Branded Generic Market

Branded Generic Market Size (2023-2028)

The global branded generic market was estimated to be worth USD 33165.03 million in 2022 and is anticipated to grow at a CAGR of 5.20% throughout the forecast period, reaching USD 468275.22 million by 2028. The market has had substantial growth, which is mostly attributable to the patent exclusivity of innovator pharmaceuticals expiring, which gives generic manufacturers a great opportunity to introduce goods at a lower price.

Branded Generic Market Share Insights

• Based on therapeutic application, the oncology segment dominate the market in 2022.
• Based on formulation type, the oral formulation segment dominates the market globally with a CAGR of 60.02% in 2022.
• In 2022, the North American market have the highest CAGR 19.69%, and will have the greatest share of the global market.

Impact of Covid-19 on Branded Generic Market:

The branded generics sector is one of several industries that have been negatively and positively affected by the epidemic in both good and negative ways. Under COVID-19, the pandemic condition alters consumer behavior, demand, transportation capabilities, and commerce flow. Lockdown, social isolation, and a slowness, and disturbance in the medication supply were all noted. The crisis has had an impact on regulatory operations, which is why the evaluation of health technologies has slowed down. It has a mild impact on drug prescription and uptake rates as well. Between January and March 2021, roughly 25 million antidepressant prescriptions were written during the pandemic in the UK; however, by the end of 2020, most of the affected nations had much fewer prescriptions.

In 2021, there were 539 million people worldwide who had diabetes, making it the world's most common chronic disease. As a result of the pandemic, pharmaceutical companies had new opportunities to introduce novel products and expand their product portfolio by launching new medications to combat the growing burden of non-infectious and infectious diseases and the rising population. Dr.Reddy's Laboratories Ltd. launched Invista in India in April 2020. For the treatment of adult patients with chronic myeloid leukemia, this medicine is a brand-named version of Sprycel. Due to factors like increased healthcare use and an emphasis on preventive measures, the pandemic resulted in a rise in demand for pharmaceutical items, particularly branded generics. The epidemic made it clearer why robust supply chains are essential, why local manufacturing is becoming more popular, and why inexpensive healthcare solutions are required. Future market patterns are influenced by several variables, which may alter the demand for branded generics.

MARKET DRIVERS:

One of the main factors boosting the global growth of the branded generic industry is the increased prevalence of chronic diseases. It is projected that the increasing burden of infectious and non-infectious diseases as well as the growing population, which is more prone to chronic disorders including hypertension, diabetes, and obesity, will have a favorable effect on growth. In 2022, there were 560 million diabetic patients worldwide. According to International Diabetes Federation data from 2022, there will be 620 million people worldwide suffering from diabetes by 2028. As a result, businesses are introducing novel products to expand their product lines, which is causing the market to grow faster than anticipated during the anticipated period. People's changing lifestyles, poor diets, and lack of physical activity are all contributing to an increase in chronic disease. Additionally, patients with chronic diseases must take proper medication daily, which necessitates medication at a reasonable cost. As a result, people with middle- and lower-class incomes purchase generic drugs at lower prices, which is one of the primary factors driving the growth of the industry.

The rising need for affordable healthcare solutions, which is accelerating the market expansion of generics in developing and wealthy nations, is another driver promoting market growth. These medications offer an excellent balance between cost-effectiveness and quality, appealing to both patients and medical professionals. Thus, the fact that branded generics are affordable for every person stimulates demand during the anticipated term. Another significant driver propelling the market expansion during the anticipated period is the poor financial situation of many individuals in various nations, and the need for quality medications at cost-effective prices among those who must take daily medications.

Another significant factor driving the market growth of branded generic products is the rising government initiative to promote generic products and the increasing penetration of branded generic pharmaceuticals. Increased government efforts to increase public awareness will result in a major expansion of the market for branded generics. The low cost of generic medications makes them more affordable for patients and lowers the per-capita cost of healthcare.

Increased cardio metabolic risk factors, an increase in cancer cases, increased government efforts to promote generic products, and patent expiration providing opportunities for generic manufacturers to introduce products at reduced rates are a few of the major factors driving the growth of the branded generic market. This factor boosted the branded generic market during the forecasted period.

MARKET RESTRAINTS:

Although numerous factors are raising the demand for the branded generic market, there are also some factors limiting its expansion. The supply chain efficiency, distribution channels, and overall revenue growth of the branded generic market are constrained by social and ethical concerns, economic policies, trade effects, legal situations, and demographic changes. Healthcare authorities' strict regulatory requirements, which make it difficult for newly branded generic products to enter the market. Additionally, the lack of efficient quality control procedures and the availability of inexpensive alternatives may undermine patient and healthcare professional confidence, which restrains market expansion.

The competition from brand-name drugs is another factor that prevents the market from expanding. The regulatory barrier is one of the main key restraining factors because many healthcare authorities have set standards for processing and maintaining the quality of drugs due to quality factors many healthcare authorities only rely on branded drugs instead of generic drugs.

REPORT COVERAGE:

By categorizing the branded generic market based on important elements such as therapeutic application, formulation type, distribution channel, and drug class geographical regions, the segmentation offers a framework for understanding the market and analyzing which segment dominate the market in the future and also which segment provides the highest opportunity in future.

