Increasing prevalence of cardiovascular diseases and diabetes is driving the growth of United States generic drugs market in the forecast period, 2022-2026.
According to TechSci Research report, “United States Generic Drugs Market By Type (Small Molecule Generics v/s Biosimilars), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Infectious Diseases, Others), By Mode of Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By Source (In House v/s Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Region, Competition, Forecast and Opportunity, 2026” the United States generic drugs market stood at USD70.78 billion in 2020 and is expected to grow at a steady CAGR of 9.43% during the forecast period on account of growing prevalence of diseases.
The growing geriatric population across the country which is susceptible to various infectious and non-infectious diseases is expected to drive the market growth over the next few years. Additionally, increasing number of patents losing their exclusivity has led to a lot of generic drugs manufacturers emerging out and developing generic drugs, thereby positively influencing the market growth during the forecast period. Furthermore, the FDA stated that around 158 drug patents would expire in 2021, thereby increasing the market potential for generic drugs.
However, stringent regulatory approval process by the FDA and product recalls can restrain the market growth over the next few years. Furthermore, growing competition in the market along with shortage of medicines can slow down the growth of generic drugs in the United States. Also, the prescription of drugs by doctors also plays a pivotal role in the demand of generic drugs since most doctors prescribe branded drugs, thereby hampering the market growth over the next few years.
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The United States generic drugs market is segmented based on type, application, mode of drug delivery, form, source, distribution channel, regional distribution, and company. In terms of application, the market can be categorized into cardiovascular diseases, diabetes, neurology, oncology, infectious diseases, and others.
The cardiovascular diseases segment dominated the market in 2020 with an overall market share of 36.73% on account of the increasing cases of cardiovascular diseases due to unhealthy eating habits and sedentary lifestyles. Based on form, the market can be categorized into tablet, capsule, injection, and others. The injection segment is expected to witness significant growth during the forecast period since administration of drug through this mode of administration increases the bioavailability of drug.
By distribution channel, the market can be fragmented into retail pharmacies, online pharmacies, hospital pharmacies and others. The retail pharmacies segment is expected to dominate the market since most of the generic drugs can be purchased through retail pharmacies over the counter.
Key market players in the United States generic drugs market include:
- Teva Pharmaceuticals USA, Inc
- Pfizer Inc.
- Sandoz US
- Endo Pharmaceuticals Inc.
- Aurobindo Pharma USA, Inc.
- Abbott Laboratories, Inc.
- Eli Lilly and Company
- Sun Pharma Inc.
- Lupin Pharmaceuticals, Inc.
- Zydus Pharmaceutical USA Inc.
Major companies operating in the market are following strategies such as mergers & acquisitions, product launches, among others in order to stay competitive in the market and having an edge over other players operating in the market.
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“The South region will register the fastest CAGR during the forecast period. This can be attributed to the large and growing cardiovascular and diabetic patients in the region, which is susceptible to different kinds of diseases. Additionally, supportive government policies and healthcare schemes launched in the United States are expected to support market growth.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Generic Drugs Market By Type (Small Molecule Generics v/s Biosimilars), By Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Infectious Diseases, Others), By Mode of Drug Delivery (Oral, Topical, Parenteral, Others), By Form (Tablet, Capsule, Injection, Others), By Source (In House v/s Contract Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Region, Competition, Forecast and Opportunity, 2026”, has evaluated the future growth potential of United States generic drugs market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the United States generic drugs market.
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