Branded Generics Market to reach $536.2 million by 2030 Globally, at a CAGR of 7.3%, says Coherent Market Insights
Branded generics refer to the latest editions of previously patented pharmaceuticals, which are produced and supplied by either the original patent-holding drug companies or generic drug manufacturers with well-established brand recognition for their generic counterparts.
Burlingame, Aug. 01, 2023 (GLOBE NEWSWIRE) — Coherent Market Insights published a report, titled,” Branded Generics Market, By Drug Class (Alkylating Agents, Antimetabolites, Hormones, Anti-Hypertensive, Lipid Lowering Drugs, Anti-Depressants, Anti-Psychotics, Anti-Epileptics, Others) By Formulation (Oral, Parenteral, Topical and Others), By Indication (Oncology, Cardiovascular Diseases, Diabetes, Neurology, Gastrointestinal Diseases, Dermatology Diseases, Analgesics and Anti-inflammatory, Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Drug Stores),: Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030.” According to the report, the global Branded Generics Market is estimated to be valued at US$ 327.4 million in 2023 and is expected to exhibit a CAGR of 7.3% during the forecast period
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Analysts’ Views on Global Branded Generics Market:
Today, chronic diseases are a major public health problem worldwide. For instance, according t WHO data in September 2022, Noncommunicable diseases (NCDs) kill 41 million people each year, equivalent to 74% of all deaths globally. Each year, 17 million people die from a NCD before age 70; 86% of these premature deaths occur in low- and middle-income countries and of all NCD deaths, 77% are in low- and middle-income countries. As these diseases are continuously increasing, the market will see positive impact in the near future.
Global Branded Generics Market– Driver
Off-invoice discounts to fuel growth of the global branded generics market
Due to huge reductions offered in the price of these drugs by the manufacturers, the demand for branded generics is projected to be significant in developed and developing markets such as the U.S., China, and so on. Off-invoice discounts average about 30% in the US compared to 17% in Europe region.
Global Branded Generics Market- Restraint
Misuse of Risk Evaluation & Mitigation Strategies (REMS) may hinder market growth
Misuse of Risk Evaluation and Mitigation Strategies (REMS) to delay generic market entry is also expected to hinder growth of the market. Branded drug manufacturers/drug discovery companies use REMS to withhold access to drug samples for generic manufacturers’ bioequivalence testing and development. This in turn delays entry of branded generic drugs in the market.
Branded Generics Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 305.1 Mn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||7.3%||2030 Value Projection:||US$ 536.2 Mn|
|Companies covered:||Mylan N.V, Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Sun Pharmaceutical Industries Ltd., Aspen Pharmacare Holding Ltd., Abbott Laboratories, and Valeant Pharmaceuticals International, Inc.|
|Restraints & Challenges:||
Global Branded Generics Market- Opportunity
Increased demand from emerging markets
Players in the market can focus on expanding their business in emerging markets. This is owing to increasing demand for generic drugs in these markets. For instance, according to India Brand Equity Foundation, the pharmaceutical sector in India supplies over 50% of global demand for various vaccines, 40% of generic demand in the U.S. and 25% of all medicine in the U.K.
Global Branded Generics Market Cross Sectional Analysis:
Among Indication, Cardiovascular diseases is poised for a high demand of branded generics. Asia Pacific has the highest demand for these drugs. Asia Pacific countries such as India and China are the largest consumers of branded generics due to the high prevalence in chronic illnesses in these countries. These countries are continuously seeking affordable and cheap healthcare options. The Chinese government has invested heavily in the healthcare sector. Also, the region has a high number of cardiovascular patients, which is resulting in the demand for branded generics.
Other countries in Asia Pacific such as Indonesia, Vietnam Thailand and other ASEAN countries is also seeing a high growth in the market. These countries have high population and emerging economies which impacts the market positively.
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Global Branded Generics Market Segmentation:
The global Branded Generics market report is segmented into Product Type, technology, Application, and Region
By Drug Class, the market is segmented into Alkylating Agents, Antimetabolites, Hormones, Anti-Hypertensive, Lipid Lowering Drugs, Anti-Depressants, Anti-Psychotics, Anti-Epileptics & Others. Out of which, the Anti-Hypertensive segment is projected to dominate the market owing to the rising ANDA approvals and product launches recently.
By Formulation, the market is segmented into Oral, Parenteral, Topical and Others. The oral segment dominated the market. This is due to the ease of oral administration over others and no nursing requirements, thus leading to higher patient acceptability and compliance.
By Indication, the market is segmented into Oncology, Cardiovascular Diseases, Diabetes, Neurology, Gastrointestinal Diseases, Dermatology Diseases, Analgesics and Anti-inflammatory and Others. Among these Cardiovascular disease is projected to hold the largest share among other segments in the forecasted period. As cardiovascular diseases account for over 30% of all deaths, mostly due to ischemic heart disease and stroke, and approximately 10% of the overall number of Disability Adjusted Life Years. Also, the rising clinical trials for the application of branded generics in cardiovascular diseases treatment is rising.
By Distribution Channel, the market is segmented into Hospital Pharmacies, Retail Pharmacies, Online Pharmacies and Drug Stores. The retail pharmacy holds the largest share in the distribution channel, which can be attributed to the growing diseases among general public as well as discounts and easy availability in retail stores.
Among all segmentation, the anti-hypertensive drugs are in huge demand globally. For instance, the launch of fixed-dose combinations (FDCs) in India which combine two or more drugs in a single tablet. FDCs have shown to be very effective in lowering blood pressure and is becoming increasingly popular in India. Moreover, development in introduction of innovative drug delivery system in anti-hypertensive generic drug, in which a transparent patch has been developed that delivers a combination of two anti-hypertensive drug through the skin. This technology has the potential to improve patient compliance and side effects.
Global Branded Generics Market: Key Developments
For instance, in July 2021, in U.K., according to the NHS, approximately 20 million antidepressant medications were prescribed in March 2021; in January 2021, the number was around 20.5 million. However, the impact of COVID-19 reduced significantly by the end of 2020 in most countries. Whereas, in some countries affected by the third wave of COVID-19, the effect lasted until the third quarter of 2021.
Key Market Takeaways:
The global branded generics market is expected to exhibit a CAGR of 7.3% during the forecast period due to the increasing prevalence of diseases both chronic and acute. For instance, in November 2020, Glenmark Pharmaceuticals launched a new generic drug, which is an anti-inflammatory drug. In February 28 2023, Teva Pharmaceuticals launched a new drug which temporarily relieves minor aches and pains due to headache, toothache, backache, menstrual cramps, muscular aches, minor pain of arthritis.
Among distribution channel, the retail store is expected to hold the largest market share. Owing to the discounts and easy availability of the drugs in the retail pharmacy stores the segment holds a significant share. According to data provided by Food Safety and Drug Administration (FSDA), India, retail pharmacies contributed a major portion to the growth. While 21,374 new retail drug stores opened in the period, the number of wholesale pharmacies rose by 16,371 in India.
Key players operating in the global Branded Generics market are Mylan N.V, Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Sun Pharmaceutical Industries Ltd., Aspen Pharmacare Holding Ltd., Abbott Laboratories, and Valeant Pharmaceuticals International, Inc.
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- Global Branded Generics Market, By Drug Class:
- Alkylating Agents
- Lipid Lowering Drugs
- Global Branded Generics Market, By Formulation:
- Global Branded Generics Market, By Indication:
- Cardiovascular Diseases
- Gastrointestinal Diseases
- Dermatology Diseases
- Analgesics and Anti-inflammatory
- Global Branded Generics Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Drug Stores Global Branded generics Market, By Region:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
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