The United States generics market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during 2023–2031. Generics are non-patented pharmaceuticals that are bioequivalent to brand-name medications in terms of potency, dosage, form, quality, effect, adverse effects, intended use, and route of administration. Generic medications have seen a significant increase in manufacture in the United States (US) since they are more affordable than branded drugs and do not necessitate lengthy research and testing.
Furthermore, the introduction of generic pharmaceuticals has aided in the sustainability of the country's healthcare system by improving patient access and creating savings for employers, taxpayers, and insurance providers. Furthermore, the market is now experiencing considerable growth as the incidence of chronic diseases such as diabetes, cardiovascular disease, Parkinson's disease, and Alzheimer's disease rise in the country.
United States Generics Market Trends, Drivers, Restraints, and Opportunities
-
Increase in the number of generic medicine approvals in the US, aided by the US Food and Drug Administration (FDA)'s adoption of the Drug Competition Action Plan, is expected to fuel the market growth.
-
Rising prevalence of chronic diseases, cardiovascular disease, and diabetes as well as an increase in clinical trials are propelling the market expansion.
-
Regulators’ reauthorized the Generic Drug User Fee Amendments to improve the generic drug approval process and development have boosted the market growth.
-
Growing aging population and high demand for generic medicines are major factors fuelling the growth of the market.
-
High price of generic drugs and lack of awareness about generic pharmaceutical products among a large number of individuals are expected to hamper the growth of the market.
-
Increasing adoption for newer versions of generic pharmaceuticals and a huge number of partnering and licensing initiatives by leading vendors to introduce new products are all contributing to increasing demand for generic drugs in the near future.
Scope of United States Generics Market Report
The report on the United States generics market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Generics Market – United States Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016 - 2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Types (Branded and Unbranded), Therapy Areas (CNS, Diabetes, Cardiovascular, Oncology, Dermatology, Rheumatology, Genitourinary/Hormonal, Respiratory, and Others), Drug Deliveries (Dermal/Topical, Inhalers, Injectable, and Oral), Distribution Channels (Hospital Pharmacies and Retail Pharmacies)
|
|
Country Scope
|
United States
|
|
Report Coverage
|
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
|
|
Key Players covered in the Report
|
Teva; Par Pharmaceuticals; Sandoz (Novartis); Lupin Pharmaceuticals; Sun Pharma; sanofi-aventis U.S. LLC; Dr. Reddy’s; Viatris Inc.; AbbVie Inc.; and Hospira (Pfizer)
|
United States Generics Market Segment Insights
Branded segment is projected to hold significant market share
Based on types, the United States generics market is bifurcated into branded and unbranded. The branded segment is projected to hold significant market share. Branded generics, often known as "value-added generics," are either a novel dosage form of an original patented drug or a generic drug with a particular trade name. Branded generics are distinct from 'commodity generics,' which are pharmaceutical drugs that are typically utilized as a replacement for innovator products once the patent expires. Increasing adoption for newer versions of branded generic pharmaceuticals is expected to boost the growth of the segment.
Cardiovascular segment is anticipated to account for a substantial share
On the basis of therapy areas, the market is segmented into CNS, diabetes, cardiovascular, oncology, dermatology, rheumatology, genitourinary/hormonal, respiratory, and others. The cardiovascular segment is anticipated to account for a substantial share. Rising occurrence of cardiovascular disease, which includes circulation problems, heart failure, high blood pressure, dyslipidaemia, cholesterol, arrhythmias, angina, and stroke among the ageing population is one of the main causes of death in the country.
Owing to a series of cardiovascular medicine patent expirations, the cardiovascular segment accounts for more than 6% of the global generic drug market. As the number of cardiovascular cases increases, so will the demand for their treatment. As a result, the segment is expected to expand significantly throughout the forecast period.
Injectable segment to expand at a robust pace during the forecast period
In terms of drug deliveries, the United States generics market is fragmented into dermal/topical, inhalers, injectable, and oral. The injectable segment is expected to expand at a robust pace during the forecast period. Tablets and capsules are not the only ways to administer the medicine to the body. Injectable are another option and are considered to be more effective due to the absorption of the drug using this route. In this injectable area, new developments are taking place that allow the medicine takes less time to react when administered this way. Recent advancements in needle-free injectors have aided its expansion.
Hospital pharmacies segment to register a substantial growth rate
Based on distribution channels, the market is bifurcated into hospital pharmacies and retail pharmacies. The hospital pharmacies segment is anticipated to register a substantial growth rate in the coming years due to the qualified healthcare experts are required to prescribe generic pharmaceuticals in order to avoid negative medication side effects. Furthermore, hospitals aid in the reduction of harmful medication reactions in patients during medical procedures.
Segments
By Types
By Therapy Areas
- CNS
- Diabetes
- Cardiovascular
- Oncology
- Dermatology
- Rheumatology
- Genitourinary/Hormonal
- Respiratory
- Others
By Drug Deliveries
- Dermal/Topical
- Inhalers
- Injectable
- Oral
By Distribution Channels
- Hospital Pharmacies
- Retail Pharmacies
By Country
By Key Players
Competitive Landscape
Key players in the United States generics market are Teva; Par Pharmaceuticals; Sandoz (Novartis); Lupin Pharmaceuticals; Sun Pharma; sanofi-aventis U.S. LLC; Dr. Reddy’s; Viatris Inc.; AbbVie Inc.; and Hospira (Pfizer). These players are widely engaged in several market development activities such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
Request For Customization
Enquiry Before Buying
Speak With Analyst
