Insight Trends

Generic Pharmaceuticals Market Trends, Growth and Impact of AI on Drug Development

Generic Pharmaceuticals Market Size, Companies and Innovations

The global generic pharmaceuticals market was valued at approximately $392.23 billion in 2023 and is expected to reach $947.67 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.35% from 2024 to 2034.

Download statistics of this report @ https://www.towardshealthcare.com/download-statistics/5242

Major Key Insights of the Generic Pharmaceuticals Market

  • In 2023, North America led the global generic pharmaceuticals market, holding 36% of the market share.
  • The Asia-Pacific region is expected to be the fastest-growing market during the forecast period.
  • The simple generics segment was the largest in the market in 2023.
  • The biosimilars segment is projected to experience the fastest growth from 2024 to 2034.
  • Cardiovascular diseases accounted for the largest share of the global generic pharmaceuticals market in 2023.
  • The cancer segment is expected to grow at the highest rate in the coming years.
  • The small molecule segment dominated the market in 2023.
  • The large molecule segment is expected to see significant growth from 2023 to 2034.
  • Oral medications were the most common route of administration in 2023.
  • The injectable segment is predicted to see notable growth in the near future.
  • Retail pharmacies held the largest share of the distribution channels for generic pharmaceuticals in 2023.
  • The online pharmacy segment is expected to grow at the fastest rate during the forecast period.

Generic Pharmaceuticals Market Trends

  • Growing Demand for Affordable Medications: High prices of branded drugs make them unaffordable for many people in low- and middle-income countries (LMICs), driving the demand for more affordable generic medicines. This trend is helping to fuel market growth.
  • Increase in Off-Patent Drugs: A large number of drugs are set to lose their patents in the coming years, which is expected to drive the growth of the generic pharmaceuticals market as these medications become available in generic forms.
  • Supportive Regulatory Environment: The development and introduction of generic medicines are supported by favorable regulatory frameworks in many countries, making it easier for generics to be approved and launched in the market.

How AI Can Improve the Generic Pharmaceuticals Market

Artificial intelligence (AI) is transforming the pharmaceutical industry by introducing automation and modernization across various processes. In the generic pharmaceuticals market, AI can help researchers improve drug design, develop formulations, and make clinical trials more efficient and accurate. By speeding up these processes, AI can reduce the time it takes for generic drugs to reach the market. Predictive analytics and natural language processing (NLP) can assist in identifying compounds similar to those in branded drugs, helping to create generics more effectively. Machine learning algorithms can also assess the solubility of compounds, ensuring they maintain their effectiveness over time. Additionally, AI can help determine the crystal structure of a drug compound, which plays a key role in ensuring the drug’s manufacturing quality and stability, preventing it from breaking down and ensuring it remains effective.

Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/generic-pharmaceuticals-market-sizing

Access exclusive insight now @ https://www.towardshealthcare.com/price/5242

We’ve prepared a service to support you. Please feel free to contact us at  sales@towardshealthcare.com

Web: https://www.towardshealthcare.com

Visit Dental Specifics: https://www.towardsdental.com

Get the latest insights on industry segmentation with our Annual Membership: Get a Subscription

For Latest Update Follow Us: https://www.linkedin.com/company/towards-healthcare

4 months ago
Elena Morales

Elena Morales is a healthcare industry expert working at Healthcare Web Wire Consulting Firm, a subsidiary of Towards Healthcare. With her excellent knowledge of the field, Elena helps clients optimize their operations and navigate healthcare regulations. She's dedicated to staying updated on industry trends to make a positive impact on patient care. Elena is known for her professionalism and commitment to excellence, making her a valuable asset to any team.

Leave a Comment

Related Post

Recent Posts

The Role and Growth of Contract Development and Manufacturing Organizations (CDMOs) in Europe

Contract Development and Manufacturing Organizations (CDMOs) play a crucial role in the pharmaceutical and biotechnology industries by providing essential services… Read More

2 months ago

Medical Rehabilitation Services Market Growth Trends and Projections

The global medical rehabilitation services market has been experiencing significant expansion, driven by various factors such as an aging population,… Read More

2 months ago

Rising Healthcare Expenditure and Cancer Incidence Boost North American Antibody Drug Market

The global antibody drug market is experiencing rapid growth, with a notable surge in monoclonal antibody (mAb) demand. The market… Read More

2 months ago

Stroke Rehabilitation Market Trends and Future Outlook

Stroke rehabilitation plays a crucial role in helping individuals regain independence and improve their quality of life following a stroke.… Read More

2 months ago

Exploring Ambulatory Wellness Services From Prevention to Rehabilitation

Healthcare is a multifaceted domain, catering to various needs and conditions. The concept of ambulatory wellness services, which focus on… Read More

2 months ago

The Role of Artificial Intelligence and Machine Learning in Biopharmaceutical Research and Manufacturing

Artificial Intelligence (AI) and Machine Learning (ML) have rapidly evolved from emerging technologies to integral components in a variety of… Read More

2 months ago

Connect with Us

Address: Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada

Call: USA - +1 650 460 3308

About Us

Contact Us

Annual Membership

Healthcare Web Wire is a premier subsidiary of Towards Healthcare, dedicated to providing comprehensive insights and information related to the healthcare industry. With a commitment to delivering accurate and timely updates, Healthcare Web Wire serves as a vital resource for professionals, enthusiasts, and stakeholders within the healthcare sector. Our platform serves as a central hub for the latest news, trends and developments shaping the healthcare landscape. Join us on Healthcare Web Wire and become part of a vibrant community dedicated to advancing healthcare knowledge and shaping the future of healthcare worldwide.

Address:
2nd Floor, Shreeleela Plaza, Baner Road, Pune, Maharashtra - 411045
sales@towardshealthcare.com
Contact:
+1 9197 992 333
+91 93077 85324

Gain access to the latest insights and statistics in the healthcare industry by subscribing to our Annual Membership. Stay updated on healthcare industry segmentation with detailed reports, market trends, and expert analysis tailored to your needs. Stay ahead of the curve with valuable resources and strategic recommendations. Join today to unlock a wealth of knowledge and opportunities in the dynamic world of healthcare: Get a Subscription