Branded Generics market in North America is expected to grow at a 3.8% CAGR by 2031 | FMI Study
Future Market Insights (FMI), an ESOMAR-certified market research firm, predicts that the Branded Generics Market will grow by 4.9% year on year in 2021, reaching a valuation of US$ 283.2 Billion.
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.
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During the forecast period, the branded generics market will grow due to the entry of new players, simplified market authorization procedures, higher profit margins, and off-invoice discounts.
According to FMI’s analysis, despite the slight setback caused by the pandemic, the global branded generics market grew at a 4.9% CAGR from 2020 to 2021.
“Rising demand for branded generics in both developing and developed economies, as well as high penetration of the pharmaceutical industry, will provide lucrative growth opportunities for branded generics manufacturers during the forecast period,” according to the FMI analyst.
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.
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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.
Branded Generics Market by Category
- Cardiovascular Diseases
- Gastrointestinal Diseases
- Dermatology Diseases
- Analgesics and Anti-inflammatory
- Alkylating Agents
- Lipid Lowering Drugs
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- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Drug Stores
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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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