ReportLinker, an award-winning market research solution, has recently released the United States Generic Drugs Market report.
The market, which was valued at $70.78 billion in 2020, is expected to grow at a CAGR of 9.43% by 2026. Experts predict that the market will reach a value of $126.74 billion by 2026.
Increasing demand and cheaper prices of generic drugs are majorly responsible for this futuristic growth. Unlike brand-name drugs, generic drugs do not have to undergo extensive clinical research and development, which is why they are 80% to 85% cheaper than their brand-name counterparts.
In addition, the U.S. Food and Drug Administration (FDA) has also been approving several generic drugs, which supports the growth of the US generic drugs market in the next five years. Furthermore, the increased export of generic drugs to countries like India and Kenya is substantiating the growth of the market.
It has been found that the US healthcare industry, in terms of generic drugs, has grown from 20% in 2015 to 80% in 2020.
The United States Generic Drugs Market is segmented based on type, drug delivery, drug form, source of manufacturing, application, drug companies, and regional distribution.
Based on application, the market is segmented into cardiovascular diseases, diabetes, neurology, oncology, infectious diseases, among others. Predominantly, generic drugs for cardiovascular diseases are expected to grow the market.
Key industry players of the United States Generic Drugs Market include Teva, Pfizer, Sandoz US, Endo, Aurobindo Pharma, Abbott, Eli Lilly, Sun Pharma, Lupin Pharmaceuticals, and Zydus Pharmaceutical.
The report estimates and forecasts the market size from 2021 to 2026 and classifies the market based on type, application, drug delivery, form, source, distribution channel, etc.
The key target audience of the industry includes generic drugs manufacturers, suppliers, distributors, stakeholders, federal bodies such as the FDA and policymakers, certain organizations related to generic drugs, and market research and consulting firms.
Based on the type, the market is divided into small molecule generic and biosimilars. The mode of drug delivery is segmented into oral, parenteral, topical, among others, while the form is divided into tablet, capsule, injection, and others.
As far as the Distributions Channels are concerned, the market is segmented into retail pharmacies, online pharmacies, hospital pharmacies, and others. By region, the United States Generic Drugs Market report is divided into South, Midwest, West, and Northeast.
