Generic Drugs Market Present Scenario And The Growth Prospects 2030

NEW YORK - June 6, 2023 - PRLog -- The generic drugs market is expected to advance at a CAGR of 7.20% during 2022–2030 due to the increasing geriatric population, surging patent expiration of branded drugs, burgeoning incidence of acute and chronic diseases, and soaring research and development (R&D) expenditure by biotechnology and pharmaceutical companies. The market generated revenue of USD 404.3 billion in 2022, and it is expected to generate USD 705.1 billion by 2030. Currently, the market is observing collaborations and partnerships among pharmaceutical firms.

The increasing population of the elderly is one of the key factors driving the generic drugs market growth. According to the World Health Organization (WHO), the average life expectancy of the population has surged. This has, therefore, expanded the population of the elderly. Old people require medicines in abundance as they are highly prone to acute and chronic diseases owing to their weak immune system. As treatment through branded drugs is quite expensive, patients across the world are showing a high preference for low-cost generic drugs.

Moreover, the rising incidence of acute and chronic diseases is supporting the generic drugs market growth. According to the WHO, chronic diseases accounted for nearly three-fourths of the global deaths in 2020. Among all the casualties in developing countries, 71% were because of ischemic heart disease, 75% due to stroke, and 70% owing to diabetes. Besides, the low health coverage for chronic illnesses, such as stroke, cancer, and chronic obstructive pulmonary disease (COPD), has fueled the demand for generic drugs globally.

Globally, the Asia-Pacific generic drugs market (https://www.psmarketresearch.com/market-analysis/generic-...) is the largest, with an over 46% share, and it is expected to retain its dominance throughout the forecast years. This will be due to the burgeoning elderly population, escalating cases of chronic diseases, amplifying healthcare expenditure, and increasing government initiatives to promote generic drug usage. According to the United Nations Population Fund (UNFPA), by 2050, one in four individuals in the region will be over 60 years of age.

Thus, the booming aging population, growing prevalence of acute and chronic diseases, and rapid patent losses of branded drugs will accelerate the demand for generic drugs in the foreseeable future.