Global Generic Drugs Market

Generic Drugs Market Size, Share, Growth Analysis, By Brand(Pure and Branded), By Route(Administration, including oral, topical, parental (injectable)) - Industry Forecast 2024-2031


Report ID: SQMIG35J2094 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 75

Generic Drugs Market Insights

Generic Drugs Market size was valued at USD 416.86 Billion in 2021 and is poised to grow from USD 439.37 Billion in 2022 to USD 669.20 Billion by 2030, at a CAGR of 5.4% during the forecast period (2023-2030).

The global generic drugs market has experienced significant growth over the years, driven by factors such as patent expirations of branded drugs, increasing healthcare costs, and the need for affordable treatment options. The market's growth can be attributed to several key factors. Firstly, the expiration of patents for many blockbuster drugs has opened up opportunities for generic drug manufacturers to enter the market. This has led to increased competition, resulting in lower drug prices and improved access to essential medications for patients. Additionally, the rising prevalence of chronic diseases, such as cardiovascular disorders, diabetes, and cancer, has created a growing demand for cost-effective treatment options, driving the adoption of generic drugs. Furthermore, governments and healthcare systems in various countries have implemented policies and initiatives to promote the use of generic drugs. These measures aim to reduce healthcare expenditures and improve access to affordable medications, particularly in emerging economies. Moreover, the ongoing efforts to streamline the generic drug approval process and enhance regulatory frameworks have facilitated market growth. However, the global generic drugs market also faces several challenges. One significant obstacle is the complex and stringent regulatory environment, which varies across different countries and regions. The approval process for generic drugs involves demonstrating bioequivalence to the brand-name drug, which requires substantial investments in research and development. Additionally, intellectual property rights and legal disputes between generic manufacturers and brand-name companies can create barriers to market entry. Another challenge is the perception of quality and efficacy associated with generic drugs.

Although generic drugs undergo rigorous testing and must meet the same safety and efficacy standards as their brand-name counterparts, some patients and healthcare providers may still have reservations about their effectiveness. Building trust and educating stakeholders about the equivalence and affordability of generic drugs is crucial for their wider acceptance. Furthermore, the global generic drugs market is highly competitive, with numerous manufacturers vying for market share. This intense competition puts pressure on profit margins, especially as prices continue to decline. Generic drug manufacturers need to invest in research and development, manufacturing capabilities, and distribution networks to maintain a competitive edge.

US Generic Drugs Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 416.86 Billion

Largest Segment

Pure

Fastest Growth

Pure

Growth Rate

5.4% CAGR

Global Generic Drugs Market ($ Bn)
Country Share for North America Region (%)
Global Generic Drugs Market By Brand ($ Bn)
Global Generic Drugs Market By Brand (%)

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Generic Drugs Market Segmental Analysis

The global generic drugs market is segmented on the basis of brand, route, and region. By brand, the market is segmented into pure generic drugs and branded generic drugs. By route, the market is segmented into administration, including oral, topical, parental (injectable), and others (such as inhalation, nasal, and ophthalmic). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Generic Drugs Market Analysis By Brand

The global generic drugs market can be segmented into two categories based on brand: pure generic drugs and branded generic drugs.

Pure generic drugs refer to medications that are manufactured and marketed without any brand name or proprietary identification. These drugs are typically sold under their generic names, which are based on the active pharmaceutical ingredient (API) they contain. Pure generic drugs are often the first to enter the market after the expiration of patents for brand-name drugs. One dominant player in the pure generic drugs segment is Teva Pharmaceutical Industries Ltd. Teva is a global leader in generic pharmaceuticals, offering a wide range of generic products across various therapeutic areas. The company has a strong global presence and an extensive portfolio of generic drugs, making it a dominant player in the market.

On the other hand, branded generic drugs are medications that are sold under a brand name but contain the same active ingredients as their brand-name counterparts. Branded generics often come with unique brand identities, packaging, and marketing strategies. These drugs are typically positioned as high-quality alternatives to the original brand-name drugs. One of the fastest-growing companies in the branded generic drugs segment is Lupin Limited. Lupin is an Indian pharmaceutical company that has gained prominence in the global market for its branded generic drugs. The company has a diverse product portfolio and a strong focus on research and development. Lupin has been expanding its presence in various markets worldwide, particularly in the United States and Europe, contributing to its rapid growth in the branded generic drugs segment.

