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The US generic drug market reached a value of US$ 127.8 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 10.3% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Generics are off-patented drugs that are bioequivalent to branded medications in terms of dosage, strength, quality, form, effect, intended use, side effects, and route of administration. In the US, generic drugs have witnessed a substantial rise in production as they are less expensive than branded drugs and do not require extensive research and testing. Additionally, the introduction of generic medicines has helped in sustaining the healthcare system of the country with improved patient access and generating savings for taxpayers, employers and insurance providers. Moreover, the market is currently experiencing significant growth due to a rise in the prevalence of chronic diseases across the region, such as cardiovascular diseases, diabetes, Alzheimer’s disease, and Parkinson’s disease.
In recent years, there has been a rise in the number of generic drug approvals across the US supported by the implementation of the Drug Competition Action Plan of the FDA that aims towards the elimination of barriers faced by the generic-drug manufacturers. Furthermore, to enhance the generic-drug development and approval process, the US Food and Drug Administration (USFDA) has reauthorized the Generic Drug User Fee Amendments in 2017. The GDUFA II allows the collection of user fees from generic-drug manufacturers to provide the FDA with additional resources for generic-drug reviews. Other than this, the Government has introduced several programs for offering incentives to physicians and pharmacists to promote generic substitution in the nation. Besides, numerous brand-name drugs are set to lose their patent protection in the near future which will have a positive effect on the generic drugs market in the country.
IMARC Group provides an analysis of the key trends in each sub-segment of the global ion exchange resins market report, along with forecasts for growth at the global level and for United States from 2021-2026. Our report has categorized the market based on segment, therapy area, drug delivery and distribution channel.
Breakup by Segment:
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.
Breakup by Therapy Area:
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.
Breakup by Drug Delivery:
On the basis of drug delivery methods, oral drugs represent the largest segment as they are convenient for the patients and requires minimal or no medical assistance. Oral drug delivery method is followed by injectables, dermal/topical and inhalers.
Breakup by Distribution Channel:
On the basis of distribution channels, the market is dominated by hospital pharmacies which account for the majority of the generic drug sales in the region.
The market is characterized by the presence of manufacturers who compete in terms of quality and prices. Some of the leading players operating in the market are:
|Base Year of the Analysis||2020|
|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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Corporate License $ 2999
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The US generic drug market reached a value of US$ 127.8 Billion in 2020.
According to the estimates by IMARC Group, the US generic drug market is expected to exbibit strong growth during 2021-2026.
The rising incidences of chronic diseases, such as cancer, diabetes, obesity, Alzheimer’s and Parkinson’s, on account of sedentary lifestyles and the increasing consumption of fast food represents one of the key factors propelling the market growth in the country.
The US government is encouraging the adoption of generic drugs to minimize healthcare expenditure in the country. This, along with the upcoming patent expiration of several branded drugs, is among the major trends in the market.
The market growth is currently hampered due to the surging cases of the coronavirus disease (COVID-19), which have resulted in supply chain disruptions and rescheduling of medical care services.
On the basis of the segment, the market has been bifurcated into unbranded and branded generics.
Based on the therapy area, the market has been segregated into CNS, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, oncology and others.
The market has been analyzed on the basis of the drug delivery into oral, injectables, dermal/topical and inhalers.
Based on the distribution channel, the market has been classified into retail and hospital pharmacies.
Leading industry players are Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Limited, Endo International PLC, Dr. Reddy’s Laboratories Ltd., Pfizer Inc., Mylan N.V. and Lupin Limited.
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