US Generic Drug Market Size, Share, Top Companies, Growth Factors and Forecast 2023-2028

IMARC Group, a leading market research company, has recently releases report titled "𝐔𝐒 𝐆𝐞𝐧𝐞𝐫𝐢𝐜 𝐃𝐫𝐮𝐠 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐒𝐡𝐚𝐫𝐞, 𝐒𝐢𝐳𝐞, 𝐆𝐫𝐨𝐰𝐭𝐡, 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐚𝐧𝐝 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖", The study provides a detailed analysis of the industry, including the US generic drug market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the US generic drug market?

The US generic drug market size reached US$ 86.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 110.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.

What are Generic Drugs?

A generic drug is a pharmaceutical product that is equivalent to a brand-name drug in dosage, strength, quality, performance, and intended use. Once the patent protection of the original brand-name drug expires, other manufacturers can produce and sell the generic version. Generic drugs must undergo rigorous testing to ensure that they meet the same standards as their brand-name counterparts, including bioequivalence. These drugs are often more cost-effective, making them an attractive option for healthcare providers and patients alike. The availability of generic drugs helps in enhancing accessibility to essential medications, especially in low and middle-income countries.

𝐆𝐞𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/us-generics-market/requestsample

US Generic Drug Market Trends:

The increasing awareness about the safety and effectiveness of generic drugs contributes to higher acceptance and usage which represents one of the key factors driving the growth of the market across the United States. Generic drugs typically cost 80-85% less than brand-name drugs, thus making them an attractive option for both healthcare providers and consumers. As patents on brand-name drugs expire, the market opens for generic manufacturers to produce equivalent medications, which is fueling growth in this sector. Federal regulations favor generic drug manufacturing and utilization, including streamlined approval processes, which is stimulating the market. The push towards affordable healthcare in the US is leading to increased demand for cost-effective medical solutions, including generic drugs. Insurance companies often promote the use of generic drugs to reduce healthcare costs, which is driving their adoption. The growing aging population in the US requires long-term medication, which makes affordable generic drugs a preferred choice. With rigorous FDA testing for bioequivalence, generic drugs are perceived as therapeutically equivalent to brand-name drugs, which is boosting their acceptance. Improved distribution and supply chain practices make generic drugs widely available, which is creating a positive outlook for the market across the country.

US Generic Drug Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the US generic drug market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Teva
• Mylan
• Actavis (Teva)
• Sandoz (Novartis)
• Sun Pharma
• Par Pharmaceuticals (Endo Pharmaceuticals)
• Lupin Pharmaceuticals
• Dr Reddy's
• Hospira (Pfizer)

Key Market Segmentation:

The report has segmented the US generic drug market on the basis of segment, therapy area, drug delivery and distribution channel.

Breakup by Segment:

• Unbranded
• Branded

Breakup by Therapy Area:

• CNS
• Cardiovascular
• Dermatology
• Genitourinary/Hormonal
• Respiratory
• Rheumatology
• Diabetes
• Oncology
• Others

Breakup by Drug Delivery:

• Oral
• Injectables
• Dermal/Topical
• Inhalers

Breakup by Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies

𝐀𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐁𝐫𝐨𝐰𝐬𝐞 𝐟𝐮𝐥𝐥 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐓𝐎𝐂 & 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞: https://www.imarcgroup.com/request?type=report&id=567&flag=C

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

𝗔𝗯𝗼𝘂𝘁 𝗨𝘀:

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This release was published on openPR.