The Global Branded Generics Industry anticipates substantial growth, fueled by patent expirations and increased demand for affordable healthcare. Reintroduced pharmaceuticals and branded generics play a pivotal role in the thriving sector.
The Global Branded Generics Industry is gearing up for a monumental surge, as projected by industry experts. With an estimated value of US$ 327.8 million in 2023, the sector is set to witness an exceptional compound annual growth rate (CAGR) of 8.6%, soaring to an impressive US$ 747.2 million by 2033.
This exponential growth can be attributed to several key factors, including the expiration of patents for numerous blockbuster drugs and the concurrent rise in chronic illnesses worldwide. The Global Branded Generics Industry is capitalizing on the increasing demand for affordable healthcare, making significant strides in market expansion.
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Since branded generics are free from patenting, companies are investing handsome amounts on this drug category. The market is set to reach a valuation of around 283.2 Bn in 2021, with top players in tier-1 accounting for 20%-25% market share.
The entry of new players, simple market authorization procedures, greater profit margin and off-invoice discounts will expand the Global Branded Generics Industry during the forecast period.
As per the FMI’s analysis, despite the slight setback due to the pandemic, the Global Branded Generics Industry registered year-on-year (Y-o-Y) growth at 4.9% CAGR during 2020-2021.
“Rising demand for branded generics across both developing and developed economies along with high penetration of pharmaceutical industry will offer lucrative growth opportunities for the branded generics manufacturers during the forecast period” says the FMI analyst.
Key Takeaways from FMI’s Global Branded Generics Industry Study
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Global Branded Generics Industry Competitive Landscape
Teva, Abbott Laboratories, Novartis, Mylan, and Pfizer are some prominent players operating in the Global Branded Generics Industry cumulatively hold around 20-25% market share.
Key players operating in branded generic market are focusing on expanding their business in emerging markets. They are adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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Feb 05, 2024