US Generic Drug Market to Reach US$ 124.3 Billion by 2032, Bolstered by the Increasing Prevalence of Chronic Diseases

January 10, 2022 | Healthcare

According to the latest report by IMARC Group, titled "US Generic Drug Market Report by Segment (Unbranded, Branded), Therapy Area (CNS, Cardiovascular, Dermatology, Genitourinary/Hormonal, Respiratory, Rheumatology, Diabetes, Oncology, and Others), Drug Delivery (Oral, Injectables, Dermal/Topical, Inhalers), Distribution Channel (Hospital Pharmacies, Retail Pharmacies) 2024-2032," the US generic drug market reached a value of US$ 90.4 Billion in 2023. Generic drugs are safe and effective alternative drugs that are bio-equivalent to their branded counterparts in terms of active ingredients, strength, quality, effectiveness, intended use, and dosage. They are used to treat various life-threatening and chronic diseases, such as cancer, diabetes, rheumatoid arthritis, cardiovascular ailments, and respiratory infections. Generic drugs aim to maximize patient compliance and reduce the frequency of administered dosage, thereby maintaining the effectiveness of the treatment. They also offer several benefits to manufacturers and consumers, including limited price erosion and high profitability.

US Generic Drug Market Trends:

The US generic drug market is majorly being driven by the rising prevalence of chronic diseases and a significant expansion in the pharmaceutical industry. This, in turn, has enabled the easy availability of generic drugs and the provision of healthcare services at affordable prices. In line with this, rising expenditure on the life science industry, along with rapid technological advancements in drug delivery systems, such as the development of self-injection device, are contributing to the market growth. Additionally, generic drugs are cost-effective as compared to branded drugs, which is acting as another growth-inducing factor. Apart from this, the increasing shortage of medicines and expiry of patents of branded items, are further creating a positive outlook for the market. This is also supported by several initiatives undertaken by The Federal Government of the United States (US Federal Government), such as the establishment of the Office of Generic Drugs (OGD), to promote the production and distribution of generic drugs, which is catalyzing the market growth. Looking forward, the market is expected to reach a value of US$ 124.3 Billion by 2032.

Market Summary:

The market has been segmented into unbranded and branded generics. Currently, unbranded generics exhibit a clear dominance in the market, holding the majority of the market share.
The market has been categorized on the basis of various therapy areas which mainly include CNS, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, and oncology.
On the basis of drug delivery methods, oral drugs represent the largest segment.
On the basis of distribution channel, the market has been bifurcated into hospital and retail pharmacies. Amongst these, hospital pharmacies dominate the market.
The competitive landscape of the market has been examined with some of the key players being Teva, Mylan, Actavis (Teva), Sandoz (Novartis), Sun Pharma, Par Pharmaceuticals (Endo Pharmaceuticals), Lupin Pharmaceuticals, Dr Reddy’s and Hospira (Pfizer).

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	Million Prescriptions, US$ Billion
Segment Coverage	Segment, Therapy Area, Drug Delivery, Distribution Channel
Companies Covered	Teva, Mylan, Actavis (Teva), Sandoz (Novartis), Sun Pharma, Par Pharmaceuticals (Endo Pharmaceuticals), Lupin Pharmaceuticals, Dr Reddy’s and Hospira (Pfizer)
Customization Scope	10% Free Customization
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Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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US Generic Drug Market to Reach US$ 124.3 Billion by 2032, Bolstered by the Increasing Prevalence of Chronic Diseases

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