The US generic drug market has witnessed a steady growth in the recent years. The major factors that have added to the market growth are low investment in R&D, patent expiry of innovative drugs and cost-effectiveness of generic drugs as compared to their counterparts.
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Highlights of the US generic drug market:
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The latest report by IMARC Group, titled “US Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the US generic drug market reached a value of nearly 4 Million prescriptions in 2016, exhibiting a CAGR of 5% during 2010-2016. Over the past several years, the United States has undergone a major transformation in the pharmaceutical sector. Nearly, 80% of the total prescription drugs in the US consist of generic drugs. They are low-cost versions of the innovator drugs with same dosage, strength, risks, effects, side-effects and intended usage. Generic drugs assure that the medicines are effective and safe for the consumers. These drugs come in different forms such as oral, nebulizer, intravenous, topical and intramuscular.
Highlights of the US generic drug market:
- Upcoming patent expiry of branded drugs is projected to boost the market growth.
- With low manufacturing costs, these drugs are comparatively cheaper than innovative drugs.
- Teva represents the leading manufacturer of generic drugs in the US.
Generic drugs can only be launched by the manufacturers once the branded drugs go off-patent. Imminent patent expiry of a huge number of blockbuster innovator drugs is expected to be one of the major factors contributing to the market growth. Moreover, generic drugs require less effort in the research & development sector, thus the cost involved in the manufacturing of these drugs are lower than the branded drugs. Owing to this, generic drugs are cheaper in comparison to their counterparts, thereby making them affordable for different income groups. This helps in reducing the healthcare expenditures of the government, patients and third-party payers. Additionally, the fact that the US pharmacists are paid incentives to prescribe cheaper generic drugs has further stimulated the market growth. Other major factors fueling the growth of the market include ageing population and prevalence of chronic diseases. According to the report, the market is anticipated to reach a value of around 5 Million prescriptions by 2022.
Read full report with TOC @ www.imarcgroup.com/us-generics-market
The US generic drug market is segmented into branded and unbranded generics. Presently, unbranded generic drugs are leading the market, holding for the majority of the total generic prescription volumes. On comparing the competitive landscape of the market, the key players found are Teva, Mylan, Actavis, Sandoz, Sun Pharma, Par Pharmaceuticals, Endo Pharmaceuticals, Lupin Pharmaceuticals, Dr Reddy’s and Hospira. Among these, Teva represents the leading generic manufacturer in the US, accounting for around a fifth of the total generic sales.
Browse related reports :
GCC Generic Drug Market: www.imarcgroup.com/gcc-generic-drug-market
US Generic Injectables Market: www.imarcgroup.com/us-generic-injectables-market
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.Global Cigarette Lighter Market
Contact us
IMARC Group
309 2nd St, Brooklyn, NY 11215, USAWebsite: www.imarcgroup.com
Email: sales@imarcgroup.com
USA: +1-631-791-1145
Follow us on twitter: @imarcglobal
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