US Generic Drug Market to Reach US$ 110.7 Billion by 2028, Bolstered by the Increasing Prevalence of Chronic Diseases

According to the latest report by IMARC Group, titled "US Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the US generic drug market reached a value of US$ 86.9 Billion in 2022. 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$ 110.7 Billion by 2028.

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 Scope:

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