According to Renub Research latest report, “United States Generic Drugs Market, Size, forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis,” the United States Generic Drugs Market is projected to grow at a CAGR of 6.39% from 2022 to 2028. Generic drugs play an essential role in the United States health care system, accounting for more than 90% of prescriptions dispensed in the United States. Generic drugs are unpatented medications that are equivalent to the original drug in terms of dosage, strength, quality, form, efficacy, intended use, side effects, and route of administration.
In the US, there has been a notable increase in the production of generic drugs, which are cheaper than the original drugs and do not require extensive research and testing. The availability of generic drugs has improved patient access to medication and reduced healthcare costs, benefiting taxpayers, employers, and insurers. The USA market for generic drugs has also expanded due to the growing prevalence of chronic diseases, such as cardiovascular disease, diabetes, Alzheimer’s disease, and Parkinson’s disease. To ensure the safety and efficacy of generic drugs, the FDA Generic Drug Program conducts thorough pre-approval reviews, and the FDA also conducts inspections of manufacturing facilities to ensure compliance with good manufacturing practice regulations.
In the pharmaceutical market, the unbranded generic drug industry is a noteworthy segment in the United States. Unbranded generics, also referred to as “no-name” drugs, have the same active ingredients, dosage, safety, efficacy, and intended use as their branded counterparts. They are often sold at lower prices than branded drugs and serve as cost-effective alternatives to pricier brand-name medications.
In recent years, the US market for unbranded generic drugs has grown significantly due to various factors, such as the expiration of patents for branded drugs, escalating healthcare costs, and a rising number of individuals with health insurance coverage. The unbranded generic drug industry is a vital aspect of the healthcare system in the United States as it offers affordable alternatives to more expensive branded drugs.
The prevalence of heart disease is expected to rise in the United States generic drug market. Heart disease, which includes coronary artery disease, heart failure, and arrhythmias, is a leading cause of death in the country. Factors such as unhealthy diets, sedentary lifestyles, and aging populations are contributing to the increasing prevalence of heart disease.
To address this problem, generic drug manufacturers are introducing a range of medications for various heart conditions, such as high blood pressure, high cholesterol, and heart failure. These drugs provide cost-effective treatment options for patients and improve their access to vital medications. The growing demand for such drugs in the US generic drug market creates an opportunity for pharmaceutical companies to develop and market new generic drugs to fulfill the increasing healthcare needs of the population.
The market share in the United States generic drug market is expected to be dominated by injectable medications. This is because injectable drugs are preferred by many patients and healthcare providers due to their fast-acting nature and higher bioavailability. Injectable drugs are also commonly used in hospitals and other healthcare settings, which further contributes to their market dominance.
However, oral medications are also expected to have a significant market share, as they are convenient and easy to administer for patients who can take medication on their own at home. Overall, both oral and injectable medications will continue to play a crucial role in the United States generic drug market.
The retail pharmacy sector is projected to have a higher market share in the United States generic drug market due to the convenience and accessibility provided by these pharmacies. Patients can easily access a wide range of medications, including generic drugs, at retail pharmacies. This accessibility and availability of generic drugs are expected to drive the growth of the retail pharmacy sector in the US generic drug market. The trend is supported by the growing number of retail pharmacy chains and their expanding networks across the country. Furthermore, as more people obtain health insurance coverage, the demand for generic drugs is expected to increase, leading to further growth in the retail pharmacy sector.
The United States generic drug market is poised to witness growth among the senior citizen population (aged 65 years and above), primarily due to the higher incidence of diseases in this age group. With aging, individuals become more vulnerable to chronic ailments such as heart disease, diabetes, and cancer that require long-term medical care. The increasing number of seniors in the US population is expected to drive demand for generic drugs to treat these conditions, thereby boosting the growth of the generic drug market.
Additionally, the availability of affordable generic drugs will enable seniors to manage their healthcare expenses and improve access to essential treatments. Therefore, the senior population will play a crucial role in propelling the growth of the US generic drug market in the foreseeable future. NCO projects that the number of Americans aged 65 and older will increase from 56 million in 2023 to 94.7 million in 2060.
In the projected year, California is expected to drive growth in the US generic drug market due to factors such as the rising cost of prescription drugs and government initiatives promoting the use of generics. California has been a pioneer in implementing policies to reduce drug costs and improve access to affordable medications. Legislation was recently passed to allow for the importation of lower-cost prescription drugs from Canada, and awareness programs have been implemented to encourage the use of generic drugs. As a result, the use of generic drugs in California is expected to rise, leading to growth in the US generic drug market.
In March 2023, generic drug manufacturer Civica was selected by the US government to produce low-cost insulin for California. This decision was made in response to the high cost of insulin, with government officials paying up to $300 per vial or $500 for a box of injectable pens. Consequently, many Californians with diabetes are forced to ration or skip their medication, leading to potential health problems. By partnering with Civica, the government aims to increase the affordability and accessibility of insulin while also promoting the use of generic drugs in the US.
Request a free sample copy of the report: https://www.renub.com/request-sample-page.php?gturl=united-states-generic-drugs-market-p.php
Prominent companies competing currently in the United States Desalination Market areTeva Pharmaceuticals, Aurobindo Pharma, Sun Pharmaceuticals, Abbott Laboratories Inc., Lupin Pharmaceuticals Inc., Viatris, Sandoz, and Dr. Reddy’s.
Renub Research is a Market Research and Information Analysis company with more than 14 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.
Renub Research
Phone No: +1-478-202-3244 | +91-120-421-9822 (IND)
Email: info@renub.com
LinkedIn: https://in.linkedin.com/company/renub-research
Web: www.renub.com
