Global Generic Pharmaceuticals Market Size 2024, Forecast To 2033

The generic pharmaceuticals market has displayed robust growth, escalating from $381 billion in 2023 to $402.97 billion in 2024, marking a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period is attributed to the rise in healthcare awareness and expenditure, the expiration of drug patents, increased prevalence of respiratory diseases, changes in lifestyles, a rise in surgical procedures, strong economic growth in emerging markets, increased insurance coverage, rapid growth in the elderly population, and a surge in drug approvals. Looking into the future, the market is expected to maintain strong growth, reaching $514.81 billion in 2028 at a CAGR of 6.3%. Anticipated growth drivers in the forecast period include the increasing incidence of chronic diseases, rising support from regulators, new methods for drug discovery and delivery, a rise in healthcare expenditure, a growing geriatric population, and significant drug patents. Major trends involve the increasing use of 3D printing, adopting artificial intelligence (AI), utilizing biomarkers for drug development, collaborations for driving innovation, combination drug therapy, modification of existing epilepsy drugs, and the rise of generic respiratory drugs.