Branded Generics Market Size Worth $414.99 Billion, Globally, During (2022-2028) at 9.9% CAGR Driven by Oncology Therapeutic Application | The Insight Partners
13 Jun 2022
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NEW YORK, June 13, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "
Branded Generics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Therapeutic Application (Oncology, Cardiovascular Diseases, Diabetes, Neurology, Gastrointestinal Diseases, Dermatology Diseases, Analgesics & Anti-Inflammatory, and Others), Distribution Channel (Hospitals, Retail Pharmacies, Online Pharmacies, and Drug Stores), Drug Class (Alkylating Agents, Antimetabolites, Hormones, Antihypertensive, Lipid-Lowering Drugs, Antidepressants, Antipsychotics, Antiepileptic, and Others), and Formulation Type (Oral, Parenteral, Topical, and Others)", the global branded generics market is expected to grow from $235.86 billion in 2022 to $414.99 billion by 2028; it is estimated to grow at a CAGR of 9.9% from 2022 to 2028.
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Branded Generics Market Strategic Insights:
The branded generics market growth is driven by the rising penetration of branded generics and increasing government initiatives for promoting branded generics, encouraging the utility of branded generics by healthcare providers and professionals. However, poor clinical outcomes and adverse effects of generic medications in the global market are hampering the market growth.
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Global Branded Generics Market: Competitive Landscape and Key Developments
In March 2020, Mylan Pharmaceuticals ULC launched Wixela Inhub (fluticasone propionate and salmeterol inhalation powder, USP), the first available bioequivalent alternative to ADVAIR DISKUS (fluticasone propionate and salmeterol inhalation powder), in Canada.
In May 2022, Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd., announced the launch of the first generic version of Revlimid 1 (lenalidomide capsules), in 5 mg, 10 mg, 15 mg, and 25 mg strengths, in the US.
In Jan 2020, Sandoz announced the acquisition of the Japanese Business of Aspen Global Incorporated (AGI), a wholly-owned subsidiary of Aspen Pharmacare Holdings Limited. The successful completion of the acquisition of Aspen's Japanese operations promises to significantly strengthen Sandoz's position in Japan, a stable and growing market. The acquisition enables Sandoz to expand its presence in Japan's marketplace, the third-largest for generics and off-patent medicines worldwide.
In April 2022, GSK reached an agreement to acquire late-stage biopharmaceutical company Sierra Oncology for US$ 1.9 billion. GSK announced that the companies have entered into an agreement under which GSK would acquire Sierra Oncology, a California-based, late-stage biopharmaceutical company focused on targeted therapies for the treatment of rare forms of cancer, for US$ 55 per share of common stock in cash representing an approximate total equity value of US$ 1.9 billion (GBP 1.5 billion).
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Impact of COVID-19 Pandemic on Global Branded Generics Market:
In 2020, the COVID-19 pandemic led to the implementation of stringent lockdown regulations across several countries, resulting in disruptions in branded generics' import and export activities. Due to the spread of SARS-CoV-2, many countries and cities were shut down, causing the cancellation of treatments and doctor/dentist appointments. Patients suffering from critical issues need physical attention in the clinics to perform procedures. Diabetes and cancer are one of the most preventable public health challenges in all the regions. Due to the rising intensity of the COVID-19 pandemic, the patients could not visit the diabetes care clinics. Moreover, there was limited availability of staff. Hence, the COVID-19 pandemic negatively impacted the global branded generics market.
As a result, healthcare systems were overburdened, and the delivery of medical care to all patients became a challenge globally. In addition, the medical device industry was facing the negative impact of this pandemic. As the COVID-19 pandemic continued to unfold, medical device companies found difficulties managing their operations. Many companies offering branded generics have business operations in the US, and businesses were adversely affected by the COVID-19 outbreak. This disrupted and restricted the companies' ability to distribute products and resulted in temporary closures of their facilities. However, hospitals have gradually started resuming elective procedures as the COVID-19 recovery rate increased. Hence, the demand for branded generics, is expected to increase.
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Rising Penetration of Branded Generics Boost Global Branded Generics Market Growth:
Branded generics are cheaper alternatives to branded medicines, offering efficiency gains to any healthcare system. For instance, in 2016, US$ 253 billion was generated by generic medicines accounting for one-quarter of a trillion dollars. Additionally, US$ 1.6 trillion dollars in healthcare savings in the same year accounted for in the US healthcare system evaluating a 10-year saving due to the availability of low-cost generics.
Global Branded Generics Market: Segmental Overview
Based on therapeutic application, the branded generics market is segmented into oncology, cardiovascular diseases, diabetes, neurology, gastrointestinal diseases, dermatology diseases, analgesics and anti-inflammatory, and others. In 2022, the others segment would hold the largest share of the market. However, the oncology segment is expected to grow at the fastest CAGR of 11.0% from 2022 to 2028.
In terms of distribution channel, the branded generics market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and drug stores. The retail pharmacies segment is likely to hold the largest share of the market in 2022. Moreover, the online pharmacies segment is anticipated to register the highest CAGR of 10.2% in the market during the forecast period.
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The branded generics market, by drug class, is segmented into alkylating agents, antimetabolites, hormones, anti-hypertensive, lipid lowering drugs, anti-depressants, anti-psychotics, anti-epileptic, and others. The others segment is likely to hold the largest share of the market in 2022. However, the hormones segment is anticipated to register the highest CAGR of 10.9% in the market during the forecast period.
The global branded generics market, based on formulation type, is segmented into oral, parenteral, topical, and others. In 2022, the oral segment held the largest share of the market by formulation type. However, the parenteral segment is expected to witness growth in its demand at the fastest CAGR of 10.3% from 2022 to 2028.
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