Cardiovascular Diseases segment to dominate the United States Generic Drugs Market
Rising number of hospitals and high sales of generic drugs through online platforms is expected to drive the United States generic drugs market for the forecast period.
According to TechSci Research report, “United States Generic Drugs Market By Type (Small Molecule Generics v/s Biosimilars) 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 Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others) By Company, By Region, Forecast & Opportunities, 2026”, United States generic drugs market is expected to witness significant growth for the next five years. A generic drug is a pharmaceutical drug which contains the same chemical substance same as already approved drugs and provides the same clinical benefits. It is same in all aspects comprising of strength, stability, quality, dosage, safety, effectiveness therefore it is highly recommended by the healthcare professionals. Generic drugs are subject to government regulations and are generally not associated with a particular company. The most significant factors contributing to the rise in adoption of generic drugs is increasing prevalence of chronic diseases along with rise in cardiovascular diseases and diabetes. The presence of large old age population who are more prone to getting infected with various diseases are the major driving factor for the generic drugs market. High demand for generic drugs is due to their lower costs than the branded drugs. Also, the large number of patent expiry of branded drugs is paving the way for the generic drugs market growth.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected countries adversely. Leading authorities in United States imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath along with coughing and sneezing which created lucrative opportunities for the growth of the generic drugs market. United States authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. In the initial phase of COVID-19, patients hoarded a large number of drugs which led to high sales of generic drugs. In the second phase, reduction in the sale of generic drugs is observed due to already present stock of generic drugs for patients. Disruption in supply chain can also adversely affect the generic drugs market.
However, adverse effects associated with drugs and stringent government regulations may create hindrance in the generic drugs market growth.
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United States generic drugs market is segmented into type, mode of drug delivery, source, form, distribution channel, application, regional distribution, and company. Based on application, market can be further divided into cardiovascular diseases, diabetes, neurology, oncology, anti-inflammatory diseases, and others. The cardiovascular diseases segment is expected to account for major market share for the forecast period, 2022-2026. Adoption of unhealthy eating habits such as consumption of junk food and high sugar containing edible items and beverage is affecting the heart condition adversely. Growing preference for sedentary lifestyle due to long working hours which leaves less time for physical activities is giving rise to plethora of heart related disorders. Based on mode of drug delivery, market can be divided into oral, topical, parenteral, and others. The oral segment is expected to dominate the generic drugs market for the next five years owing to requirement of no medical assistance while taking the drugs. Ease and convenience associated with oral mode of drug delivery are another factors responsible for high demand of generic drugs.
Pfizer Inc., Abbott Laboratories, Inc., Teva Pharmaceuticals USA, Inc., Eli Lilly and Company, Sandoz US, Sun Pharma Inc., Par Pharmaceutical Companies, Inc., Endo Pharmaceuticals Inc, Lupin Pharmaceuticals, Inc., Aurobindo Pharma USA, Inc. are the leading players operating in United States generic drugs market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several generic drugs manufacturers are coming up with their technologically advanced offerings.
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“Rise in number of clinical trials and high demand for newer versions of generic drugs is boosting the growth of the market. Surge in number of licensing and partnering strategies to launch novel products by market players is expected to contribute significantly to the high demand of generic drugs. High-cost involved for development of branded drugs and growing cost of pharmaceuticals industry is driving factor for generic drugs market growth. Government is organizing awareness camps, workshops, conferences and campaigns to raise the awareness about generic drugs among the people which is a significant factor contributing to the growth of the generic drugs market until 2026” 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 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 Application (Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others) By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of United States generic drugs market and provided statistics & information on market size, shares, 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 of United States generic drugs market.
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