- Pain Management
Generic Drugs Market was valued at USD 418.1 billion in 2022 and is poised to grow at a CAGR of 5.6% from 2023-29. A generic drug is pharmaceutical drug, which is bio equivalent to branded drug. Generic drugs are usually approved after patent expiration of patent drugs. global Market is driven by the prevalence of various diseases, need for cost effective drugs for treatment, and government initiatives to increase the use of generic drugs. In addition, favourable regulatory policies, expiry of the branded drugs, and growth in biosimilars segment are expected to boost the generics drugs market. Furthermore, participants in the supply chain such as wholesalers, retailers and pharmacies also benefit from the sale of the generic drugs with high margins compared to branded generics. This emerged as key driver for the growth of the market. However, lack of awareness about the availability of generic drugs, competition from branded generics and lack of price control are hampering the generic drugs market. Because researchers were not allowed to attend laboratories and conduct ongoing experiments owing to the pandemic, several clinical trials were postponed. Those molecules would enter the market as a patented molecule if there were no interruptions, resulting in an increase in the generic drugs market during the predicted period. Because the global market is so large, it is expected to keep rising over the projection period. The rising prevalence of chronic diseases, the growing senior population, and rising healthcare costs are all factors contributing to this trend.
Fastest Growing Market
Generic drugs market is highly fragmented market, presence of large players and small players. To improve their market position in generic drug market companies are adopting strategies like expanding their market presence through collaboration and entering into new markets. Robotic Process Automation (RPA) is the utilization of artificial intelligence (AI) technology to automate repetitive, rule-based tasks. This automation enables key players within a target market to allocate more time, resources, and capital to more advanced value-added tasks. One significant emerging trend in the market for generic brands is the adoption of RPA to ensure compliance with regulations and standards, which is expected to gain momentum in the coming years is one of the key factor for the growth of generic drugs market.
The generic drugs market size was valued at USD 418.1 billion in 2022
Europe is the fastest-growing for generic drugs market
The generic drugs market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.