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US Generic Drug Market to Cross US$ 190 Billion by 2024, Impelled by Government’s Initiative for Reducing Healthcare Expenditure

Published on Feb 20, 2019

According to the latest report by IMARC Group, titled “US Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the US generic drug market reached a value of nearly US$ 104 Billion in 2018, growing at a CAGR of more than 12% during 2011-2018. Generic drugs refer to bioequivalents of brand name drugs which offer identical pharmacological effects in terms of risk, dosage, safety, side-effect, intended use and route of administration. They are available at low rates as their manufacturing requires minimal resources for drug approval, research, promotion and packaging. Currently, a rise in the demand for generic drugs has been witnessed in the United States owing to the prevalence of chronic diseases, reducing life expectancy, high mortality rates and aging population in the region. Additionally, the Government is emphasizing on the use of generics as they assist in reducing the overall healthcare expenditure in the country. It has also established the Office of Generic Drugs (OGD) to ensure that people have easy access to safe and affordable drugs.

Market Trends:

Since decades, the US population has been dependent on fast food, frozen items and packaged food products that are high in calories and sodium. This trend can be accredited to the easy availability of these products, long working hours, high per capita income and expanding fast-food chains. These factors, coupled with the sedentary lifestyle led by the population, have increased the cases of heart diseases, cancer, diabetes, obesity, and Alzheimer’s and Parkinson’s disease, thereby creating a strong demand for generic drugs. Moreover, the Government is promoting the uptake of these drugs as a cost-containment measure which is providing a thrust to the generics market. Further, several branded drugs are anticipated to lose their patent protection in the upcoming years which is expected to offer remunerative opportunities to the generic drugs manufacturers. By 2024, the market value is projected to exceed US$ 190 Billion, expanding at a CAGR of around 11% during 2019-2024.

Market Segmentation:

  • On the basis of segments, the market has been bifurcated into unbranded and branded generics. At present, unbranded generics dominate the market, holding the largest share.
  • Based on therapy areas, the market has been classified into CNS, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, oncology and others.
  • The market has also been segregated on the basis of drug deliveries which include oral, injectables, dermal/topical and inhalers. Currently, oral drug delivery accounts for the majority of the market share as it offers advantages like dosage accuracy, convenience and ease of adherence to the medication schedule.
  • Based on distribution channels, the market has been categorized into retail and hospital pharmacies. Amongst these, hospital pharmacies exhibit a clear dominance in the market.
  • The competitive landscape of the market has been examined with some of the key players being Teva, Sandoz, Sun Pharma, Mylan, Actavis, Par Pharmaceuticals, Endo Pharmaceuticals, Lupin Pharmaceuticals, Dr. Reddy’s and Hospira.

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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.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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