Press release
United States Generic Drug Market Size To Grow At A CAGR Of 12% In The Forecast Period Of 2024-2032
United States Generic Drug Market
According to a new report by Expert Market Research titled, "United States Generic Drug Market Size, Share, Analysis, Report and Forecast 2024-2032″, the United States generic drug market reached a value of about USD 146.14 billion in 2023. Aided by rising incidences of chronic diseases and increasing number of generic drug approvals, the market is projected to further grow at a CAGR of 12% between 2024 and 2032 to reach a value of nearly USD 288.51 billion by 2032.
Generic drugs, a crucial part of the pharmaceutical industry, are identical-or bioequivalent-to a brand-name drug in dose, form, safety, route of administration, quality, and intended use, but do not carry the brand name. They provide the same therapeutic effects but at a significantly lower cost. This affordability combined with high quality makes them an invaluable choice for both healthcare providers and consumers.
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The United States generic drug market trends suggest that there is an increasing shift towards the use of generics due to the escalating healthcare costs in the country. As the ageing population in the U.S. expands, so does the demand for medication. With the skyrocketing prices of branded medicines, generics have emerged as the more economically viable option for many, especially in chronic treatments.
Furthermore, the drive to enhance healthcare access across all sectors of the American population is augmenting the United States generic drug market growth. The government, through policies and initiatives, has been encouraging the use of generics. For instance, the FDA's Generic Drug User Fee Amendments (GDUFA) ensures that high-quality, affordable generic drugs are available to the public, bolstering trust in these products.
The pharmaceutical companies in the U.S. have been focusing more on R&D for generics, spotting the rising United States generic drug market demand. With numerous renowned drugs losing patent protection, these companies are keen on capitalising on this opportunity, thus intensifying market competition but also expanding the availability of generics for various treatments.
Moreover, technological advancements in drug manufacturing and a rigorous approval process have ensured that generic drugs in the U.S. maintain a standard that is at par with their branded counterparts. This has only further increased their acceptance and application across various medical fields, offering patients an affordable yet effective treatment pathway.
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The robust distribution channels, encompassing retail pharmacies, hospital pharmacies, and online pharmacies, have streamlined the accessibility of generic drugs to the end consumer. The increasing presence of e-pharmacies and mail-order pharmacies are expected to further fuel the United States generic drug market size.
United States Generic Drug Market Segmentation
The market can be divided based on type, therapy area, drug delivery, and distribution channel.
Market Breakup by Type
Unbranded
Branded
Market Breakup by Therapy Area
CNS
Cardiovascular
Dermatology
Genitourinary/Hormonal
Respiratory
Rheumatology
Diabetes
Oncology
Others
Market Breakup by Drug Delivery
Oral
Injectables
Dermal/Topical
Inhalers
Others
Market Breakup by Distribution Channel
Retail Pharmacies
Hospital Pharmacies
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States generic drug market. Some of the major players explored in the report by Expert Market Research are as follows:
Teva Pharmaceuticals USA, Inc.
Sandoz Inc.
Sun Pharmaceutical Industries Ltd.
Lupin Pharmaceuticals, Inc.
Par Pharmaceutical
Endo Pharmaceuticals
Others
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