Generic Drug Market to Reach Beyond USD 675.18 Billion By 2032
According to Custom Market Insights (CMI), The Global Generic Drug Market Size was valued at USD 390.57 billion in 2021 and is estimated to reach USD 675.18 billion by the end of 2030 at a CAGR of approximately 6.2% during the forecast period 2022-2030. The demand for generic drugs has increased to a great extent due to the introduction of new modern medicines into the market, which are more efficient and cost-effective. The existence of several chronic diseases among people all over the world behaves as a major driving force that boosts the demand for generic drugs among people. In addition, the pattern of distribution of medicines by medical practitioners has increased the demand for generic drugs. Wholesale distributors and dealers have enabled the healthcare sector to take advantage of the low cost of medicines to increase the total profit the hospitals and clinics earn. Moreover, since the efficacy of generic drugs is at par with branded medicines, peo...