The consulting firm ESOMAR Future Market Insights (FMI) certified in its latest report predicts that the branded generics market will experience healthy growth at a CAGR of 5.8% between 2021 and 2031.
The rapid growth of the branded generics market can be attributed to the increasing number of brand name or successful drug patent expiries as well as the increasing prevalence of chronic diseases. The increasing demand for inexpensive medical treatments has a positive impact on the market demand.
Brand name generics are pharmaceutical drugs that have been reissued under a different brand name. They are used to treat various diseases such as diabetes, hypertension, back pain, and others. These drugs occupy a small but lucrative subset of the overall generic market
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Since brand-name generics are patent-free, companies are investing large sums in this category of drugs. The market should reach a valuation of around 283.2 billion in 2021, with the best level 1 players representing 20% -25% market share.
Entry of new players, straightforward marketing authorization procedures, higher profit margin and off-bill discounts will grow the branded generics market during the forecast period.
According to IMF analysis, despite the slight decline due to the pandemic, the global branded generics market has experienced year-over-year growth at 4.9% TCCA during 2020-2021.
Key Points from IMF Brand Generics Market Research
- China and India are spearheading Asia-Pacific market growth driven by increasing adoption of brand-name generics by large-scale drugstore chains in emerging economies
- The United States will dominate the branded generics market in North America, growing by 3.83% CAGR during the forecast period.
- Indian market expected to provide lucrative growth opportunities for branded generic manufacturers supported by expanding pharmaceutical industry
- In terms of therapeutic application, cardiovascular diseases and diabetes are expected to account for a considerable market share
- The oral solid dose pharmaceutical formulation continues to be highly preferred among patients. The oral segment represents more than 55% share of the global branded generics market.
Teva, Abbott Laboratories, Novartis, Mylan, Pfizer are leading players in the branded generics market that cumulatively hold around 20-25% market share.
The major players operating in the branded generics market are focused on expanding their business in emerging markets. They adopt various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain competitive advantage in the market.
- In October 2020, Glenmark Pharmaceuticals introduced NINDANIB (Nintedanib) for the treatment of pulmonary fibrosis in India. Glenmark was among the first to launch the affordable branded generic version for the treatment of pulmonary fibrosis in India.
More valuable insight into the branded generics market
In its latest report, IMF provides incisive coverage on the global branded generics market, providing historical data for the period 2016-2020 and forecast statistics for the period 2021-2031. The study provides compelling insights into the branded generics market on the basis of therapeutic application (oncology, cardiovascular disease, diabetes, neurology, gastrointestinal disease, dermatological disease, analgesics and others), drug class (alkylating agents, antimetabolites, hormones, antihypertensives, lipid lowering agents, antidepressants, anti -psychotics, antiepileptics and others), type of formulation (oral, parenteral, topical, others) and distribution channel (hospital pharmacies, retail pharmacies, online pharmacies, pharmacies) in seven major regions.
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