Generic Drugs Market Analysis By Route

The global generic drugs market can be segmented based on route of administration, including oral, topical, parental (injectable), and others (such as inhalation, nasal, and ophthalmic). In the oral segment, one dominant player is Sun Pharmaceutical Industries Ltd. Sun Pharma is a leading global pharmaceutical company with a strong presence in the generic drugs market. The company offers a wide range of oral generic medications across therapeutic areas, catering to the needs of patients worldwide. Sun Pharma's extensive product portfolio and global distribution network contribute to its dominance in the oral segment.

The fastest-growing segment in the global generic drugs market is the topical segment, and one prominent player in this category is Perrigo Company plc. Perrigo is a global healthcare company that specialises in over-the-counter (OTC) generic drugs and self-care products. The company has a strong presence in the topical segment, offering a diverse range of generic topical medications, including creams, ointments, gels, and lotions. Perrigo's focus on innovation, product quality, and expanding its market reach has contributed to its rapid growth in the topical segment.

Global Generic Drugs Market By Brand, 2023 (%)

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Generic Drugs Market Regional Insights

One dominant region in the global generic drugs market is North America, with the United States being a significant contributor to the market. The dominant player in this region is Mylan N.V., a global pharmaceutical company that specialises in generic drugs. Mylan has a strong presence in the United States and offers a diverse range of generic medications across multiple therapeutic areas. The company's robust portfolio, extensive distribution network, and strategic partnerships have contributed to its dominance in the North American generic drugs market.

In terms of the fastest-growing region in the global generic drugs market, Asia Pacific stands out. Within this region, India is a key player and has witnessed substantial growth in the generic drugs market. One of the fastest-growing companies in this region is Cipla Limited, an Indian multinational pharmaceutical company. Cipla has a strong focus on the generic drugs segment and has expanded its presence globally. The company's emphasis on research and development, strategic acquisitions, and partnerships have fueled its growth in the Asia Pacific generic drugs market.

Global Generic Drugs Market By Region, 2024-2031
  • Largest
  • Fastest

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Generic Drugs Market Dynamics

Generic Drugs Market Drivers

Increasing Chronic Diseases

  • The global prevalence of chronic diseases such as cardiovascular disorders, diabetes, respiratory conditions, and cancer is rising. Generic drugs provide cost-effective treatment options for managing these chronic conditions, driving their demand in the market.

Government Initiatives

  • Governments in many countries implement policies and initiatives to promote the use of generic drugs. These efforts aim to reduce healthcare expenditures, improve access to essential medications, and increase generic drug utilisation through measures like generic substitution and pricing regulations.

Generic Drugs Market Restraints

Complex Regulatory Environment

  • The generic drugs market faces a complex and stringent regulatory landscape. Generic drug manufacturers need to navigate intricate approval processes, including demonstrating bioequivalence to brand-name drugs. Regulatory challenges can slow down the market entry of generic drugs and increase costs for manufacturers.

Perception and Trust Issues

  • Some patients and healthcare providers may have concerns about the quality, efficacy, and safety of generic drugs compared to their brand-name counterparts. Building trust and educating stakeholders about the equivalence and affordability of generic drugs is crucial for wider acceptance and adoption.

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Generic Drugs Market Competitive Landscape

The global generic drugs market is characterised by a highly competitive landscape, driven by the presence of numerous pharmaceutical manufacturers and suppliers. These companies strive to gain market share by offering a wide range of generic drugs across various therapeutic areas. The competitive landscape is influenced by factors such as product portfolio, pricing strategies, research and development capabilities, manufacturing expertise, and distribution networks. Companies in the global generic drugs market focus on achieving economies of scale, cost efficiencies, and maintaining high-quality standards to remain competitive. Furthermore, partnerships and collaborations with healthcare providers, distributors, and regulatory bodies play a crucial role in the competitive landscape. These collaborations enable companies to enhance their market reach, improve supply chain efficiency, and stay updated with regulatory requirements. The market also witnesses the entry of new players, particularly in emerging economies, which contributes to the competitive intensity. These new entrants often focus on specific therapeutic areas or niche markets, bringing innovative generic drug formulations and technologies. In addition to competition among manufacturers, the market is influenced by factors such as regulatory policies, patent landscapes, and intellectual property rights. Regulatory frameworks and patent expirations impact the market dynamics, creating opportunities for generic drug manufacturers to enter and compete.

