North America Generic Drugs Market to Grow with a CAGR of 7.02% through 2028
Cost-Efficiency
and Affordability and increase in the aging population is expected to drive the
North America Generic Drugs Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “North America Generic Drugs Market – Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the North America Generic Drugs Market stood at USD 146.20 billion in 2022 and
is anticipated to grow with a CAGR of 7.02% in the forecast period, 2024-2028.
The awareness among individuals regarding Generic Drugs has led to favorable
market conditions for the North America Generic Drugs market. Several factors
contribute to the growth of various Generic Drugs products.
The growing
awareness patent expires, it opens the door for generic drug manufacturers to
introduce their versions of the medication. This transition from exclusive
brand-name products to a competitive landscape of generic alternatives has a
profound impact on the market dynamics. The entry of generic versions often
leads to price reductions and increased accessibility for patients. This
heightened competition encourages innovation and fosters a more dynamic
pharmaceutical industry, benefiting both healthcare providers and consumers.
The demographics
of North America are undergoing a significant transformation, with a
substantial increase in the aging population. As individuals age, the
prevalence of chronic diseases and the need for long-term medication regimens
also rise. This demographic shift has led to an increased demand for
pharmaceuticals, including generic drugs, which are commonly prescribed for
chronic conditions. The North America Generic Drugs Market has benefited from
this trend, as it aligns with the healthcare needs of the aging population.
Generic medications are frequently prescribed for chronic diseases such as
hypertension, diabetes, and cardiovascular conditions. which will further fuel
market growth.
In March 2023,
Teva announced that it had reached an agreement to acquire the generics
business of Allergan plc for USD8 billion. This acquisition will make Teva the
largest generics company in the world.
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"North America Generic Drugs Market.”
The
affordability of generic drugs addresses a critical concern in the healthcare
sector, where the rising costs of medications pose a substantial burden on
patients and healthcare systems. Patients, especially those with chronic
conditions requiring long-term medication, benefit immensely from the reduced
prices of generic drugs. This affordability not only improves patient access to
essential medications but also reduces the financial strain on healthcare
payers, including insurers and government healthcare programs.
In today's
fast-paced world, Generic drugs play a crucial role in the fast-paced world we
live in today, offering a multitude of benefits that align with the demands and
challenges of modern life. Consequently, In a world where healthcare costs are
a significant concern, generic drugs are cost-effective alternatives to
brand-name medications. They allow individuals and healthcare systems to manage
expenses while still accessing quality healthcare. Generic drugs are widely
available and accessible, ensuring that individuals can quickly obtain the
medications they need when faced with health issues. This accessibility is
particularly vital in fast-paced urban environments. Generic drugs are readily
prescribed by healthcare providers, reducing the time spent on complex
decision-making regarding medication choices. This simplifies and expedites the
healthcare process, aligning with the need for efficiency in a fast-paced
world. Regulatory agencies like the FDA have established clear pathways for the
approval of generic drugs. This streamlining of approvals means that new,
affordable medications can reach the market faster, providing more treatment
options. Generic drugs are available in various formulations and dosages,
allowing healthcare providers to tailor treatment plans to individual patient
needs quickly. This flexibility is essential in managing a diverse range of
health conditions.
Generic drugs
free up healthcare resources for more critical tasks. Physicians can
confidently prescribe generics, knowing they offer the same therapeutic benefits
as brand-name drugs. This allows healthcare professionals to focus on complex
cases and critical care.
In recent times,
healthcare costs have been a significant concern worldwide. Generic drugs offer
an affordable alternative to expensive brand-name medications, making
healthcare more accessible and cost-effective for individuals and healthcare
systems. During global health crises, such as the COVID-19 pandemic, the
affordability and availability of generic drugs become critical. They can help
manage symptoms, treat infections, and address related health issues, ensuring
that healthcare resources are efficiently utilized. Generic drugs are readily
available and widely prescribed. This accessibility ensures that individuals
can access essential medications promptly, even in times of high demand or
supply chain disruptions. Regulatory agencies like the FDA have streamlined the
approval process for generic drugs, allowing new, cost-effective treatments to
reach the market quickly. This agility is crucial in responding to emerging
health threats. However, the Regulatory Hurdles and Complexities may hinder
market growth. Moreover, challenges related to Intellectual Property Rights and
Patent Exclusivity may pose obstacles to the Generic Drugs market in the near
future.
