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United States Generic Drug Market share is anticipated to grow at a CAGR of nearly 6.39% during 2022 and 2028. In recent years, the US generic drug market has grown extraordinarily, fundamentally transforming the pharmaceutical industry. Generic drugs have become pivotal in the US healthcare landscape, offering cost-effective alternatives to their brand-name counterparts, addressing the growing concern of rising prescription drug costs. Besides, the expiration of patents for numerous brand-name drugs has spurred the introduction of generic versions, intensifying competition, and leading to reduced prices and wider availability, ultimately propelling the remarkable growth of the United States generic drug market size.
The aging population in the United States has fuelled the demand for generic drugs as seniors frequently rely on continuous medication for chronic illnesses, underscoring the necessity for cost-effective treatment solutions. Concurrently, government initiatives such as Medicaid and Medicare actively promote generic drug use to curb healthcare costs. So, the United States Generic Drug Market is projected to be worth US$ 147.57 Billion by 2028.
The FDA’s streamlined approval process for generics has further facilitated their US generic drug market entry, making these drugs more readily available and affordable, contributing significantly to the impressive growth of the US generic drugs market size. For instance, in 2023, the FDA approved notable generic drugs in the US market, including Tiotropium Bromide Inhalation Powder (18 mcg/capsule, ANDA 211287) for treating COPD, and Safinamide Tablets (50 mg and 100 mg, ANDA 215902) for Parkinson’s disease. These approvals advance the goal of enhancing prescription drug affordability and accessibility in the US generic drug market share.
Branded generics are thriving in the United States generic drug market.
Consumers consider branded generic medications because they bring the reputation of famous pharmaceutical groups, making sure both quality and efficacy. Furthermore, branded generics provide cost savings in comparison to their brand-name counterparts, attractive to price-aware patients and healthcare providers. Regulatory companies additionally impose stringent quality standards on these products, making sure their safety and effectiveness. These factors together drive the growth of branded generics, making them a preferred choice in the US generic drug market share, offering a stability between affordability and reliability.
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The demand for generic drugs to treat heart disease is growing in the US generic drug market size due to the widespread prevalence of cardiovascular conditions.
Generic heart medicinal drugs provide exceptional treatment options at appreciably lower rates as compared to brand-name counterparts, making them accessible to a larger patient population. Moreover, as patents for several branded cardiac pills have expired, generics have emerged as readily available, promoting competition, and further lowering costs. This affordability, coupled with their demonstrated efficacy, drives the growing call for widespread heart disorder medicines in the US.
Oral generics are extensively utilized and poised for growth in the United States generic drug market due to their convenience.
Patients and healthcare providers prefer oral medicines owing to ease of administration and adherence. Moreover, as several brand-name drugs go off-patent, a plethora of well-known oral options enter the market, increasing competition and lowering costs. The accessibility, affordability, and effectiveness of those oral generics make them a famous choice, contributing to their continuous growth in the United States generic drug market share.
The retail pharmacy market has been steadily growing in the US generic drug market size.
Convenience plays a vast role as patients choose accessible locations for medicinal drug purchases. Moreover, the growing wide variety of uninsured or underinsured individuals in the US has caused a greater reliance on generic drugs due to their affordability. Furthermore, retail pharmacies offer an extensive range of generic medicines, and their promotional tasks regularly emphasize cost-saving advantages, propelling the steady rise of this market section.
The adult age group has witnessed substantial growth in the United States generic drug market share.
As people age, they are much more likely to require ongoing medication for chronic health situations, making cost-effective generics an appealing option. Moreover, coverage plans and Medicare often encourage or require the usage of generic drugs to lessen healthcare costs. The older population and the superiority of chronic diseases amongst adults in addition raise the demand for generic medicinal drugs, driving their extensive growth in this demographic section of the US generic drug market.
The increase in commercial payments in the US generic drug market size is primarily driven by the cost-effectiveness of generic medications.
Many industrial insurance plans and employers encourage using generics to lessen healthcare costs for both themselves and their personnel. As a result, more individuals are choosing generic drugs over brand-name counterparts to decrease their out-of-pocket charges. This trend aligns with the broader healthcare fee containment techniques, propelling the boom of commercial payments in the US generic drug market size.
California is at the forefront of the United States generic drug market.
It boasts a robust pharmaceutical industry, with numerous companies engaged in generic drug manufacturing and distribution. The state’s large and diverse population creates a substantial demand for generic medications. Furthermore, California has a proactive regulatory environment and promotes healthcare policies that prioritize affordability, making it an ideal location for generic drug companies. These factors collectively position California as a leader in the US generic drug market share, influencing both supply and demand within the industry.
Competitive Landscape.
Abbott Laboratories Inc., Viatris, Sandoz, Dr. Reddy’s, Aurobindo Pharma, Sun Pharmaceuticals, Teva Pharmaceuticals, Lupin Pharmaceuticals Inc., and Abbott Laboratories Inc. are significant United Staes generic drug market participants.
Market Summary.
• Type- United States Generic Drug Market share breakup by type in 2 viewpoints (Branded Generics, Unbranded Generics).
• Therapeutic Area- The Report covers US Generic Drug Market share by therapeutic area breakup in 10 viewpoints (Heart Disease, Mental Health, Diabetes, Epilepsy, Cancers, Allergies & Asthma, Chronic Obstructive Pulmonary Disease, Alzheimer’s Disease, HIV/AIDS, Crohn’s colitis).
• Drug delivery- United States Generic Drug Market size breakup by drug delivery in 4 viewpoints (Oral, Injectable, Dermal/Topical, Inhalers)
• Distribution Channel- The Report covers US Generic Drug Market share by distribution channel in 4 viewpoints (Specialty Pharmacy, Retail Pharmacy, Hospital Pharmacy, Online Pharmacy).
• Age group- United States Generic Drug Market size breakup by age group in 4 viewpoints (Children (0-19 years), Young Adults (20-39 years), Adults (40-64 years), Seniors (65+ years)).
• Payment Type- The Report covers US Generic Drug Market share by payment type breakup in 4 viewpoints (Cash, Commercial, Medicare D, Medicaid).
• States- Renub Research report on US Generic Drugs Market covers by states in 11 viewpoints (California, Texas, New York, Florida, Pennsylvania, Ohio, Illinois, North Carolina, Georgia, Michigan, Others).
• Key Players- All the major players of United States Generic Drug Market have been covered from 4 Viewpoints (Overview, Strategy, Merger/Acquisition, and Financial Insight) Abbott Laboratories Inc., Viatris, Sandoz, Dr. Reddy’s, Aurobindo Pharma, Sun Pharmaceuticals, Teva Pharmaceuticals, Lupin Pharmaceuticals Inc., and Abbott Laboratories Inc.
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