The generic drugs market was valued at USD $416.06-billion in 2022 and is anticipated to grow at a compound annual growth rate of 6.51 per cent going forward, thanks to rising demand for generics.
“The generic drugs market is expected to continue growing in the coming years, driven by factors such as the increasing prevalence of chronic diseases, expiration of patent drugs, growing demand for low-cost drugs, and easy accessibility and supportive governments for allowing generic drugs in the market,” the report’s authors state in an announcement about the publication’s release.
Entitled Generic Drugs Market – Global Industry Size, Share, Trends, Opportunity and Forecast 2018-2028 By Type (Small Molecule Generics vs Biosimilars), By Application, By Drug Delivery, By Form, By Source, By Distribution Channel, By Region and Competition, the report also discusses the advancement of combination therapies, patient compliance and the overall cost of treatment.
Further segmented by type, application, drug delivery and form, distribution channels and regions, they say the aging population and growing demand for low-cost solutions will further drive the market’s growth during the forecast period. “As consumers become more aware of the cost savings and efficacy of generic drugs, they are more likely to choose them over branded drugs, which is a factor expected to drive the growth of the market.”
