Why will Generic Drugs Market Boom in Asia-Pacific in Coming Years?
The global generic drugs market reached $278.4 billion revenue in 2019, and it will advance at a CAGR of 10.0% during 2020–2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. Furthermore, the market is expected to generate a revenue of $786.0 billion by 2030. The market is being driven by the surging geriatric population, surging incidence of patent expiration of branded drugs, growing prevalence of acute and chronic diseases, and soaring research and development (R&D) expenditure of pharma and biotech companies. As per a report published by the World Health Organization (WHO), people nowadays are living longer and the average life expectancy across the world has grown massively over the last few years. This has caused a sharp surge in the global geriatric population. According to the World Population Aging 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged...