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The global generic drugs market generated a revenue of $278.4 billion in 2019, and it is predicted to advance at a CAGR of 10.0% between 2020 and 2030.

Furthermore, the market will reach a value of $786.0 billion by 2030. The factors driving the expansion of the market are the surging geriatric population, soaring prevalence of patient expiration of branded drugs, increasing incidence of acute and chronic diseases, and mushrooming research and development (R&D) expenditure of pharma and biotech companies.

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The surging population of geriatric people is one of the major factors propelling the advancement of the generic drugs market. As per a report published by the World Health Organization (WHO), people nowadays are living longer and their life expectancy has increased significantly. This has subsequently caused a massive rise in the global geriatric population. As medical treatments with branded drugs are very expensive, patients are increasingly preferring low-cost generic drugs, thereby fueling the expansion of the market.

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This was because of the high public preference for these generics, on account of their lower risk and lower cost than the others. Globally, Asia-Pacific (APAC) generated the highest revenue in the generic drugs market in 2019, and this trend is expected to continue in the coming years. This is credited to the surging geriatric population, soaring healthcare expenditure, rising prevalence of chronic diseases, and increasing implementation of government initiatives for promoting the usage of generics in this region.

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