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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