Generic Pharmaceutical Market Size, Share, Growth, Trends, and Global Industry Analysis: By Brand (Pure Generic Drugs, and Branded Generic Drugs), By Route of Drug Administration (Oral, Topical, Parental, and Others), By Application (Central Nervous System (CNS), Cardiovascular Disease (CVDs), Infectious Disease, Musculoskeletal Disease, Dermatology, Oncology, Respiratory, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others) and Region  

Generic Pharmaceutical Market size was valued at US$ 459.68 billion in 2023 and is poised to grow at a significant CAGR of 5.5% over 2024-2030. A generic drug has exactly the same active ingredient as the brand-name drug and shows the same therapeutic effect. It is the same in dosing, safety, strength, method of administration, and quality. According to the U.S. Food and Drug Administration (FDA), a generic drug can only be marketed after the brand-name drug's patent has expired, which may take up to 20 years after the patent holder's drug is on the market. Generic drugs are usually less expensive than brand-name drugs. The crucial factors accountable for market growth are the low cost of generic drugs, and a large number of branded drug patents are going to expire. Also, the increasing use of robotic process automation (RPA), AI technology, Insilco method for drug discovery is providing lucrative growth prospects to the generic pharmaceutical market.

However, the prevalence of chronic diseases like cardiovascular disorders (heart attacks and strokes), malignancies, and chronic respiratory diseases like asthma, and diabetes are also driving the market. These diseases impact people of all ages around the world due to the rapid growth of unplanned urbanization, the globalization of unhealthy lifestyles, and population aging. For instance, according to IDF, approximately 537 million adults (20-79 years) are living with diabetes. The total number of people who have diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. In spite of the growth of the generic pharmaceutical market, the FDA's stringent approval and distribution, high competition, and shortage of drugs are hindering the growth of the generic pharmaceutical market.  

Generic Pharmaceutical Market Key Developments:

• In Aug 2022, Dr. Reddy's announced that it is gearing up for the US launch of its generic version of the immunomodulatory drug Revlimid next month.
• In Jul 2022, Dr. Reddy's Laboratories launched an over-the-counter generic medication of Allegra for relief from nasal and sinus congestion due to colds or allergies.