Generic Drugs Market Top Player’s Company Profile

  • Teva Pharmaceutical Industries Ltd. - Israel
  • Sandoz International GmbH (Novartis) - Switzerland
  • Mylan N.V. - Netherlands
  • Sun Pharmaceutical Industries Ltd. - India
  • Pfizer Inc. - US
  • Dr. Reddy's Laboratories Ltd. - India
  • Lupin Limited - India
  • Cipla Limited - India
  • Hikma Pharmaceuticals plc - UK
  • Accord Healthcare Ltd. - UK
  • Aurobindo Pharma Limited - India
  • Apotex Inc. - Canada
  • Fresenius Kabi AG - Germany
  • Zydus Cadila - India
  • Glenmark Pharmaceuticals Ltd. - India
  • Torrent Pharmaceuticals Ltd. - India
  • Amneal Pharmaceuticals, Inc. - US
  • Bausch Health Companies Inc. - Canada
  • Alkem Laboratories Ltd. - India
  • Aspen Pharmacare Holdings Limited - South Africa

Generic Drugs Market Recent Developments

  • In January 2023, The Indian generic drugs market is expected to grow at a steady compound annual growth rate (CAGR) of 6.97% during the forecast period (2023-2030).
  • In February 2023, The global generic drugs market is expected to reach USD 670.82 billion by 2030, growing at a CAGR of 5.4% over the forecast period (2023-2030).

Generic Drugs Key Market Trends

  • Increasing Market Consolidation: The market has witnessed a trend of consolidation, with larger pharmaceutical companies acquiring smaller generic drug manufacturers or forming strategic partnerships. This consolidation aims to expand product portfolios, enhance manufacturing capabilities, and improve market reach.
  • Growing Focus on Biosimilars: The development and commercialization of biosimilars, which are generic versions of biologic drugs, have gained traction. Biosimilars offer cost-effective alternatives to expensive biologics and are becoming increasingly important in the global generic drugs market.

Generic Drugs Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global generic drugs market analysis, one dominant region in the market is North America, with the United States being a significant contributor to the market. In terms of the fastest-growing region in the global generic drugs market, Asia Pacific stands out. Within this region, India is a key player and has witnessed substantial growth in the generic drugs market.The market is driven by factors such as patent expirations, cost savings, and increasing prevalence of chronic diseases. The demand for affordable medications and the need to reduce healthcare expenditures have propelled the adoption of generic drugs worldwide. Key trends include the expansion into emerging markets, focus on biosimilars and complex generics, and the emergence of specialty generics. Technological advancements, regulatory harmonisation efforts, and patient-centric approaches are shaping the market landscape. However, the market faces challenges such as complex regulatory processes, legal disputes, and pricing pressures. Overall, the global generic drugs market remains highly competitive, with numerous companies striving to gain market share and differentiate themselves through product quality, partnerships, and innovation. The market is poised for further growth as generic drugs continue to play a crucial role in improving access to affordable medications and addressing healthcare challenges globally.

