The branded generics market size is projected to reach US$ 570.40 billion by 2031 from US$ 258.85 billion in 2023. The market is expected to register a CAGR of 10.38% during 2023–2031. The rising utilization of branded generics by healthcare providers and professionals is likely to remain a key trend in the market.
Branded generics are sold under a brand name without a patent. They can be developed by a generic drug firm or the original manufacturer and marketed after the original drug's patent expires. An Abbreviated New Drug Application (ANDA) is submitted for regulatory approval, and it must be therapeutically equivalent to the original drug. Their launch benefits brand name companies as they can be produced with existing expertise, do not require separate FDA approval and can be launched before the patent expires without legal obstacles. Rising penetration of branded generics in the market and spurring government initiatives for the development of branded generics are expected to favor the growth of the market.
Major companies have been implementing various organic as well as inorganic strategies which have promoted its growth in the market. For instance, in April 2021, WEX Pharmaceuticals Inc. announced that two clinical trials on tetrodotoxin (TTX) had been published in a special issue of the Toxins Journal. The safety study of cardiovascular applications, "Safety, Tolerability, Pharmacokinetics, and Concentration-QTc Analysis of Tetrodotoxin: A Randomized, Dose Escalation Study in Healthy Adults," was included in the special edition of the Toxins Journal. The Asia Pacific market is driven by rising investments from international players in China and India, improving government support for the development of branded generics in countries such as China, growing usage of branded generics, and advancing healthcare infrastructure in the region. Therefore, the region holds vast potential for the branded generics market players to grow during the forecast period.
As per the report released by VOXEU, branded generics are cheaper alternatives to other drugs. The utilization of branded generics has increased among the population due to cost savings provided by the healthcare system and the ability to make investments in tomorrow's new medicines. According to a report published by the International Generic and Biosimilar Medicine Association (IGBA) in May 2021, generics account for 60-80% of all medicine volume sales in major global markets, with even higher levels in some countries (e.g., more than 90% in the US, over 80% in Australia, more than 90% in India, and ~ 85% in Jordan). The industry's ability to maintain cost-effective prices, combined with scale, has allowed the industry to expand the reach and access of various therapies worldwide significantly. For example, within a year of the launch of generic antivirals for hepatitis C, the number of people who started treatment increased by 50%. Therefore, expanding the penetration of generics is the major driver of global branded generics' market share.
Precision medicine is advancing healthcare by tailoring treatment to each person's unique genetic makeup. This approach, also known as individualized medicine or genomic medicine, uses genetics and genomics to provide better disease prevention, more accurate diagnoses, safer drug prescriptions, and more effective treatments for various health conditions. Branded generics offer the same pharmacological effects and are cost-effective. These advantages of branded generics make them a better option for personalized treatments. For instance, according to an article published in the American Society for Clinical Pharmacology & Therapeutics (ASCPT) in 2023, a study comparing the effectiveness of generic clopidogrel and its brand-name counterpart for treating patients with acute myocardial infarction (AMI) found that the generic version was equally effective as the brand-name medication in terms of cardiovascular and bleeding outcomes. This signifies that the utilization of generic drugs in personalized treatment has a positive impact, and the personalized medicine approach is likely to bring lucrative opportunities for the branded generic market.
Key segments that contributed to the derivation of the Branded Generics market analysis are therapeutic application, drug class, formulation type, and distribution channel.
The geographic scope of the Branded Generics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. The generic drug utility has increased the share of pharmaceutical spending. According to an article published in the National Library of Medicine (NLM), over 90 % of pharmaceutical drug prescriptions in the US are currently dispensed as generic drugs. As per the report published by the Food and Drug Administration (FDA) in 2020, First generics are essential to public health; 72 first generic drugs received FDA approval in 2020. In addition, the FDA estimated that branded generic drugs have helped the healthcare system save US$ 2.2 trillion in the past decade. Due to rising utilization of branded generics in the region, North America held the largest share in 2023. Asia Pacific is projected to register the highest CAGR in the coming years.
The regional trends and factors influencing the Branded Generics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Branded Generics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 258.85 Billion |
| Market Size by 2031 | US$ 570.40 Billion |
| Global CAGR (2023 - 2031) | 10.38% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Therapeutic Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Branded Generics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Branded Generics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Branded Generics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes essential corporate publications, association data, and databases. A few of the developments in the Branded Generics market are listed below:
The “Branded Generics Market Size and Forecast (2021–2031)” report provides a comprehensive breakdown of the market covering the areas:
North America dominated the branded generics market in 2023.
Factors such as the rising penetration of branded generics in the market and spurring government initiatives for the development of branded generics are driving the branded generics market growth.
The rising utilization of branded generics by healthcare providers and professionals is a future trend in the market.
Hetero, Aspen Holdings, Sandoz International GMBH, Par Pharmaceuticals, INC, Dr. Reddy's Laboratories, AstraZeneca PLC, Sanofi, Lupin, Bausch Health Companies Inc., GlaxoSmithKline plc., Teva Pharmaceutical Industries Ltd, Mylan N.V are some leading players operating in the branded generics market.
The branded generics market is estimated to reach US$ 934.57 million by 2031.
The branded generics market is anticipated to grow at a CAGR of 11.20% during 2023-2031.