Posted 4/7/2024, 12:00:00 PM
Generic Drug Market Set to Surpass $800 Billion by 2032 Amid Chronic Diseases and Cost Controls
- Generic medicine market projected to reach $818.3 billion by 2032, with a CAGR of 5.7%
- Growth driven by rising chronic diseases in aging population and patent expirations of brand-name drugs
- North America holds dominant market share due to patent expirations, regulations, and demand for affordable healthcare
- Europe sees rapid growth due to national health policies, cost-cutting measures, and generic prescribing
- Key players include Teva, Novartis, Viatris, Sun Pharma, AbbVie, AstraZeneca, Sawai Pharmaceutical, and Hikma Pharmaceuticals