Generic-Drugs-Market

Increasing Incidence of Chronic Diseases Fueling Sales of Generic DrugsTo receive free sample pages of this report@ <span style="background-color: initial;">https://www.psmarketresearch.com/market-analysis/generic-drugs-market-outlook/report-sample</span>;<span style="background-color: initial;"></span>Due to the surging geriatric population in several countries, the demand for generic drugs is growing sharply across the world. As per a report published by the World Health Organization (WHO), the average lifespan and life expectancy of the population is increasing rapidly. This is causing the geriatric population to boom all over the world. As healthcare and medical treatments with branded medicines and drugs cost a fortune, patients are, nowadays, preferring low-cost generic drugs. Apart from the surging geriatric population, the burgeoning customer preference for low-cost generics over the highly expensive branded medicines is also positively impacting the mushrooming sales of generic drugs across the world. Moreover, because of the soaring popularity of these drugs, many pharma companies around the world are waiting for various blockbuster and branded medicines to lose their patents. The patent expiration of some of these branded drugs is propelling the sales of generic drugs. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $278.4 billion in 2019 to $786.0 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 10.0% between 2020 and 2030. The major application areas of generic drugs are cardiological diseases, neurological diseases, infectious diseases, respiratory diseases, orthopedic diseases, metabolic diseases, and genitourinary/hormonal diseases.