ESOMAR-certified consulting firm Future Market Insights (FMI) in its latest report forecasts that the global branded generics market will register healthy growth at a CAGR of 5.8% between 2021 and 2031.
The swift growth of branded generics market can be attributed to the growing number of patent expiry of branded or blockbuster drugs along with increasing prevalence of chronic diseases. Rising demand for cheap medical treatments is positively impacting the demand in the market.
Branded generics are pharmaceutical drugs that have been re-released with a different brand name. They are used to treat various diseases such as diabetes, hypertension, back pain and others. These drugs occupy small but lucrative subset of the entire generic market
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.
Teva, Abbott Laboratories, Novartis, Mylan, Pfizer are some prominent players operating in the branded generics market cumulatively hold around 20-25% market share.
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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Key Questions Answered in the Report
- What is the current branded generics market value?
The branded generics market exceeded the total market value of US$ 283.2 Mn in 2021
- At what rate did the branded generics market grow between 2016 and 2020?
The branded generics market exhibited steady growth at 6.5% CAGR between 2016 and 2020.
- What are the key trends driving branded generics sales?
Entry of new branded generics, encouraging use of branded generics by healthcare providers and professionals and two-tiered strategy are some of the key trends driving the market.
- Who are the leading players of branded generics?
Top prominent players of branded generics market are Teva, Abbott Laboratories, Novartis, Mylan and Pfizer
- What will be the demand outlook for North America branded generics market?
North America’s Branded Generics market demand is set to rise at 3.8% CAGR over the forecast period of 2021 and 2031.
- What is the market share of leading players in branded generics market?
Top players included in Tier-1 i.e., Pfizer Inc., Mylan N.V, Abbot Laboratories, Teva Pharmaceutical Industries Ltd. accounted for 20%-25% share in 2021.