The U.S. generic drugs market is expected to grow at a CAGR of 6.68% from USD 117.32 billion in 2023 to USD 196.79 billion by 2031. Growth is driven by the rising launch of biosimilars and generics, the increasing prevalence of chronic diseases, and strategic partnerships among key players. Companies are also investing heavily in manufacturing facilities, like Mark Cuban Cost Plus Drug Company’s new sterile injectables plant launched in 2024 to address drug shortages.
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The demand for generics is fueled by the need for cost-effective treatment options for chronic illnesses such as cancer and diabetes. Generic drugs, offering the same efficacy as branded ones at lower prices, are becoming essential for long-term disease management.
Key Launches:
Companies like Zydus Group are expanding the market with new generics, such as Mirabegron for overactive bladder, approved by the USFDA in April 2024. Increasing patent expirations and growing patient preference for affordable treatments are boosting new product introductions.
Retail Pharmacies dominate the distribution channel, driven by improved tech-enabled services and patient convenience. However, online pharmacies are gaining traction due to ease of access, affordability, and quick delivery—especially among chronic disease patients. Companies like Lupin Ltd. are increasingly listing drugs online through platforms like Cost Plus Drugs.
Biosimilars are gaining a significant share of the market. In February 2024, the FDA approved Alvotech’s adalimumab biosimilar, Simlandi, marking a milestone in biosimilar availability and cost-saving initiatives. Partnerships between companies like Alvotech and Teva Pharmaceuticals are helping expand biosimilar offerings across the U.S.
Future Outlook (2024–2031):
The market is set for strong growth with rising healthcare costs, increasing chronic disease prevalence, and a wave of patent expirations creating opportunities for generics and biosimilars. Government efforts to make healthcare more affordable will further support market expansion.
The report, “United States Generic Drugs Market Assessment, Opportunities and Forecast, 2017–2031F”, provides detailed insights into market size, growth trends, opportunities, challenges, and competitive landscape.
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