Generic Pharmaceuticals Market Size, Segments & Regional Growth

The generic pharmaceuticals market was estimated at US$ 392.23 billion in 2023 and is projected to grow to US$ 947.67 billion by 2034, rising at a compound annual growth rate (CAGR) of 8.35% from 2024 to 2034.?The rise in patent expiration, increasing demand for cost-effective and efficient medicines, and less complex approval process for generics drive the market growth. Generic medicines also don’t require much R&D, which reduces the overall production and development costs.

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Major Key Insights of the Generic Pharmaceuticals Market

• North America dominated the global market share by 36% in 2023.
• Asia-Pacific is estimated to be the fastest-growing market during the forecast period.
• By type, the simple generics segment held a dominant presence in the market in 2023.
• By type, the biosimilars segment is expected to grow at the fastest rate in the market during the forecast period of 2024 to 2034.
• By application, the cardiovascular diseases segment led the global generic pharmaceuticals market in 2023.
• By application, the cancer segment is anticipated to grow with the fastest CAGR in the market during the studied years.
• By product, the small molecule segment registered its dominance over the global market in 2023.
• By product, the large molecule segment will grow at a significant growth rate in the market over the studied period of 2023 to 2034.
• By route of administration, the oral segment dominated the market globally in 2023.
• By route of administration, the injectable segment is predicted to witness notable growth in the market over the coming years.
• By distribution channel, the retail pharmacy segment accounted for a dominant share of the generic pharmaceuticals market in ?2023.
• By distribution channel, the online pharmacy segment is estimated to grow at the fastest rate during the forecast period.

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Generic Pharmaceuticals Market: Cheaper Alternatives

Generic pharmaceuticals are drug products that contain the same active ingredients of the same strength as that of their brand drugs. According to the US FDA, generic drugs are bioequivalent to brand-name drugs in dosage form, safety, route of administration, quality, performance characteristics, and intended use. Hence, these generics work similarly and provide the same clinical benefits and risks as their brand-name counterpart. These drugs contain different excipients, colors, and flavors to distinguish them from the original ones. The corresponding regulatory agencies approve these generics in the country where they are marketed. Generic pharmaceuticals are sold only when the patent protection ends, usually twenty years, or the patent owner waives its rights. They are comparatively cheaper than brand drugs since they do not undergo preclinical and clinical trials to demonstrate their safety and effectiveness. Additionally, the company that produces generics did not need to invest money in its marketing.

How Can AI Improve the Generic Pharmaceuticals Market?

Artificial intelligence (AI) revolutionizes the pharmaceutical sector by implementing modernization and automation in various fields. AI can enable researchers to optimize drug design, develop formulations, and streamline clinical trials more accurately and efficiently. AI in the generic pharmaceuticals market can streamline the process and reduce the time it takes for generic drugs to reach the market. Predictive analysis and natural language processing (NLP) can be used to find compounds similar to those of brand-name drugs to make generic drugs. The machine learning algorithm can be used to determine the solubility of a compound to make sure it maintains its effectiveness over time. AI can also be used to determine the crystal structure of the drug compound. The crystal structure of the drug compound can affect the manufacturing of the drug, producing the drug with sufficient structural integrity so that it does not break down and stays effective.

Estimated Savings from Generic Drug Approvals: A Year-by-Year Overview (2018-2022)

The bar chart illustrates the estimated savings from generic drug approvals over five years, from 2018 to 2022, with savings calculated based on sales in the 12 months following each approval year. Each bar represents total savings, with a breakdown of "first generic" savings highlighted in a darker shade.

• In 2018, the total savings reached $17.8 billion, with $4.0 billion attributed to first generic approvals.
• 2019 saw a significant increase to $24.8 billion in total savings, with $9.4 billion from first generics.
• 2020 had lower total savings at $10.7 billion, with $1.8 billion from first generics.
• In 2021, total savings were $16.6 billion, with $1.7 billion from first generics.
• 2022 marked a rebound, with $18.9 billion in total savings, including $5.2 billion from first generics.

Top Companies in the Generic Pharmaceuticals Market

• 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
• Zydus Lifesciences

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