Branded generic Market- By Therapeutic application:

• Oncology
• Cardiovascular disease
• Diabetes
• Neurology
• Dermatology disease
• Gastro-intestinal disease
• Analgesic and anti-inflammatory

The oncology segment dominates the market with the fastest CAGR throughout the anticipated period based on therapeutic application. The oncology section is predicted to expand at the highest CAGR of 7.02% by 2028 due to the patent expiration of significant medications in this field. The market's expansion was significantly influenced by the increased occurrence of illness. According to WCRF International, there will be 19.2 million new instances of cancer worldwide in 2022, with 8.5 million cases affecting women and 9.4 million cases affecting males. As a result, this market segment has the fastest CAGR over the anticipated time.

At a strong CAGR during the anticipated period, the diabetes sector will continue to dominate the market. Changes in lifestyle, poor diet, unbalanced mental health, and lack of physical activity are some of the main factors of the rise in diabetes incidence globally. More than 130 million adult people had diabetes in 2022, according to the CDC's National Diabetes Statistics Report. This will raise demand for medication, making this segment the one that will dominate the branded generic market during the forecasted period.

Branded generic Market- By Drug class:

• Alkylating agent
• Antimetabolites
• Hormones
• Anti-Hypertensive
• Lipid-lowering drugs
• Antipsychotics
• Antiepileptic
• Others

Anti-hypertensive medications dominate the market with the fastest CAGR during the anticipated period, according to drug classes. The anti-hypertensive sector dominated the market in 2022 with a revenue share of 16.69% and is anticipated to continue dominating the market during the forecast period due to an increase in ANDA approval and due to acute and chronic disease, product introductions over the previous few years.

Due to increased investment to create complicated or value-added generics, the hormone segment is also predicted to rise rapidly during the forecasted period. The prevalence of metabolic illnesses has increased as a result of an increasingly sedentary lifestyle. Due to some of these factors, the hormone sector is expected to lead the market throughout the anticipated period because this illness includes thyroid and sex hormone imbalance.

Branded generic Market- By Formulation type:

• Oral
• Parenteral
• Topical
• Others

The oral formulation segment dominates the market with the fastest CAGR over the anticipated period, according to the formulation type. The oral segment accounted for the greatest revenue share of 60.04% in the branded generic market in 2022 due to numerous advantages such as simplicity of administration and the lack of nursing requirements, the oral formulation resulting in improved patient acceptability and compliance. Because oral medications are easy to administer and because sweeteners and color coatings make tablets and capsules more palatable, the oral formulation sector is expected to dominate the market during the anticipated period.

Due to the rising frequency of target diseases like cancer, hepatitis C, and multiple sclerosis as well as the consequent high demand for generic injectable, the parenteral segment is anticipated to have the quickest growth throughout the anticipated period. This segment, which includes things like insulin, peptide hormones, and small-molecule antibiotics, among others, is anticipated to develop at the highest CAGR of 7.9% for the projected year.

Branded generic Market- By Distribution channel:

• Hospital pharmacies
• Retail pharmacies
• Online pharmacies
• Drug stores

Based on the distribution channel during the anticipated period, the retail pharmacy sector is expected to dominate the market. In 2022, the retail pharmacy distribution sector had the largest market share (59.8%), and this trend is anticipated to hold true throughout the forecast period. The market for branded generics is estimated to develop at the highest CAGR during the projected period due to the rising burden of chronic diseases and various types of discounts provided by retail pharmacies.

Online pharmacies are anticipated to expand during the projection period at a strong CAGR. Manufacturers are establishing relationships with online pharmacies in response to the growth of e-commerce, and the pandemic scenario has also benefited this category because customers bought branded generics from these establishments. As a result, this segment is anticipated to rule the market by 2028.

Branded Generic Market- By Region

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

Based on Region, during the anticipated timeframe, the North American region will dominate the branded generic market. In 2022, this region held a share of 19.69% of the global market, and over the foreseeable future, it is anticipated that this region will continue to expand at a stable rate. The high penetration of branded generic medications, the rising population and disease load, and other factors all contribute to the market's expansion in this area.

The Asia-pacific region is also expected to grow at a CAGR of 6.9% during the forecasted period. The expanding market share of the products in the countries like China, Japan, and India drives the market growth during the forecasted period.

The western and Eastern Europe is expected to dominate the market at a steady CAGR during the projection period. Due to digital technology, the accessibility provided by online purchases of branded generic drugs, flexibility, and the offer-discount provided by online pharmacies attract patients to buy drugs online are the major driver driving the growth of the market in this region.

The increasing incidence of individuals with Alzheimer’s disease, osteoarthritis, and rheumatoid arthritis and the increasing number of patent expiration are some of the key factors stimulating the growth of the market in this region.

The Middle East and Africa are also expected to grow at a steady CAGR, by introducing new technologies and features, the increasing number of vendors in the Middle East and Africa for branded generic market causes domination by this region during the forecasted period.

KEY MARKET PLAYERS

The prominent market player in the branded generic market is Lupin, Sanofi, Teva Pharmaceutical Industries Ltd., sun pharmaceutical industries Ltd., Dr. Reddy’s Laboratories, GlaxoSmithKline Inc. Apotex Inc. Pfizer Inc. Viatris Inc. are some of the major key players in the branded generic market.

RECENT MARKET DEVELOPMENTS:

• In June 25 2023, Indies Pharma introduces new branded generic drugs to the Jamaican market.
• In July 2022, Lupin, an India-based pharmaceutical company offering branded and generic formulations, biosimilars, and active pharmaceutical ingredients (APIs), acquired Southern Cross Pharma Pvt Ltd (SCP) for an undisclosed amount. Through this acquisition, Generic Health, an Australia-based wholly-owned subsidiary of global pharma major Lupin Limited, will have access to more than 60 registered products with approximately USD 22 million in sales.