United States Pharmaceuticals Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)
United States Pharmaceuticals Market is Segmented By Product Type (Prescription Drugs, Generic Drugs, OTC Drugs, Biologics, Biosimilars), By Therapy Area (Oncology, Diabetes, Autoimmune Diseases, Neurological Disorders, Cardiovascular, Infectious Diseases), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By Route of Administration (Oral, Parenteral, Topical), By End User (Hospitals, Clinics, Homecare Settings). The report offers the value (in USD billion) for the above-mentioned segments.
United States Pharmaceuticals Market Trends
- Rising Popularity of OTC Medicines: The OTC drugs market has witnessed substantial growth in recent years driven by healthcare consumerism, self-medication, and availability of Rx-to-OTC switches. Increased access to information and awareness about side effects is boosting adoption of OTC drugs. Availability of OTC drugs improves patient access while reducing pressure on the healthcare system. The switch from Rx to OTC refers to the transfer of proven prescription drugs to non-prescription drugs. Due to the switch, many people can conveniently buy and use a wider range of analgesics, antihistamines, heartburn reducers, nicotine replacement products and cough, cold and flu products without consulting a doctor. For instance, in 2020, the U.S. Food and Drug Administration (U.S. FDA) converted GlaxoSmithKline’s Voltaren Arthritis Pain (diclofenac sodium topical gel, 1%), Alcon’s Pataday Twice Daily Relief (olopatadine HCl ophthalmic solution/drops, 0.1%), and Once Daily Relief (olopatadine HCl ophthalmic solution/drops, 0.2%), to OTC drugs
United States Pharmaceuticals Market Regional Insights:
- Northeast: The Northeast region is the largest pharmaceutical market in the US, with a market share of over 40%. The region is home to some of the largest and most affluent cities in the US, as well as a number of major pharmaceutical companies.
- West: The West region is the second-largest pharmaceutical market in the US, with a market share of over 30%. The region is home to a number of large and growing cities, as well as a number of biotech companies.
- South: The South region is the third-largest pharmaceutical market in the US, with a market share of over 15%. The region is home to a number of large and growing cities, as well as a number of pharmaceutical companies.
- Midwest: The Midwest region is the smallest pharmaceutical market in the US, with a market share of under 15%. The region is home to a number of large and growing cities, but it also has a number of rural areas.
Figure 1. United States Pharmaceuticals Market Value (US$ Bn), 2023
