The generic drugs market size is forecast to grow by $176.25B between 2022 and 2027 at a CAGR of 7.11%, according to a report by Technavio.
The increasing prevalence of chronic diseases and the presence of prominent generic pharmaceutical companies are driving the growth of the generic drugs market in North America.
The market is driven by factors such as rising drug patent expirations, low-cost alternatives, and increased outsourcing of drug discovery and development. However, stringent regulations are hindering market growth.