Branded Generics Market Will Amass US$ 410 Bn by 2027
Differential and innovative product strategies that are adopted by various multinational pharma companies have been fuelling the growth of branded generics market at a global scale. These strategies include establishing sustained local capabilities with the strong local talents, engaging in portfolio marketing, recalibrating regulatory affairs, bolstering sales force with the multi-channel engagement and enhancing contracting capabilities. Developing regions are witnessing a rapid increase in demand for branded generics on account of increasing affordability of the products and ease of regulations. Rising disposable income and changing lifestyle of consumers is also expected to augur well for growth of the branded generics market in the near future.
The study predicts that patent expiries of the blockbuster drugs are likely to create demand for branded generics during the forecast period. Increasing prevalence of the lifestyle and chronic diseases such as cardiovascular diseases and diabetes together with increasing purchasing power makes branded generics market attractive for investors. The study by Future Market Insights predicts that branded generics market is likely to register a healthy 7.3% CAGR over the forecast period, 2016-2026. Commodity generic products and huge competition from the branded drugs have prevailed as major challenges inhibiting the growth of branded generics market, in terms of price structure.
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Cardiovascular Diseases are likely to prove highly lucrative for revenue growth of branded generics market due to rising prevalence of diverse types of cancers and increasing comorbidities across the globe. Anti-hypertensive segment is expected to prove highly lucrative for the purpose of reducing premature cardiovascular disease. Oral formulations hold the largest demand from medical providers and patients for branded generics. This is mainly due to the benefits that oral formulation offers such as accuracy, dosing convenience and easy adherence to a medication plan.
Parenteral formulations are likely to gain traction in branded generics market during the forecast period, with API (active pharmaceutical ingredient) being degraded in intestinal tracts, thereby driving the demand for parenteral delivery. The report predicts that APEJ and North America are likely to remain lucrative for parenteral formulations during the forecast period. Retail Pharmacies are expected to prove as the most lucrative distribution channel for branded generics, as the pharmaceutical companies’ manufacturers are highly dependent on this distribution channel for selling the products over-the-counter.
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APEJ accounts for the largest revenue share in the branded generics market owing to lack of worldwide health coverage and higher out-of-the-pocket expenditure on healthcare. China, India and ASEAN countries are expected to pose lucrative growth opportunities for the new and existing key players in the forthcoming years. Most of the leading manufacturers in the global market are concentrated in Asian countries and have been working towards expansion of their production capacity, for catering to the existing and emerging global demands.
Statutory regulatory bodies have been playing a significant role in the growth branded generics market in APEJ by providing approvals for products. Furthermore, growth through the adoption of inorganic approaches have been forming cornerstone of the branded generics drug makers in APEJ region. Latin America, Eastern Europe and North America will prove significantly lucrative for the branded generics market in the forthcoming years.
Brand-name prescriptions are anticipated to remain ubiquitous amongst the aged people worldwide. Since geriatric demographics hold a larger portion of drug-consuming population across the globe, demand for branded generics are expected to rise substantially. Branded generics market has been projected to develop at a healthy pace as enormous number of the pharmaceutical products are expected to go off-patent within the assessment period of 2016-2026.