DUBLIN, Dec. 11, 2023 /PRNewswire/ — The “United States Generic Drugs Market, Competition, Forecast and Opportunities, 2018-2028” report has been added to ResearchAndMarkets.com’s offering.
United States Generic Drugs Market has valued at USD 104.23 Billion in 2022 and is anticipated to project steady growth in the forecast period with a CAGR of 7.46% through 2028.
The availability of generic drugs brings several advantages to the healthcare industry. One of the major benefits is the lower cost associated with generic options, which provides increased accessibility and affordability to a wider population. This, in turn, makes healthcare more affordable and accessible to individuals who may otherwise struggle to afford expensive brand-name drugs.
Additionally, generic drugs play a crucial role in promoting competition in the pharmaceutical market, thus driving innovation and enhancing the overall efficiency of healthcare systems in the United States. With their ability to offer cost-effective alternatives to brand-name drugs, generic drugs have become an integral part of the healthcare landscape. By expanding options and providing affordable alternatives, they contribute significantly to improving patient outcomes and ensuring the provision of high-quality healthcare for all.
Key Market Drivers
Growing Demand for Chronic Disease Management: The rising prevalence of chronic diseases, coupled with the aging population, is driving the demand for cost-effective medication options. Generic drugs offer affordable alternatives for managing chronic diseases, making them appealing to patients, healthcare providers, and payers.
Increasing Drug Shortage Across the Region: Drug shortages of brand-name drugs can lead to increased utilization of generic alternatives. Healthcare providers and pharmacies may turn to generic drugs during shortages, ensuring uninterrupted patient care and promoting their utilization.
Presence of Patent Cliffs: Patent expirations for brand-name drugs create opportunities for generic manufacturers to produce more cost-effective alternatives. This competition promotes price transparency and drives down medication costs, benefiting patients and healthcare systems.
Easy Availability and Affordability: Generic drugs are readily available, cost-effective, and meet rigorous FDA standards for safety and efficacy. Insurance incentives, government initiatives, and the rising cost of healthcare contribute to their demand.
Key Market Challenges:
Stringent Government Regulations: Stringent regulatory requirements, including bioequivalence studies, patent litigation, and the “pay-for-delay” deals, can discourage pharmaceutical firms from producing generic drugs, limiting their availability and affordability.
Adverse Effects Associated with the Drugs: Concerns about potential side effects and inconsistent efficacy of generic drugs may lead to a more cautious approach by consumers and healthcare providers, decreasing their demand.
Key Market Trends:
Rising Cost of Healthcare: The increasing cost of healthcare in the United States is driving the demand for more affordable medication options. Generic drugs provide cost-effective alternatives without compromising on quality or therapeutic benefits.
Rise In the Number of Generic Drug Approvals: The FDA’s commitment to promoting generic drug competition has led to a surge in approvals. This trend facilitates the entry of cost-effective therapeutic alternatives into the market, meeting the demands of patients and healthcare providers.
Segmental Insights:
Type: Small Molecule Generics are expected to dominate the market, offering reliable and affordable options for patients. While biosimilars also offer cost-saving potential, their market share may grow more slowly due to regulatory complexities.
Mode of Drug Delivery: The Oral segment is expected to maintain dominance, offering convenience, precise dosing, lower manufacturing costs, and customizability, making it the preferred choice for both patients and healthcare professionals.
Regional Insights:
The Midwest region is projected to maintain its dominance in the United States generic drugs market due to a high prevalence of chronic diseases, a large aging population, the presence of major pharmaceutical companies, a robust healthcare infrastructure, and government initiatives promoting generic drug usage.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the United States Generic Drugs Market.
Teva Pharmaceuticals USA, Inc.
Pfizer Inc.
Sandoz US
Endo International plc
Aurobindo Pharma USA, Inc.
Abbott Laboratories Inc.
Eli Lilly and Company
Sun Pharma USA
Lupin Pharmaceuticals, Inc.
Zydus Pharmaceuticals USA
Report Scope:
United States Generic Drugs Market, By Type:
Small Molecule Generics
Biosimilars
United States Generic Drugs Market, By Application:
Cardiovascular Diseases
Diabetes
Neurology
Oncology
Infectious Diseases
Other
United States Generic Drugs Market, By Mode of Drug Delivery:
Oral
Topical
Parenteral
Others
United States Generic Drugs Market, By Form:
Tablet
Capsule
Injection
Others
United States Generic Drugs Market, By Source:
In House
Contract Manufacturing Organizations
United States Generic Drugs Market, By Distribution Channel:
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Others
United States Generic Drugs Market, By Region:
Northeast Region
Midwest Region
West Region
South Region
For more information about this report visit https://www.researchandmarkets.com/r/psq8os
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SOURCE Research and Markets