The North
America Generic Drugs Market is segmented into type, application, Drug
delivery, form, source, distribution channel, country distribution, and
company.
Based on its
formulation, the Small molecule generic drugs benefit from well-established
regulatory pathways for approval. Regulatory agencies such as the FDA have
developed clear and efficient processes for assessing the bioequivalence of
small molecule generics to their brand-name counterparts. These pathways
provide a streamlined route to market, reducing approval timelines and costs
for manufacturers. Many brand-name small molecule drugs face patent
expirations, allowing generic manufacturers to enter the market legally once
the exclusivity period ends. This creates a significant opportunity for small
molecule generics to capture market share. Generic versions are typically
priced lower, making them attractive options for healthcare providers and
patients. Small molecule generics are known for their cost-efficiency. They are
typically less expensive to produce, and market compared to complex biologics
or biosimilars.
This cost advantage makes them more accessible to a wider
patient population, aligning with the goal of affordable healthcare.
Based on region,
The United States boasts one of the largest pharmaceutical industries North
America, with numerous pharmaceutical companies involved in the development and
production of generic drugs. This industry's size and competitiveness
contribute to a wide variety of generic drug options and ongoing market
dominance. The U.S. Food and Drug Administration (FDA) has well-established
regulatory pathways for the approval of generic drugs, creating a conducive
environment for generic drug manufacturers. The FDA's rigorous but transparent
approval process ensures the safety and quality of generic drugs, instilling
confidence in healthcare providers and patients. The United States has a robust
healthcare infrastructure with an extensive network of healthcare providers,
including retail pharmacies, hospitals, and clinics. This infrastructure
facilitates the distribution and prescription of generic drugs, further
supporting their dominance in the market. The United States has one of the
highest healthcare expenditures North Americaly, driven by factors like an
aging population and a high prevalence of chronic diseases.
The Canada
market is poised to be the fastest-growing market, offering lucrative growth
opportunities for Generic Drugs players during the forecast period. Factors
such as Canada has been implementing healthcare reforms aimed at reducing
prescription drug costs. These reforms often emphasize the use of
cost-effective generic drugs, creating opportunities for growth in the generic
drugs market. Canada, like the United States, has an aging population. With the
elderly population being more susceptible to chronic diseases, there is a
growing demand for generic drugs to manage these conditions. The Canadian
government has been taking steps to encourage domestic generic drug
manufacturing. These initiatives can stimulate the growth of the local generic
drugs industry. Canadian generic drug manufacturers are increasingly looking to
expand their presence in international markets, which can contribute to the
market's growth.
Major
companies operating in North America Generic Drugs Market are:
·
Teva
Pharmaceutical Industries Ltd.
·
Mylan
Inc.
·
Sandoz
AG(Novartis)
·
Sun
Pharma Industries Ltd.
·
Par
Pharmaceuticals Inc (Endo Pharmaceuticals)
·
Lupin
Pharmaceuticals Inc
·
Dr
Reddy’s Laboratories Ltd.
·
Hospira
(Pfizer) Ltd.
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“The need to
contain healthcare costs and Physicians and patients are increasingly accepting
and prescribing generic drugs due to their proven efficacy are key drivers of
the Generic Drugs market. In recent years, there is a higher demand for
medications to manage age-related health conditions, further boosting the
demand for generic drugs. Moreover, the growing consumer emphasis on
preventative healthcare products has enhanced production and marketing efforts.
To meet the demands of the market, manufacturers are increasingly incorporating
cutting-edge technologies with high production efficiency. Rising consumer
acceptance and continuous product innovation will further ensure the growth of
the Generic Drugs and supplements market in the coming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“North America Generic Drugs Market
Segmented By Type (Small Molecule Generics, Biosimilars), By Application
(Cardiovascular Diseases, Diabetes, Neurology, Oncology, Anti-Inflammatory
Diseases, Others), By Drug Delivery (Oral, Topical, Parenteral, Others), By
Form (Tablet, Capsule, Injection, Others), By Source (In House vs Contract
Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies,
Retail Pharmacies, Online Pharmacies, Others), By Country, Competition,
Forecast & Opportunities, 2018-2028”, has evaluated
the future growth potential of North America Generic Drugs Market and provides
statistics & information on market size, 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 North America Generic Drugs Market.
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