The increasing number of incidences of trauma and accidents around the world as well as the improvement of healthcare infrastructure are two other key aspects that are contributing to the rise of the market. In addition, the primary drivers that will increase the development of the market are the expanding population of elderly people as well as regulations that are favorable for reimbursement.
New York, United States, Oct. 25, 2023 (GLOBE NEWSWIRE) — Branded generics are the most recent formulation of an off-patent drug offered either by a patented drug manufacturer or by generic corporations that establish brand equity for generic copies of the drug. The pharmaceutical sector is characterized by several intrinsic and extrinsic dynamics including licensing, production, and marketing. “The global branded generics market size was valued at USD 223.09 billion in 2021 and is projected to reach USD 365.85 billion by 2030, registering a CAGR of 5.65% from 2022 to 2030,” stated by Research Manager at Straits Research P. Ltd.
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The increasing number of expired patents will propel the growth rate of the market for branded generics forward. Additionally, the increasing number of government measures to raise public awareness will have a significant impact on the growth rate of the branded generics industry. Additionally contributing to the growth of the market are the rising incidence of trauma and accidents worldwide and the improvement of healthcare infrastructure. In addition, the expanding elderly population and attractive reimbursement policies are the primary development factors for the market. Misapplication of risk evaluation and mitigation strategies (REMS) to Branded Generics Market entrance is anticipated to be a significant factor impeding the growth of the market over the forecast period.
As they are less expensive than branded pharmaceuticals and do not require intensive research and testing, the manufacture of branded generics has expanded significantly. The increasing prevalence of chronic conditions such as cardiovascular disease, diabetes, Alzheimer’s disease, and Parkinson’s disease around the globe has given the branded generics market the necessary impetus.
The market is split by region into North America, Europe, Asia-Pacific, and LAMEA.
North America accounted for 19.83 percent of the global market’s revenue in 2021 and is anticipated to grow at a stable CAGR over the forecast period. In addition to the somewhat high penetration of branded generic pharmaceuticals and the increasing disease burden and geriatric population in the region, a number of reasons are pushing expansion.
In contrast, the Asia-Pacific market is anticipated to see the highest CAGR of 6.4% throughout the forecast period. Increasing product penetration in nations such as Japan and India is anticipated to be a major development driver. In addition, governments in this region are focused on the growth of local manufacturing hubs to combat the lack of life-saving drugs, thereby meeting unmet requirements. In nations such as India, doctors prescribe pharmaceuticals by brand name rather than INN, resulting in a greater demand for brand-name generics in this region.
- The global branded generics market size is projected to reach USD 365.85 billion by 2030, registering a CAGR of 5.65% from 2022 to 2030.
- The oncology segment is projected to advance at the fastest CAGR of 6.2% by 2030
- North America accounted for a revenue share of 19.83 % in the global market in 2021 and is expected to advance at a steady CAGR during the forecast period
- Teva Pharmaceutical Industries Ltd.
- Sun Pharmaceutical Industries, Ltd.
- Dr. Reddy’s Laboratories Ltd.
- Endo International plc
- GlaxoSmithKline plc
- Pfizer, Inc.
- Apotex, Inc.
- Viatris, Inc.
Recent Developments By Key Players
- In July 2021, Lupin stated that it will buy Southern Cross Pharma Pvt Ltd of Australia (SCP).
- In May 2021, Teva Pharmaceuticals, a subsidiary of Teva Pharmaceutical Industries Ltd. in the United States, has announced the release of THIOLA (tiopronin) tablets for the treatment of cysteine (kidney) stones.
The Global Branded Generics Market Segmentation
- Alkylating Agents
- Lipid-Lowering Drugs
- Cardiovascular Diseases
- Neurological Diseases
- Gastrointestinal Diseases
- Dermatological Diseases
- Acute And Chronic Pain
Distribution Channel Outlook
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- The U.K.
- South Korea
- The Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
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About Straits Research Pvt Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt Ltd. provides actionable market research data, specially designed and presented for decision making and ROI.
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Originally published at https://www.einpresswire.com/article/664138793/branded-generics-industry-size-to-experience-a-cagr-of-5-65-from-2022-to-2030-ultimately-reaching-a-market-value-of-365-85-billion