Generic Pharma Booms as Demand Fuels Growth and Innovation

The market for generic pharmaceuticals is experiencing notable expansion driven by the rising demand for affordable medications and advancements in drug production. Most generic medications fall under the category of prescription drugs. According to the Food and Drug Administration (FDA), generic medications account for a large share of prescriptions in the United States.

The global market for generic pharmaceuticals was valued at USD 424.98 billion in 2024 and is expected to reach approximately USD 874.63 billion by 2033, according to a report released by Towards Healthcare, a subsidiary of Precedence Statistics.

In 2022, around 91% of prescribed medications were filled with generics. This signifies a significant rise from 2010, when generic medications made up 78% of total prescriptions. As per IQVIA, the need for generic medications is growing because of their cost-effectiveness and availability. They enhance general health results and are secure. They have a significant role in broadening treatment availability in neglected regions.

The increasing acceptance of generic drugs and heightened emphasis on drug development are anticipated to enhance market growth throughout the forecast period. Moreover, the rise in the production of generic drugs to tackle health issues while striving for affordable treatment methods drives the market.

New technologies, like additive manufacturing and continuous flow chemistry, are transforming the production of pharmaceuticals. These technologies lower production expenses and waste creation, thereby aligning with sustainable production approaches.