Dublin, May 10, 2023 (GLOBE NEWSWIRE) -- The "United States Generic Drugs Market, Forecast 2023-2028, Industry Trends, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
United States Generic Drugs Market is projected to reach around US$ 147.57 Billion by 2028 from $101 Billion in 2022, and is expected to grow at a CAGR of 6.39% from 2022 to 2028
The pharmaceutical industry is vital for global healthcare, but it is important to distinguish between factors driving cost increases and those generating savings. Specialty drugs, including biologics, are expensive drugs used for treating complex diseases. However, generic drugs in the US have offered relief from rising drug costs for decades, as competition drives down prices. Generics are cheaper off-patented drugs that are bioequivalent to branded medications.
In the US, they have risen in production due to cost-effectiveness and increased patient access, generating savings for taxpayers, employers, and insurance providers. The number of generic drug approvals has risen, supported by the FDA's Drug Competition Action Plan and the reauthorization of the Generic Drug User Fee Amendments in 2017 to enhance the generic drug development and approval process. In 2022, 91% of US prescriptions were generic drugs, with over 32,000 FDA-approved generic drugs available, partially offsetting large brand drug price increases.
Increasing Prevalence of Life-threatening Diseases in the United States is creating Future Opportunities for the Generic Drug Market
The generic drug market in the United States is witnessing substantial expansion, driven by the growing incidence of chronic illnesses like cardiovascular disease, diabetes, Alzheimer's disease, and Parkinson's disease in the region.
The FDA's Generic Drug Program carries out thorough assessments before approval to guarantee that generic medications comply with these guidelines. Moreover, the FDA inspects manufacturing facilities to verify their adherence to agency regulations on good manufacturing practices.
Demand for Branded Generics has been rising in USA, due to the Increasing need for Affordable, High-quality Generic Drugs and the Soaring Healthcare Costs
By Type, United States Generic Drugs Market is segmented into Branded Generics and Unbranded Generics. The growth of the branded generics pharmaceutical industry in the USA is being driven by factors such as moderately high penetration of these drugs and an increasing disease burden among the geriatric population.
Branded generics drugs provide a cost-efficient substitute to costly branded drugs, which is particularly significant in United States with expensive healthcare. Furthermore, the expiration of patents on numerous popular drugs has opened doors for generic drug makers to join the market and provide more affordable options. The industry is also backed by government policies that encourage the use of generics to decrease healthcare expenses.
Inclination towards Generic Drugs to treat heart disease is expected to continue in the United States Pharmaceutical Market
United States Generic Drugs Industry is classified into various therapeutic areas, including Heart Disease, Mental Health, Diabetes, Epilepsy, Cancers, Allergies & Asthma, Chronic Obstructive Pulmonary disease, Alzheimer's disease, HIV/AIDS, and Crohn's Colitis. The demand for generic drugs to treat heart disease is growing due to factors such as the higher occurrence of heart disease, patent expiration of brand-name drugs, and the need for accessible healthcare.
The use of generic drugs for heart disease treatment is being promoted by government policies like the Affordable Care Act. Despite being more affordable, generic drugs are equally safe and effective as brand-name drugs and healthcare providers and patients are turning to them, with statins, beta-blockers, and ACE inhibitors being some of the most frequently prescribed.
Oral and Injectable Generic Drugs markets will continue to grow Simultaneously in the Upcoming Years
By Drug Delivery, USA Generic Drugs Market is divided into Oral, Injectable, Dermal/Topical and Inhalers. Oral and Injectable market share will grow simultaneously in upcoming years, as the demand for affordable and accessible healthcare continues to increase. Factors such as patent expirations of brand-name drugs, increasing healthcare costs, and rising demand for biosimilars may contribute to the growth of both oral and injectable generic drug markets.
Oral generics are widely used and expected to grow due to increasing launches and partnerships like OakrumPharma and ANI Pharmaceuticals' collaboration to create a generic version of Cystadane1, approved by the USFDA in February 2022, which is expected to boost sales and production of oral generics.
