US Generic Drug Market Share, Size, In-Depth Analysis, Opportunity 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?

Generic drugs are a fundamental component of the pharmaceutical industry, offering cost-effective alternatives to their brand-name counterparts while maintaining the same safety, efficacy, and quality standards. These medications are bioequivalent to their brand-name equivalents, containing identical active ingredients and achieving the same therapeutic effects. The significance of generic drugs lies in their ability to increase accessibility to essential medications, reduce healthcare costs, and contribute to overall public health by ensuring that a wide range of treatments is affordable and available to patients worldwide.

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

US Generic Drug Market Trends:

The United States Generic Drug Market is experiencing significant growth, influenced primarily by several economic advantage offered by generic drugs. With the ever-increasing cost of healthcare in the U.S., generic medications provide an essential avenue for cost savings. Both patients and healthcare systems benefit from the lower prices, allowing for more affordable treatments and improved access to essential medications. Regulatory support also plays a pivotal role in driving the market toward growth.

Government agencies like the U.S. Food and Drug Administration (FDA) rigorously review and approve generic drugs, ensuring their safety and efficacy. This regulatory framework inspires confidence in healthcare providers and patients alike, further boosting the adoption of generic alternatives. Moreover, the ever-expanding range of available generic drugs contributes to market growth. As more brand-name drugs lose their patents, the generic market diversifies, offering a wider array of treatment options.

This diversity ensures that various therapeutic areas are covered, addressing the healthcare needs of a broad patient population. The market is also being driven by the intense competition among generic drug manufacturers stimulates innovation and efficiency in drug production processes. This competition results in continuous improvements in quality, pricing, and accessibility. As a result, generic drugs are no longer just cost-effective alternatives but often represent the preferred choice for both patients and healthcare providers 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:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.