Future Market Insights (FMI), an ESOMAR-certified consulting company, predicts in its most recent report that between 2021 and 2031, the global Branded Generics Market will grow steadily at a CAGR of 5.8%.
The rapid expansion of the branded generics market can be ascribed to the rising number of blockbuster or branded medicines whose patents are expiring as well as the rising incidence of chronic diseases. Growing consumer desire for affordable medical care is helping to drive up market demand.
Pharmaceuticals that have been re-released under a new brand name are known as branded generics. They are used to address a variety of illnesses, including back pain, diabetes, and hypertension. These medications make up a small but profitable portion of the total generic market.
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Since branded generics are free from patenting, companies are investing handsome amounts on this drug category. The market is set to reach a valuation of around 283.2 Bn in 2021, with top players in tier-1 accounting for 20%-25% market share.
The entry of new players, simple market authorization procedures, greater profit margin and off-invoice discounts will expand branded generics market during the forecast period.
As per the FMI’s analysis, despite the slight setback due to the pandemic, the global branded generics market registered year-on-year (Y-o-Y) growth at 4.9% CAGR during 2020-2021.
“Rising demand for branded generics across both developing and developed economies along with high penetration of pharmaceutical industry will offer lucrative growth opportunities for the branded generics manufacturers during the forecast period” says the FMI analyst.
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Key Takeaways from FMI’s Branded Generics Market Study
- China and India are spearheading the growth of Asia Pacific market spurred by the increasing adoption of branded generics by large-scale pharmacy chains in the emerging economies
- The U.S. will lead the North America’s branded generics market, registering a growth at 3.83% CAGR during the forecast period.
- The market in India is expected to offer lucrative growth opportunities to branded generics manufacturers backed the expansion of pharmaceutical industry
- In terms of therapeutic application, cardiovascular diseases and diabetes are expected to account for considerable market share
- Oral solid dose pharmaceutical formulation continues to be highly preferred among patients. The oral segment accounts for over 55% share of the global branded generics market.
Competitive Landscape
Teva, Abbott Laboratories, Novartis, Mylan, Pfizer are some prominent players operating in the branded generics market cumulatively hold around 20-25% market share.
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Key players operating in branded generic market are focusing on expanding their business in emerging markets. They are adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.
- In October 2020, Glenmark Pharmaceuticals, introduces NINDANIB (Nintedanib) for the treatment of pulmonary fibrosis in India. Glenmark has been amongst the first to launch the branded generic version at an affordable cost for the treatment of pulmonary fibrosis in India.
More Valuable Insights on Branded Generics Market
In its latest report, FMI provides an incisive coverage on the global branded generics market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.The study provides compelling insights on branded generics market on the basis of therapeutic application (oncology, cardiovascular diseases, diabetes, neurology, gastro intestinal diseases, dermatology diseases, analgesic and others), drug class (alkylating agents, anti-metabolites, hormones, anti-hypertensives, lipid lowering drugs, anti-depressants, anti-psychotics, anti-epileptics and others ), formulation type (oral, parenteral, topical, others) and distribution channel (hospital pharmacies, retail pharmacies, online pharmacies, drug stores) across seven major regions.
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Branded Generics Market by Category Therapeutic Application:
- Oncology
- Cardiovascular Diseases
- Diabetes
- Neurology
- Gastrointestinal Diseases
- Dermatology Diseases
- Analgesics and Anti-inflammatory
- Others
Drug Class:
- Alkylating Agents
- Antimetabolites
- Hormones
- Anti-Hypertensive
- Lipid Lowering Drugs
- Anti-Depressants
- Anti-Psychotics
- Anti-Epileptics
- Others
Formulation Type:
- Oral
- Parenteral
- Topical
- Others
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Drug Stores
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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