Asia-Pacific Generic Drugs Market

Asia-Pacific Generic Drugs Market Size (2024 to 2029)

The size of the Asia-Pacific generic drugs market is forecasted to be worth USD 132.4 billion by 2029 from USD 88.76 billion in 2024, registering a CAGR of 8.34% from 2024 to 2029.

Generic drugs are flourishing in the healthcare sector. An increase in the demand for generic drugs over branded drugs because they are cost-efficient, is the major driver in the generic drugs market in the APAC region. In addition, the generic drugs are of the same quality, have the same ingredients as the branded drugs, and are also FDA (Food and Drug Administration) approved.The need for medication is driven by the rising elderly population and the burden of acute and chronic illnesses. As people in these countries still cannot afford high-rated medicines, therefore, they choose generic medicines.High marketing of branded drugs overshadows generics is expected to hamper the growth rate of the APAC generic drugs market. Under certain conditions, physicians prefer branded drugs over generic drugs. It includes brands influencing the physicians, and brand loyalty towards the brand medicines. Therefore, branded medicines are overshadowing generic drugs. And also due to the rapid increase in the competition in the healthcare sector.

Impact of COVID-19 on the Asia-Pacific generic drugs market

COVID-19 has had a direct influence on supply and demand, as well as causing supply chain disruption since several medications were unable to reach the market on time. In addition, many clinical experiments were halted due to the pandemic, and pharma manufacturing businesses also suffered losses due to supply and demand issues. The COVID-19 epidemic impacted the APAC generic medicine market because hospitals, healthcare facilities, and medication manufacturers were severely decreased due to social distancing measures adopted by governments throughout the world.

This research report on the Asia-Pacific generic drugs market has been segmented and sub-segmented into the following categories.

Asia-Pacific Generic Drugs Market Analysis By Type 

• Pure Generic Drugs
• Branded Generic Drugs

Asia-Pacific Generic Drugs Market Analysis By Application 

• The Central Nervous System (CNS)

• Cardiovascular

• Dermatology
• Oncology
• Respiratory
• Others

Asia-Pacific Generic Drugs Market Analysis By Country

• India

• China
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC

The Indian generic drugs market accounted for a substantial share of the Asia-Pacific market in 2023 and is estimated to lead the APAC market during the forecast period.

India is the world's top supplier of generic medicines. For example, the Indian pharmaceutical industry supplies more than half of the worldwide demand for vaccines, 40% of the generic demand in the United States, and 25% of all medication in the United Kingdom. India is the world's largest producer of pharmaceuticals by volume and the fourteenth-largest producer by value. India is dominated by generic medicines in the pharmaceutical business, which account for 71% of the market share. In 2022, India's domestic pharmaceutical industry is expected to be worth US$ 42 billion, rising to US$ 65 billion by 2024 and US$ 120-130 billion by 2030.

The Chinese generic drugs market is anticipated to register a healthy CAGR during the forecast period. In the generic drug market, the sales value of Atorvastatin in the Chinese market is expected to accelerate from 2024 to 2029 due to the effective alleviation of COVID-19.

The Japanese generic drugs market is another lucrative regional market in Asia-Pacific. In terms of value, Japan is one of the world's largest markets for generic medicines and is expected to grow significantly during the forecast period. Japan has a large aging population, which results in high medical expenses; by recognizing the country's aging population as well as the rising prices of branded medications, the Japanese government began implementing healthcare policy measures to reduce medical spending, which is estimated to be creating great opportunities for both the manufactures.

KEY MARKET PLAYERS

A few of the noteworthy companies operating in the Asia-Pacific generic drugs market profiled in the report are Ranbaxy Laboratories, Ltd, Actavis, Mylan, Inc., Industries, Ltd., Dr. Reddy’s Laboratories, Par Pharmaceutical, Inc., Sandoz International GmbH, Hospira, Inc., Apotex, Inc., Watson Pharmaceuticals, Ltd., Teva Pharmaceutical and others.