US Generic Drug Market to Cross US$ 190 Billion by 2024 – IMARC Group

“US Generic Drug Market Impelled by Government’s Initiative for Reducing Healthcare Expenditure – IMARC Group”
In the upcoming years, the US generic drug market is anticipated to experience strong growth. The increasing cases of lifestyle diseases, initiatives undertaken by the US Government and upcoming patent expirations of branded drugs will contribute to the growth of the market.

According to the latest report by IMARC Group, titled “US Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the US generic drug market reached a value of nearly US$ 104 Billion in 2018, growing at a CAGR of more than 12% during 2011-2018. Generic drugs refer to bioequivalents of brand name drugs which offer identical pharmacological effects in terms of risk, dosage, safety, side-effect, intended use and route of administration. They are available at low rates as their manufacturing requires minimal resources for drug approval, research, promotion and packaging. Currently, a rise in the demand for generic drugs has been witnessed in the United States owing to the prevalence of chronic diseases, reducing life expectancy, high mortality rates and aging population in the region. Additionally, the Government is emphasizing on the use of generics as they assist in reducing the overall healthcare expenditure in the country. It has also established the Office of Generic Drugs (OGD) to ensure that people have easy access to safe and affordable drugs.

Market Trends:

Since decades, the US population has been dependent on fast food, frozen items and packaged food products that are high in calories and sodium. This trend can be accredited to the easy availability of these products, long working hours, high per capita income and expanding fast-food chains. These factors, coupled with the sedentary lifestyle led by the population, have increased the cases of heart diseases, cancer, diabetes, obesity, and Alzheimer’s and Parkinson’s disease, thereby creating a strong demand for generic drugs. Moreover, the Government is promoting the uptake of these drugs as a cost-containment measure which is providing a thrust to the generics market. Further, several branded drugs are anticipated to lose their patent protection in the upcoming years which is expected to offer remunerative opportunities to the generic drugs manufacturers. By 2024, the market value is projected to exceed US$ 190 Billion, expanding at a CAGR of around 11% during 2019-2024.

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US Generic Drug Market Segmentation:

Market Breakup by Segment

1. Unbranded Generics
2. Branded Generics

On the basis of segments, the market has been bifurcated into unbranded and branded generics. At present, unbranded generics dominate the market, holding the largest share.

Market Breakup by Therapy Area

1. CNS
2. Cardiovascular
3. Dermatology
4. Genitourinary/Hormonal
5. Respiratory
6. Rheumatology
7. Diabetes
8. Oncology
9. Others

Based on therapy areas, the market has been classified into CNS, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes, oncology and others.

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Market Breakup by Drug Delivery

1. Oral
2. Injectables
3. Dermal/Topical
4. Inhalers

The market has also been segregated on the basis of drug deliveries which include oral, injectables, dermal/topical and inhalers. Currently, oral drug delivery accounts for the majority of the market share as it offers advantages like dosage accuracy, convenience and ease of adherence to the medication schedule.

Market Breakup by Distribution Channel

1. Retail Pharmacies
2. Hospital Pharmacies

Based on distribution channels, the market has been categorized into retail and hospital pharmacies. Amongst these, hospital pharmacies exhibit a clear dominance in the market.

Competitive Landscape

The competitive landscape of the market has been examined with some of the key players being Teva, Sandoz, Sun Pharma, Mylan, Actavis, Par Pharmaceuticals, Endo Pharmaceuticals, Lupin Pharmaceuticals, Dr. Reddy’s and Hospira.

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