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Priyanka Modi
Generic Medicine Market size was valued at USD 495.6 Billion in 2023 and is expected to reach at a CAGR of 5.7%

The generic medicine market size was valued at USD 495.6 Billion in 2023 and is expected to reach a market size of USD 818.3 Billion by 2032 at a CAGR of 5.7%.

The generic medicine market has experienced significant growth in recent years, reflecting a global trend towards cost-effective healthcare solutions. Generic drugs are bioequivalent to brand-name medications but are typically sold at a fraction of the cost. This affordability, coupled with the expiration of patents on many blockbuster drugs, has fueled the expansion of the generic medicine market worldwide.

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Several key factors contribute to the growth of the generic medicine market:

· Cost-effectiveness: Generic drugs are often considerably cheaper than their brand-name counterparts, making them an attractive option for healthcare providers, insurers, and consumers seeking to reduce healthcare expenditures.

· Expired patents: As patents on brand-name drugs expire, generic manufacturers can enter the market with equivalent versions, increasing competition and driving down prices.

· Government policies: Many governments incentivize the use of generic drugs through policies such as generic substitution and generic prescribing, aimed at lowering healthcare costs and increasing access to essential medications.

· Aging population: With populations aging globally, there is an increased demand for pharmaceuticals to manage chronic conditions such as cardiovascular disease, diabetes, and hypertension. Generic medications offer a cost-effective solution for managing these conditions.

· Market consolidation: The generic medicine market has seen consolidation through mergers and acquisitions, leading to larger, more diversified companies with enhanced capabilities for research, development, and distribution.

Top Companies are:

· Teva Pharmaceutical Industries Ltd.

· Novartis AG

· Viatris Inc.

· Sun Pharmaceutical Industries Ltd.

· LUPIN

· AbbVie Inc. (Allergan)

· AstraZeneca

· Sawai Pharmaceutical Co., Ltd.

· Hikma Pharmaceuticals PLC

· Reddy’s Laboratories Ltd.

Market Segmentations:

By Route of Administration (2024–2032)-

Oral

Topical

Injectable

Intra-venous

Others

By Application (2024–2032)-

Oncology

Cardi
5 months ago

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