Branded generics market is expected to reach US$ 235.86 billion in 2028 from US$ 414.99 billion in 2022. The market is estimated to grow at a CAGR of 9.9% from 2022 to 2028. The report highlights the key factors driving the market and prominent players with their developments.
Branded generics are generic drugs that have been given a proprietary market name. They may be marketed in a similar way as branded drugs. Branded generic drugs attach proprietary names to generic drug molecules. Some branded generics are specially made as novel dosage forms of off-patent drugs, filling in a dosage gap while offering consumers a name that is likely easier to remember than the true generic name. Branded generics are a small but profitable segment of the pharmaceutical market. Branded generics go through the same FDA approval process as other generics after branded drug patents expire.
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MYLAN N.V., TEVA PHARMACEUTICAL INDUSTRIES LTD, Dr. Reddy’s Laboratories, Sandoz International GMBH, GlaxoSmithKline Plc., Lupin, Sanofi, AstraZeneca PLC., Aspen Holdings, And Hetero are the key players operating in the global branded generics market.
The global branded generics market is segmented based on therapeutic application, distribution channel, drug class, and formulation type. Based on therapeutic application, the market is segmented into oncology, cardiovascular diseases, diabetes, neurology, gastrointestinal diseases, dermatology diseases, analgesics, and anti-inflammatory. By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and drug stores. In terms of drug class, the market is segmented into alkylating agents, antimetabolites, hormones, anti-hypertensive, lipid-lowering drugs, anti-depressants, anti-psychotics, anti-epileptics, and others. Based on formulation type, the market is segmented into oral, parenteral, topical, and others. By geography, the global branded generics market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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Branded Generics are the medicines used to cure patients with disorders like diabetes, cancer, AIDS, and others. Generic medicines are available at low prices worldwide. The increasing number of patients with chronic disorders is raising the demand for generic medication globally. According to the published report by HSRII, the US is the largest pharmaceutical market in the world, accounting for one-third of the global pharmaceutical market, with generics accounting for 84% in terms of sales volume and 28% in terms of sales value. Furthermore, branded generics utilization has increased among the population due to savings provided by the healthcare system and the ability to invest in tomorrow’s new medicines.
For instance, nearly 3.9 billion prescriptions dispensed in the US are for generics, indicating the high adoption rate of generics among the diseased population of the US. The market’s growth can be attributed to the robustly rising prevalence of diabetes and cancer and increasing support by the government in the US. In the US, diabetes is among the most common and expensive chronic diseases. The highest rate of diabetes is commonly seen in the elderly population. However, the rise in the prevalence of diabetes continues across the US, and it is also being seen among the overweight and obese population.
Further, prominent players in the branded generics market are focusing on offering low-cost branded generics to remain competitive. For instance, in July 2020, Takeda Pharmaceutical Company announced a joint venture with Teva Pharmaceuticals Industries Ltd., aiming to commercialize complex generic products, specialty assets, and other pipeline generic medicines. Further, key players in the branded generics segment focus on offering low-cost branded generics to remain competitive in the global market. This can be achieved by strategically sourcing raw materials from emerging economies and partnering with suppliers. These factors may provide lucrative opportunities for the overall branded generics market growth during the forecast period.
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