Oral Generics Market: By Formulation (Tablets, Capsules, Drops, Powder, and Liquid or Syrup), By Application (Cardiovascular Products, Anti-Infective Drugs, Anti-Arthritis Drugs, and Others), By Distribution Channel (Pharmacies, Hospitals, And Online Retailers), and Geography

Oral Generics Market size was valued at USD 289.4 billion in 2023 and is projected to reach USD 429.4 billion by 2030 is poised to grow at a significant CAGR 4.1 from 2024-2030. The Oral Generics Market is driven by factors such as cost-effectiveness, rising prevalence of chronic diseases, patent expirations, and government support. According to a recent report from the World Health Organization (WHO), non-communicable diseases (NCDs) such as cardiovascular diseases, cancer, diabetes, and respiratory illnesses are taking an immense and increasing toll on lives. The report warns that if current trends continue, by around 2050, these chronic diseases will account for 86% of the 90 million deaths each year. This represents a 90% increase in absolute numbers since 2019. This is driving the demand for medications to treat these conditions, and generics offer a cost-effective way to meet this demand. Generic drugs are significantly cheaper than their brand-name counterparts, typically 30% to 80% lower, this makes them a more affordable option for patients and healthcare payers, especially as healthcare costs continue to rise, and many brand-name drugs lose their patents after a certain period, which opens the door for generic manufacturers to enter the market.

This patent expiry trend is expected to continue in the coming years, further fueling the growth of the oral generics market. Many governments around the world are actively promoting the use of generic drugs to reduce healthcare costs. This includes initiatives such as generic substitution laws, which allow pharmacists to dispense generic drugs instead of brand-name drugs if they are medically equivalent. However, the constraints of the market will hinder the growth the factors such as regulatory hurdles, quality concerns, competition, and consolidation. Yet development of complex generics, expansion into emerging markets, direct-to-consumer marketing, and focus on patient adherence are the opportunities, and increased automation, vertical integration, focus on quality, and sustainability are the trends in the oral generics market due these in upcoming years there will have a significant growth.

Oral Generics Market Key Developments:

• In January 2022, the Medicines Patent Pool (MPP) did announce the signing of agreements with 27 generic manufacturing companies. This was to facilitate the production of the oral COVID-19 antiviral medication molnupiravir for supply in 105 low- and middle-income countries.
• In February 2022, Oakrum Pharma, LLC, together with ANI Pharmaceuticals, made an announcement regarding the USFDA’s approval of their ANDA. This approval was for a generic form of Cystadane1, which is betaine anhydrous for oral solution, available in 180-gram bottles. Additionally, they were awarded a 180-day exclusivity period under the competitive generic therapy (CGT) designation. The introduction of such products is