Artificial Intelligence is fastest growing segment fueling growth of the global Generic Drugs Market

Generic drugs contain the same active ingredients as brand-name drugs, are just as safe and effective, and are approved by regulatory authorities based on their quality, strength, purity and bioequivalence to the original brand-name drug. Generic drugs are cheaper as they avoid research and promotion costs incurred by brand-name drug companies.

The global Generic Drugs Market is estimated to be valued at US$ 439.37 bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the generic drugs market is increasing use of AI and machine learning. Companies are using AI and machine learning tools to speed up drug development process and reduce costs. AI helps in analyzing huge amounts of data to predict efficacy and safety of drugs early in the development process. It also helps in facilitating clinical trials and provides insights into treatment patterns. AI-based tools are improving drug discovery, development and reducing costs and timelines in generic drugs market.

Segment Analysis

he generic drugs market is segmented into dosage form, therapeutic application, distribution channel. By dosage form, generic drugs are segmented into oral, topical, parenteral and others. The oral segment is dominating the generic drugs market owing to high demand and ease of administration of tablets and capsules. By therapeutic application, the generic drugs market covers cardiovascular, central nervous system (CNS), dermatology, genitourinary/hormonal, respiratory and others. The cardiovascular segment dominates the market due to higher prevalence of cardiovascular diseases and availability of generic drugs for cardiovascular conditions like hypertension.


Key Takeaways
The global generic drugs market is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing prevalence of chronic diseases and rising healthcare costs.

Regional analysis: North America dominates the generic drugs market with the highest market share owing to supportive regulations for generic drugs approvals, high adoption of generic drugs. Asia Pacific exhibits the fastest growth rate due to rising healthcare infrastructure, expansion of key players, and increasing healthcare expenditures in emerging economies like India, China, and Southeast Asian countries.

Key players: Key players operating in the generic drugs market are Mylan N.V., Novartis International AG, Pfizer, Inc., Allergan Plc, Sun Pharmaceuticals, Fresenius Kabi, Sanofi, Endo International, Lupin Ltd., Abbott Healthcare, AstraZeneca Plc, and Novo Nordisk. Mylan N.V. and Teva Pharmaceuticals Industry dominate the global generic drugs market.

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