Branded Generics Market Expected to Achieve US$ 747.2 Million Milestone with a Robust 8.6% CAGR Growth by 2033

The Branded Generics Market is anticipated to be valued at US$ 327.8 million in 2023. By 2033, the market for branded generics is anticipated to reach US$ 747.2 million, growing at a CAGR of 8.6%.

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 in 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 the 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 North America's branded generics market, registering 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 by the expansion of the pharmaceutical industry
-In terms of therapeutic application, cardiovascular diseases, and diabetes are expected to account for a 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, and Pfizer are some prominent players operating in the branded generics market cumulatively holding around 20-25% market share.

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Key players operating in the 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.

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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This release was published on openPR.