Generic Drugs Market Size Poised for Strong Growth: USD 779.68 Bn by 2033

The Global generic drugs Market is anticipated to experience significant growth over the next decade. Valued at USD 465.19 billion in 2023, the market is projected to reach USD 779.68 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5.3% from 2024 to 2033.

The growth of Generic Drugs Market Size is majorly driven by rise in prevalence of chronic diseases such as hypertension, asthma and COPD. For instance, according to American Lung Association, in 2020, 12.5 million people, reported a diagnosis of chronic obstructive pulmonary disease (COPD), chronic bronchitis, or emphysema. Moreover, rise in number of patients suffering from cardiovascular diseases is expected to creates remunerative opportunities for the expansion of the Generic Drugs Industry. In addition, key players are adopting various strategies such as product launch, product approval, agreements, partnerships, and collaborations to strengthen their foothold in the market. For instance, in May 2023, Lupin, approval from U.S. FDA for its Abbreviated New Drug Application for Obeticholic Acid Tablets, 5 mg and 10 mg, a generic equivalent of Ocaliva Tablets, 5 mg and 10 mg, of Intercept Pharmaceuticals, Inc.

The demand for generic drugs is not only limited to developed countries but is also being witnessed in the developing countries, such as China, Brazil, and India, which fuels the Generic Drugs Market Growth. Factors such as rise in hospital admissions, increase in number of surgeries, and surge in awareness toward advantages of generic drugs drive the growth of the Generic Drugs Industry.

Furthermore, the rising cost of branded medicines, increase in healthcare expenditure, and growing demand of generic drugs contributes to the growth of Generic Drugs Market Size. In addition, increase in research activities by manufacturers for developing enhanced generic drugs is expected to fuel the growth of the industry.

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Key Takeaways:

• North America led the global market with the highest market share of 34.69% in 2023.
• By brand, the pure generics segment has held the largest market share of 52.59% in 2023.
• By route of administration, the oral segment captured the biggest revenue share of 65.33% in 2023.
• By drug type, the simple generic segment is estimated to hold the highest market share of 60.74% in 2023.
• By therapeutic application, the oncology segment is expected to grow at a remarkable CAGR of 6.6% during the forecast period.

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U.S. Generic Drugs Market Size and Growth 2024 to 2033

The U.S. generic drugs market size 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.?

North America acquired the largest revenue share of 34.69% in the year 2023. U.S. recorded the highest sale in Generics Drugs Market in the year 2021. While the region’s primary healthcare emphasis remains on the pandemic as it moves through the 3rd year of its disruptive impacts and the death toll which approached to 1 million, other key dynamics are playing out with respect to health services utilization, the associated level of spending including patient costs out-of-pocket, and the use of prescription medicines. Understanding these factors of the health care system and how they may develop over the next few years remains critical to stakeholders and decision makers including patients. Spending and drivers for growth reflect the substantial differences in spending levels by stakeholders as rebates and discounts deforms these trends even as the most affecting driver has been the amount which is spent on COVID-19 therapeutics and vaccines.

• Despite a rise in spending overall, costs per prescription generally are flat or a little declining.
• Use of Prescription drug reached a record 194 billion daily doses in the year 2021 as new prescription starts for both acute and chronic care recovered from the slacking off in 2020.
• Utilization of Health services returned to pre-pandemic stratum by the end of the year 2021 but still has to make up for the pandemic-lured backlog in screenings and diagnostics, missed patient visits, new prescription starts, and elective procedures.
• Spending on medicines is likely to return to pre-pandemic trend lines by the year 2023.
• The medicines use in the U.S. region based on definite daily doses has risen 9.6% over the last few years to nearly 194 billion days of therapy in both non-retail as well as retail settings in the year 2021.

The growth is attributed to speedy increase in the prevalence of chronic disease in the countries of APAC owing to changing lifestyle which is creating demand for the generic drugs. Additionally, growing demand for the generic drugs for the end users in LATAM and the countries of Middle East and Africa is anticipated to propel industry growth in the next 10 years.

• North America contributed revenue of around USD 161.29 billion in 2023 and registered a CAGR of 3.7% from 2024 to 2033.
• The Asia Pacific was valued at USD 104.96 billion in 2023 and growing at a CAGR of 8% over the forecast period 2024 to 2033.
• Europe generated revenue of USD 118.09 billion in 2023 and registered a CAGR of 4.5% between 2024 and 2033.

