of branded medications. According to the IMS Health Institute, generics saved the U.S. healthcare system nearly USD 2.2 trillion from 2009 to 2019. This has been particularly important for increasing the availability of essential medicines, especially in low- and middle-income countries (LMICs), where out-of-pocket costs for healthcare remain high. Furthermore, generic medication reduces healthcare costs to a certain limit.
- Rising Prevalence of Chronic Diseases: According to the WHO's report published in 2024, chronic diseases account for over 70% of deaths globally. With the growing burden of chronic diseases worldwide, the need for cost-effective therapeutic approaches is rising. India's National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke, which targets millions of patients, entirely depends on generics. The aging population further amplifies the demand for generic medicines, as older people are more prone to chronic diseases.
- Government Support and Incentives: Governments and regulatory bodies around the world continue to streamline the approval process of generic drugs to improve accessibility. The Food and Drug Administration (FDA) projects that 694 generic drugs will receive approval in 2024. Among these, 70 are anticipated to be brand-new entries in the market. The EU’s Mutual Recognition Procedure helps in attaining quicker and consistent approval of generics across different EU nations and thus accelerates market entry. Governments of various nations provide incentives and subsidies to generic drug makers to boost their production. Furthermore, the increase in competition has forced the pharmaceutical businesses to lower the prices of the products, making them affordable to the wider population.
- Advancements in Manufacturing Technologies: Emerging technologies, such as additive manufacturing and continuous flow chemistry, are revolutionizing drug manufacturing. These technologies reduce production costs and waste generation, thus conforming to sustainable production strategies. AI is facilitating progressive improvements in drug manufacturing by carrying out predictive machinery maintenance. AI further minimizes downtime.
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Insights from Key Regions
North America’s Sustained Dominance in the Market
In 2023, North America dominated the generic pharmaceuticals market with the largest share. This is mainly due to favorable government policies to support the production of cost-effective pharmaceuticals. Moreover, rising approvals for generic medicines by regulatory bodies contributed to the region’s dominance. For instance, in the U.S., more than 32,000 generic drugs approved by the FDA to date.
Demand for Cost-efficient Medicines to Boost the Market in Asia Pacific
Asia Pacific is projected to experience the fastest growth in the generic pharmaceuticals market in the coming years. Improved healthcare access and the rise in demand for cost-efficient medicines led to the development of generic drugs, contributing to the regional market growth. The rapid expansion of the pharmaceutical industry further boosts the market in the region. According to Invest India, India’s pharmaceutical industry reached INR 4,17,345 Cr in 2023-24, registering a growth of 10% over 2022-23, and the country is poised to remain a key supplier of generic drugs around the world. Moreover, government programs such as the “Pharmaceuticals Mission” in India focus on increasing the production of generics.
Market Segmentation
- By type, the simple generics segment dominated the market in 2023. This is mainly due to their extensive applications and easy manufacturing processes. Moreover, this type of generic is more cost-effective than others. On the other hand, the biosimilars segment is the fastest-growing segment, owing to their high efficacy.
- By application, the cardiovascular diseases segment dominated the market in 2023. The segmental dominance is attributed to the increasing prevalence of cardiovascular disorders, such as hypertension, coronary heart disease, cerebrovascular disease, peripheral arterial disease, deep vein thrombosis, and pulmonary embolism, boosting the demand for generic drugs.
- By product, the small molecule segment established its leading position in the global generic pharmaceuticals market in 2023. This is due to the simpler approval process and low cost of small molecules.
- By route of administration, the oral segment registered its dominance in the global market in 2023. Oral administration is the most preferred method for drug delivery owing to its ease of use.
- By distribution channel, the retail pharmacy segment accounted for the dominant share of the market in 2023. Patients tend to favor purchasing generics from retail pharmacies, primarily due to their convenience and the availability of these pharmacies nearby.
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Competitive Landscape
Key players competing in the generic pharmaceuticals market include Aspen Pharmacare, Aurobindo Pharma, Cipla, Dr. Reddy’s Laboratories, Fresenius Kabi, Glenmark Pharmaceuticals, Hikma, Lupin, Novartis AG, Pfizer, Sanofi, Sun Pharmaceuticals, Ltd., Teva Pharmaceuticals, Inc., Viatris, and Zydus Lifesciences. These companies are investing in R&D and focusing on strategic partnerships to expand their business worldwide.
Cipla continues to expand its generic medicines business. Its wholly owned subsidiary Cipla USA Inc. received the final approval for its Abbreviated New Drug Application (ANDA) for Lanreotide Injection 120 mg/0.5 mL, 90 mg/0.3 mL, 60 mg/0.2 mL in May 2024 from the U.S. Food and Drug Administration (USFDA).
Recent Developments
- In November 2024, Sunshine Biopharma Inc., a pharmaceutical company committed to developing and researching life-saving medicines across various therapeutic areas, revealed that its wholly owned Canadian subsidiary, Nora Pharma Inc., has introduced two new generic prescription medications.
- In June 2024, Teva Pharmaceuticals, Inc., a U.S. affiliate of Teva Pharmaceutical Industries Ltd., announced the launch of generic version of Victoza (liraglutide injection 1.8mg) in the U.S.
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Segments Covered in the Report
By Type
- Simple Generics
- Biosimilars
- Specialty Generics
By Application
- Cardiovascular Diseases
- Cancer
- Central Nervous System Disorders
- Respiratory Diseases
- Hormones & Related Diseases
- Gastrointestinal Diseases
- Infectious Diseases
- Diabetes
- Others
By Product
- Small Molecule
- Large Molecule
By Route of Administration
- Oral
- Injectable
- Inhalable
- Others
By Distribution Channel
- Retail Pharmacies
- Online Pharmacies
- Hospital Pharmacies
By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa (MEA)
View full in-depth TOC of Generic Pharmaceuticals Market: https://www.towardshealthcare.com/table-of-content/generic-pharmaceuticals-market-sizing
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About Us
Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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