US Generic Drug Market

According to IMARC Group’s latest report, titled “US Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the market reached a value of US$ 83.2 Billion in 2021. A generic drug consists of similar chemical makeup, active ingredient, and therapeutic effect as branded drugs. The manufacturing costs of generic medications are comparatively cheaper and they do not require extensive research and testing. They also exhibit equivalent performance, application, strength, route of administration, quality, and dosage to their branded counterparts. Generic drugs are usually manufactured post expiration of the patent of the branded drugs.

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The growing prevalence of several cardiovascular diseases and the steadily rising geriatric population are key factors driving the generic drug market across the US. In line with this, the surging healthcare expenditure has significantly boosted the demand for generic drugs, thus supporting the market growth. Moreover, the escalating number of clinical trials and rapid patent expiry of branded drugs are factors accelerating the market growth. Furthermore, the Federal Government of the United States (US Federal Government) is introducing several programs to offer an incentive to pharmacists and physicians to promote generic drug substitution across the nation, which is creating a positive outlook for the market. Looking forward, IMARC Group expects the US generic drug market to reach US$ 105.7 Billion by 2027, exhibiting a CAGR of 3.9% during 2022-2027.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Competitive Landscape with Key Players:

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

Key Highlights of the Market Segmentation:

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

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Key highlights of the report:                                                    

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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