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Brand Insights

The pure generics segment accounted largest revenue share 52.59% in 2023. Emerging markets can be challenging for pharmaceutical companies that are more accustomed to operating in developed markets, but understanding the unique problems these markets present may distinguish winners from losers, especially as the competitive battlefield becomes more global. Emerging markets are home to more than 70% of the world's population, cover 46% of the planet's surface, and generate 31% of global GDP. As a result, they are the industry's next great growth engine.

Branded generics, on the other hand, are given names to increase consumer recognition and loyalty. Cryselle, for example, is a brand-name generic contraceptive pill. To improve the possibility of patients requesting it by name, it is referred to as Cryselle rather than its generic name (norgestrel and ethinyl estradiol). To achieve cost savings, formulary administrators must examine the drugs on their formularies regularly. Branded generics, like generics, offer a cost-effective alternative to branded medications. When it comes to ways that PBMs avoid complete disclosure of their revenues, there is some friction between formulary managers and PBMs. Some pharmacy benefit consultants believe that one of the ways pharmacy benefit managements hide revenue is through branded generics.

Route of Administration Insights

Oral formulations account for around 65.33% of the global market share of all pharmaceutical formulations intended for human use, according to current estimates. Orally administered pharmaceuticals account for about 84 percent of the top-selling pharmaceuticals.

According to the World Health Organization, between 2 and 3 million cases of non-melanoma skin cancer and 132,000 cases of melanoma skin cancer are detected each year. Furthermore, the global prevalence of psoriasis ranges from 0.09 percent to 11.43%, making it a severe global disease affecting at least 100 million people. The market for sophisticated topical products is likely to rise in the coming years, as topical drug administration is the first line of treatment for the majority of skin illnesses.

Drug Type Insights

On the basis of drug type simple generic drugs segment is dominant owing to its low cost over super generic drugs. These drugs also yield the same therapeutic effect and are prescribed in the same dosing, with the same quality, and same the way of consumption and usage. Super generics of drug type segment is expected to hold a share of more than 44.18% by 2033 in the global generic drugs market.

Therapeutic Application Insights

The oncology segment is observed to witness the fastest rate of expansion at a CAGR of 6.6% during the forecast period. Cancer is one of the leading causes of mortality globally, and the demand for effective cancer treatments continues to rise. Oncology drugs are essential for treating various types of cancer, including breast cancer, lung cancer, prostate cancer, leukemia, and lymphoma. As a result, the oncology segment represents a substantial portion of the pharmaceutical market.

The high cost of branded oncology drugs can pose significant financial burdens on healthcare systems, insurers, and patients. Generic oncology drugs offer a more cost-effective alternative, helping to reduce overall healthcare expenditures and improve affordability and access to cancer treatments. As a result, payers and healthcare providers often encourage the use of generic drugs to lower healthcare costs while maintaining treatment quality.

Recent Developments

• In March 2019, Allergan acquired Envy Medical, a biotechnology company providing dermatology and medical aesthetics solutions
• In September 2018, Allergan acquired Bonti Endurance Biotech, a biotechnology company based in Orange, California.
• In 2018, Allergan has acquired Elastagen a leading player. This is order to increase the product portfolio which helps to maintain skin’s elasticity.

Generic Drugs Market Companies

• Mylan N.V.
• Abbott Laboratories
• ALLERGAN
• Teva Pharmaceutical Industries Ltd.
• Eli Lilly and Company
• STADA Arzneimittel AG
• GlaxoSmithKline Plc.
• Baxter International Inc.
• Pfizer Inc.
• Sandoz International GmbH

For the better understanding the recent situation of the global generic drugs market and for most policies of the country, Precedence Research forecast the future evolution of the generic drugs industry. This research study offers qualitative and measureable insights on generic drugs market and valuation of market size and development trends for global market segments.

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Generic Drugs market.

By Drug Type

• Simple Generics
• Super Generics

By Brand

• Pure generic drugs
• Branded generic drugs

By Route of Drug Administration

• Oral
• Injection
• Cutaneous
• Others

By Therapeutic Application

• Central Nervous System (CNS)
• Cardiovascular
• Infectious Diseases
• Musculoskeletal Diseases
• Respiratory
• Oncology
• Others

By Distribution Channel

• Retail Pharmacy
• Hospital Pharmacy
• Online and Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2024 and 2033
• Precise estimation?of the size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria?
• Companies landscape comparing criticality of inputs and factors of differentiation.
• Exclusive Matrix on companies' position and classification
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the market across US
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of companies

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