The Generic Drugs Market is being driven by Low-cost alternatives to branded medicines
The Generic Drugs Market is expected to grow at a CAGR of 7.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 217.4 billion. Pharmaceutical companies are embracing business process automation, specifically robotic process automation (RPA), to streamline research and development and manufacturing processes. RPA utilizes software with artificial intelligence (AI) and machine learning capabilities to manage high-volume, repetitive tasks. In 2023, industry leaders like Pfizer and Teva Pharmaceutical continue to leverage RPA technology. This innovation allows software to log into applications, input data, execute calculations, complete tasks, and log out, ensuring regulatory compliance, reducing manual task costs, and expediting process completion.
Get more information on Generic Drugs Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
221 |
|
Base year |
2024 |
|
Historic period |
2019-2023 |
|
Forecast period |
2025-2029 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.6% |
|
Market growth 2025-2029 |
USD 217.4 billion |
|
Market structure |
fragmentation |
|
YoY growth 2024-2025(%) |
6.9 |
|
Key countries |
US, China, Japan, Germany, India, UK, France, Brazil, Canada, and Italy |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The Generic Drugs Market encompasses intravenous medications, steroids, and drugs for chronic diseases like cancer, arthritis, psoriasis, and conditions affecting the geriatric population, such as hypertension, asthma, COPD, and non-melanoma skin cancer, including melanoma. Healthcare expenditure is a significant factor driving market growth. The Global RA Network focuses on rheumatoid arthritis, while the American Lung Association deals with lung diseases. Bioequivalent alternatives to branded drugs are available for topical drug administration. Robotic process automation (RPA) and artificial intelligence (AI) are revolutionizing drug production. Companies like Lupin manufacture bioequivalent drugs for conditions like hypertension and obeticholic acid tablets for various surgeries. Cancer treatments and branded medicines also contribute to market expansion.
The global pharmaceuticals market encompasses companies involved in the research and development (R&D) or production of various drug categories, including generic drugs, non-generic drugs, and veterinary drugs. According to Technavio, the healthcare market size is determined by the collective revenue generated by manufacturers and providers of medical equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. The expansion of the pharmaceuticals market is anticipated to be influenced by several key factors, such as the growing geriatric population and increasing healthcare expenditure. With the global population aging, the proportion of individuals over the age of 60 years is projected to surge significantly. By 2050, approximately one-quarter of the US population is estimated to be over 60 years old, while Europe is expected to reach a similar demographic milestone by 2030. This demographic shift is driven by increased life expectancy and declining birth rates. Another significant factor fueling market growth is the rising healthcare expenditure, particularly in chronic disease management and cancer treatment. The escalating prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, necessitates the development and production of a wide range of pharmaceutical products. Intravenous drugs and steroids are among the essential therapeutic categories that will witness robust demand due to their role in treating various chronic conditions and supporting the geriatric population's healthcare needs.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