Report Metric Details
Market size value in 2023 USD 416.86 Billion
Market size value in 2031 USD 669.20 Billion
Growth Rate 5.4%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Brand
    • Pure and Branded
  • Route
    • Administration, including oral, topical, parental (injectable), and others (such as inhalation, nasal, and ophthalmic)
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Teva Pharmaceutical Industries Ltd. - Israel
  • Sandoz International GmbH (Novartis) - Switzerland
  • Mylan N.V. - Netherlands
  • Sun Pharmaceutical Industries Ltd. - India
  • Pfizer Inc. - US
  • Dr. Reddy's Laboratories Ltd. - India
  • Lupin Limited - India
  • Cipla Limited - India
  • Hikma Pharmaceuticals plc - UK
  • Accord Healthcare Ltd. - UK
  • Aurobindo Pharma Limited - India
  • Apotex Inc. - Canada
  • Fresenius Kabi AG - Germany
  • Zydus Cadila - India
  • Glenmark Pharmaceuticals Ltd. - India
  • Torrent Pharmaceuticals Ltd. - India
  • Amneal Pharmaceuticals, Inc. - US
  • Bausch Health Companies Inc. - Canada
  • Alkem Laboratories Ltd. - India
  • Aspen Pharmacare Holdings Limited - South Africa
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Generic Drugs Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Generic Drugs Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Generic Drugs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Generic Drugs Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Generic Drugs Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Generic Drugs Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Generic Drugs Market size was valued at USD 416.86 Billion in 2021 and is poised to grow from USD 439.37 Billion in 2022 to USD 669.20 Billion by 2030, at a CAGR of 5.4% during the forecast period (2023-2030).

The generic drugs market is characterised by a highly competitive landscape, driven by the presence of numerous pharmaceutical manufacturers and suppliers. These companies strive to gain market share by offering a wide range of generic drugs across various therapeutic areas. The competitive landscape is influenced by factors such as product portfolio, pricing strategies, research and development capabilities, manufacturing expertise, and distribution networks. Companies in the generic drugs market focus on achieving economies of scale, cost efficiencies, and maintaining high-quality standards to remain competitive. Furthermore, partnerships and collaborations with healthcare providers, distributors, and regulatory bodies play a crucial role in the competitive landscape. These collaborations enable companies to enhance their market reach, improve supply chain efficiency, and stay updated with regulatory requirements. The market also witnesses the entry of new players, particularly in emerging economies, which contributes to the competitive intensity. These new entrants often focus on specific therapeutic areas or niche markets, bringing innovative generic drug formulations and technologies. In addition to competition among manufacturers, the market is influenced by factors such as regulatory policies, patent landscapes, and intellectual property rights. Regulatory frameworks and patent expirations impact the market dynamics, creating opportunities for generic drug manufacturers to enter and compete. 'Teva Pharmaceutical Industries Ltd. - Israel', 'Sandoz International GmbH (Novartis) - Switzerland', 'Mylan N.V. - Netherlands', 'Sun Pharmaceutical Industries Ltd. - India', 'Pfizer Inc. - US', 'Dr. Reddy's Laboratories Ltd. - India', 'Lupin Limited - India', 'Cipla Limited - India', 'Hikma Pharmaceuticals plc - UK', 'Accord Healthcare Ltd. - UK', 'Aurobindo Pharma Limited - India', 'Apotex Inc. - Canada', 'Fresenius Kabi AG - Germany', 'Zydus Cadila - India', 'Glenmark Pharmaceuticals Ltd. - India', 'Torrent Pharmaceuticals Ltd. - India', 'Amneal Pharmaceuticals, Inc. - US', 'Bausch Health Companies Inc. - Canada', 'Alkem Laboratories Ltd. - India', 'Aspen Pharmacare Holdings Limited - South Africa'

The prevalence of chronic diseases such as cardiovascular disorders, diabetes, respiratory conditions, and cancer is rising. Generic drugs provide cost-effective treatment options for managing these chronic conditions, driving their demand in the market.

Increasing Market Consolidation: The market has witnessed a trend of consolidation, with larger pharmaceutical companies acquiring smaller generic drug manufacturers or forming strategic partnerships. This consolidation aims to expand product portfolios, enhance manufacturing capabilities, and improve market reach.

One dominant region in the generic drugs market is North America, with the United States being a significant contributor to the market. The dominant player in this region is Mylan N.V., a pharmaceutical company that specialises in generic drugs. Mylan has a strong presence in the United States and offers a diverse range of generic medications across multiple therapeutic areas. The company's robust portfolio, extensive distribution network, and strategic partnerships have contributed to its dominance in the North American generic drugs market.

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Global Generic Drugs Market

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