DUBLIN--(BUSINESS WIRE)--The "United States Generic Drugs Market Report By Therapeutic Area, Type, Drug Delivery, Age Group, Distribution Channel, Payment Type, States and Company analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
United States Generic Drugs Market Analysis
United States Generic Drugs Market will reach US$ 127.41 Billion by 2032, up from US$ 92.66 Billion in 2023, with a CAGR of 3.60% between 2024 and 2032.
Generic medications have several benefits, such as reduced costs, enhanced accessibility, and higher affordability, which help a larger population have access to and afford healthcare. They are essential in lowering the cost of generic medications, encouraging competition in the pharmaceutical industry, and improving the general effectiveness of U.S. healthcare systems.
Driving Forces for Generic Drugs in United States
Growing need for managing chronic illnesses
The market is positively impacted by the increasing need for chronic disease management. Chronic illnesses that necessitate long-term pharmaceutical use include diabetes, cardiovascular ailments, and respiratory disorders. The need for affordable pharmaceutical therapies is rising as the population ages and the prevalence of chronic diseases increases. For instance, the WHO (World Health Organisation) estimates that 133 million Americans, or 40% of the nation's overall population, suffer from chronic illness.
Additionally, generic medications provide a cost-effective substitute for treating long-term conditions. They guarantee comparable therapeutic benefits at a small fraction of the price because they have the same active components as their name-brand equivalents. They are, therefore, very appealing to payers, healthcare providers, and patients. Moreover, because generic medications are safe and effective, medical professionals frequently prioritize them when managing chronic illnesses.
Cost Savings
Due to their intrinsic affordability when compared to name-brand alternatives, cost savings are a significant growth factor for the generic medicine business in the United States. To keep escalating healthcare costs under control, consumers, insurers, healthcare providers, and government programs find generic pharmaceuticals particularly appealing because they are often 80-85% less expensive than their brand-name equivalents. This affordability promotes broad acceptance and usage among patients on a tight budget and healthcare systems under pressure to maximize expenditures.
Furthermore, generic versions of name-brand medications hit the market when their patents expire, escalating competition and increasing costs. Higher prescription rates are frequently the result of health insurers offering lower copayments or preferred formulary placements as incentives for using generics. When taken as a whole, these variables increase the size of the generic medicine industry and improve the accessibility of necessary pharmaceuticals for a larger population. The adoption and expansion of generic medications primarily depend on cost savings, which significantly shape healthcare economics in the United States as healthcare expenses continue to rise.
Availability of patent cliffs
Generic alternatives to well-known name-brand drugs may become available when their patents expire. This occurrence is known as a patent cliff. Generic producers can lawfully manufacture and sell their medication equivalents once a patent expires, often at significantly reduced costs. Furthermore, generic medicine producers benefit greatly from patent cliffs as they enter the market and provide more reasonably priced substitutes for name-brand medications. As patents expire, competition increases, expanding the market for generic medicines. Patients and healthcare systems benefit from this heightened competition, which promotes price transparency and lowers the cost of pharmaceuticals.
Additionally, pharmaceutical corporations and healthcare providers monitor patent expirations carefully to find ways to cut costs and encourage the use of generics. They might proactively switch patients to generic substitutes to take advantage of the financial savings. Moreover, by fostering innovation among generic manufacturers and promoting a competitive environment, patent cliffs in the pharmaceutical industry support market expansion for generic treatments and increase access to more reasonably priced medications.
California Generic Drugs Market
Within the state's healthcare system, the generic medication market in California is a thriving industry driven by several essential variables. First, there is a significant need for reasonably priced pharmaceuticals due to the state's vast and diversified population, and generic drugs provide an economical option to name-brand items. The market is also supported by California's progressive healthcare laws, including programs that encourage generic drugs to lower healthcare costs.
Furthermore, the abundance of pharmaceutical businesses and research facilities promotes competition and innovation in the generic medicine market, guaranteeing a broad range of choices for patients and healthcare providers. The market is primarily shaped by consumer awareness efforts and regulatory backing, which promote trust and the use of generic drugs.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $92.66 Billion |
| Forecasted Market Value (USD) by 2032 | $127.41 Billion |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | United States |
United States Generic Drugs Company News
- According to a statement released by Teva Pharmaceuticals Industries Ltd, Data proving the extended-release injectable solution of risperidone, UZEDY, for subcutaneous use, will be presented in May 2023.
- In November 2022, The U.S. health authorities gave Glenmark Pharmaceuticals permission to sell sodium phenylbutyrate pills in the U.S., which are used to treat urea cycle problems.
- In October 2022, The U.S. division of Glenmark introduced generic Fingolimod capsules, a treatment for multiple sclerosis, to the U.S. market.
- In June 2022, Pfizer Inc. declared that it had filed (NDA) a New Drug Application to the FDA to have PAXLOVIDTM (ritonavir tablets and tablets) approved for use in patients who are at high risk of getting COVID-19.
Introduction
- What are Generic Drugs?
- Unbranded and Branded Generics
- Authorized Generics
- Commoditized and Specialty Generics
Why is the US Generic Drug Market So Lucrative
- Patent Expiry of Blockbuster Drugs
- Significant Price Differential between Generics and Innovator Drugs
- Savings for the Government and Third-Party Payers
- Incentives for Dispensing and Prescribing Generic Drugs
- Reimbursement and Lower Co-payments
Key Players Analysis: Business Overview, Recent Developments, Revenue Analysis
- Teva Pharmaceuticals
- Aurobindo Pharma
- Sun Pharmaceuticals
- Abbott Laboratories Inc
- Lupin Pharmaceuticals, Inc
- Viatris
- Sandoz
- Reddy's Laboratories
Type - Market breakup in 2 viewpoints:
- Branded Generics
- Unbranded Generics
Therapeutic Area - Market 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 - Market breakup in 4 viewpoints:
- Oral
- Injectables
- Dermal/Topical
- Inhalers
Distribution Channel - Market breakup in 4 viewpoints:
- Specialty Pharmacy
- Retail Pharmacy
- Hospital Pharmacy
- Online Pharmacy
Age Group - Market breakup in 4 viewpoints:
- Children (0-19 years)
- Young Adults (20-39 years)
- Adults (40-64 years)
- Seniors (Above 65 years)
Payment Type - Market breakup in 4 viewpoints:
- Cash
- Commercial
- Medicaid
- Medicare D
States - Market breakup in 11 viewpoints:
- California
- Texas
- New York
- Florida
- Pennsylvania
- Ohio
- Illinois
- North Carolina
- Georgia
- Michigan
- Others
For more information about this report visit https://www.researchandmarkets.com/r/ycrpjq
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