Growing emphasis on Self-care and over-the-counter Medications has also contributed to the growth of the U.S. Retail Pharmacy Generic Drugs Market
The US Generic Drugs Industry is fragmented into Specialty Pharmacy, Retail Pharmacy, Hospital Pharmacy, and Online Pharmacy. Retail pharmacy has traditionally dominated the distribution channel segment, with patients preferring to purchase medications from physical stores.
The retail pharmacy market has been steadily growing due to patent expirations of branded drugs, increasing healthcare costs, and rising demand for affordable medications. The availability of cheaper generic medicines has led to widespread adoption, especially for chronic diseases like diabetes, cardiovascular diseases, and cancer, which have driven demand for generic drugs.
The shift towards online pharmacy channels and the increasing use of e-prescriptions are also expected to drive the growth of the retail pharmacy generic drugs market in the coming years. There has been a surge in online shopping, including the online distribution of pharmaceutical products.
Growth of the Generic Drugs Market for Adults is the increasing adoption of Biosimilars
By Age Group, USA Generic Drugs Market subdivided into Children (0-19 years), Young Adults (20-39 years), Adults (40-64 years) and seniors (65+ years). The generic drugs market for adults in the United States has been growing steadily over the past few years. In 2022, generic drugs accounted for over 91% of all prescriptions dispensed in the United States.
This indicates a strong demand for affordable medications, which is a key driver of the growth of the generic drugs market. One of the major factors contributing to the growth of the generic drugs market for adults in the US is the increasing number of patent expiries of branded drugs used to treat adult diseases such as cardiovascular disease, diabetes, and cancer.
Key Players Analysis
To stay competitive in the growing market, industry participants are utilizing various tactics including increased investment in research and development, mergers and acquisitions, and product innovations.
Major players in the market include Teva Pharmaceuticals, Aurobindo Pharma, Sun Pharmaceuticals, Abbott Laboratories Inc., Lupin Pharmaceuticals Inc., Viatris, Sandoz, and Dr. Reddy's.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $101.77 Billion |
| Forecasted Market Value (USD) by 2028 | $147.57 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | United States |
Company Analysis: Overview, Recent Developments, Revenue Analysis
- Teva Pharmaceuticals
- AurobindoPharma
- Sun Pharmaceuticals
- Abbott Laboratories Inc
- Lupin Pharmaceuticals Inc
- Viatris
- Sandoz
- Dr. Reddy's.
Type: Market breakup in 2 viewpoints
- Branded Generics
- Unbranded Generics
Therapeutic Area: Market breakup from 10 viewpoints
- Heart Disease
- Mental Health
- Diabetes
- Epilepsy
- Cancers
- Allergies & Asthma
- Chronic Obstructive Pulmonary Disease
- Alzheimer Disease
- HIV/AIDS
- Crohn's colitis
Drug Delivery: Market breakup from 4 viewpoints
- Oral
- Injectable
- Dermal/Topical
- Inhalers
Distribution Channel: Market breakup from 4 viewpoints
- Specialty Pharmacy
- Retail Pharmacy
- Hospital Pharmacy
- Online Pharmacy
Age Group: Market breakup from 4 viewpoints
- Children (0-19 years)
- Young Adults (20-39 years)
- Adults (40-64 years)
- Seniors (65+ years)
States: Market breakup from 11 States
- California
- Texas
- New York
- Florida
- Pennylavania
- Ohio
- Illionios
- North Carolina
- Georgia
- Michigan
- Others
Payment Type: Market breakup from 4 viewpoints
- Cash
- Commercial
- Medicare D
- Medicaid
Frequency in consumption of Generic Drugs in United States
- At least 1 prescription generic drugs consumption monthly
- Three or more prescription generic drugs consumption monthly
- Five or more Prescription generic drugs consumption monthly
For more information about this report visit https://www.researchandmarkets.com/r/x4wbx1
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