DUBLIN–(BUSINESS WIRE)–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.
The United States Generic Drugs Market is on a robust trajectory, with a projected valuation of approximately $147.57 billion by 2028, surging from $101.77 billion in 2022. This market is set to expand at a commendable Compound Annual Growth Rate (CAGR) of 6.39% during the period from 2022 to 2028.
A significant driving force behind this growth is the increasing expiration of patents for branded drugs. This has paved the way for generic drug manufacturers to step into the market and offer more affordable alternatives, catering to the preferences of both healthcare providers and patients.
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.
While specialty drugs, including biologics, remain costly for treating intricate illnesses, generic drugs have been a cornerstone in reducing drug expenses and enhancing accessibility in the US pharmaceutical landscape. The surge in generic drug approvals is supported by the FDA’s Drug Competition Action Plan and the reauthorization of the Generic Drug User Fee Amendments in 2017. In fact, generic drugs accounted for a substantial 91% of prescriptions in the US in 2022, signaling their pivotal role in mitigating the impact of soaring brand drug prices.
California, Texas, New York, Florida, Pennsylvania, Ohio, Illinois, North Carolina, Georgia, Michigan, and other states play an instrumental role in the United States Generic Drugs Industry. California, for instance, employs proactive strategies to promote generics, including legislation that mandates doctors to prescribe generics when feasible and initiatives that encourage pharmacies to advocate for generic drug usage among patients. This focus on affordability and accessibility has contributed significantly to the flourishing generic drugs market in California.
Drivers:
- Rising Incidence of Life-threatening Diseases: The expansion of the US generic drug market is fueled by the escalating prevalence of chronic conditions like cardiovascular disease, diabetes, Alzheimer’s disease, and Parkinson’s disease.
- Demand for Affordable High-Quality Drugs: The surging healthcare costs and the need for accessible medical options have led to an increased demand for branded generics, providing a cost-effective alternative to expensive branded drugs.
- Promotion of Generic Drug Use: Government policies and initiatives encouraging the use of generic drugs, like mandates for doctors to prescribe generics when available, are contributing to the growth of the market.
- Growing Need for Heart Disease Treatment: The rising occurrence of heart disease, patent expirations of brand-name drugs, and policy support like the Affordable Care Act have led to an increased demand for generic drugs to treat heart conditions.
- Diverse Therapeutic Areas: The expansion of the generic drugs market is driven by its classification into various therapeutic areas, including heart disease, mental health, diabetes, cancers, allergies & asthma, and more.
- Increasing Availability: The ever-increasing number of generic drugs available in the market has led to a growth in commercial payments for these drugs.
Challenges:
- Regulatory Compliance: The FDA’s stringent requirements for generic drug approval necessitate manufacturers to adhere to strict guidelines to ensure safety and effectiveness.
- Market Fragmentation: The US Generic Drugs Industry encompasses multiple distribution channels, including specialty, retail, hospital, and online pharmacies, leading to a fragmented market.
- Patent Expirations: While patent expirations create opportunities for generic drug manufacturers, they also generate intense competition, impacting pricing and market share.
- Bioequivalence Assurance: Generic drug manufacturers must ensure bioequivalence to branded drugs, requiring extensive testing and compliance with regulations.
- Education and Acceptance: Building awareness and gaining patient and healthcare provider acceptance of generic drugs can be challenging due to existing brand loyalty and concerns about efficacy.
- Online Market Dynamics: While online distribution is growing, challenges like counterfeit drugs and regulatory complexities in the online pharmacy space need to be addressed.
Company Analysis: Overview, Recent Developments, Revenue Analysis
- Teva Pharmaceuticals
- Aurobindo Pharma
- Sun Pharmaceuticals
- Abbott Laboratories Inc
- Lupin Pharmaceuticals Inc
- Viatris
- Sandoz
- Dr. Reddy’s.
Competitive Landscape
- Competitive Structure
- Breakup of Key Players
- Most Prescribed Generic Drugs
- Market Breakup by Distribution
- Pricing Dynamics
Regulations in the US Generic Drug Industry
- Overview of Pharmaceutical Regulations
- Drug Applications
- Patents and Market Exclusivity
- Regulatory Requirements for Generic Drugs
- The Hatch-Waxman Act
- Certifications
- Other Important Considerations
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
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’s 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
- Pennsylvania
- Ohio
- Illinois
- North Carolina
- Georgia
- Michigan
- Others
Payment Type: Market breakup from 4 viewpoints
- Cash
- Commercial
- Medicare D
- Medicaid
For more information about this report visit https://www.researchandmarkets.com/r/w7smhp
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