From GlobeNewswire: 2025-05-09 10:31:00

The global Generic Drugs Market is on the rise due to patent expirations and increasing government initiatives. Key players like Teva, Mylan, and Novartis are significant contributors. The oncology segment is expected to show notable growth. The market is projected to reach $594.99 billion by 2031 with a CAGR of 5.0%.

Patent expiry of blockbuster drugs like Keytruda and Farxiga is opening new avenues for generic manufacturers. Over 100 critical drugs are set to lose patents between 2023-2029, representing $300 billion in global sales. Government initiatives worldwide promote generic drug usage to reduce healthcare costs and improve accessibility.

North America led the market in 2023, with Asia Pacific projected to have the highest CAGR. The market is segmented by molecule type, indication, type, and distribution channel. Major companies like Novartis, Pfizer, and AstraZeneca are prominent players in the market.

The rise of generic drugs offers cost-effective alternatives for patients globally, lowering healthcare expenditures and improving access to essential treatments. The report from The Insight Partners provides insights for stakeholders to navigate this growing market successfully. For more information, visit their website.

Stay updated on the latest trends in the Generic Drugs Market by purchasing a premium copy of the report from The Insight Partners. Contact them directly for any queries or further information. Explore related reports on specialty generics, allergy medicine, oncology drugs, injectables, and spasticity drugs markets.



Read more at GlobeNewswire: Generic Drugs Market size is projected to reach USD 594.99