Report : Asia Pacific Branded Generics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Therapeutic Application (Oncology, Cardiovascular Diseases, Diabetes, Neurology, Gastrointestinal Diseases, Dermatology Diseases, Analgesics and 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)
At 10.5% CAGR, the Asia Pacific Branded Generics Market is speculated to be worth US$ 130.39 Billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific branded generics market was valued at US$ 71.45 billion in 2022 and is expected to reach US$ 130.39 billion by 2028, registering an annual growth rate of 10.5% from 2022 to 2028. Product differentiation providing new opportunities and encouraging utility of branded generics by healthcare providers and professionals are the critical factors attributed to the market expansion.
An NCBI report states that generic medicines are pharmaceutical products equivalent to the patent product regarding dosage form, strength, route of administration, quality, safety, performance characteristics, and intended use. Therefore, in September 2016, the Medical Council of India (MCI) released an amendment to the Indian Medical Council Regulations (Professional Conduct, Etiquette and Ethics) in clause 1.5. This is related to healthcare professionals' utilization of generic names of drugs. Generic medicines play a vital role in offering cost-effective healthcare; it is responsible for direct utilization worldwide. For instance, an NCBI report reveals that around 80% of medicines prescribed in countries such as the China and Australia are generics.
A redalyc.org report states that it is undebatable that physicians, pharmacists, and patients represent the key stakeholders in ensuring the success of generic medicines. Also, the pharmacists, who in major instances serve as the first point of contact for patients, act as a paramount source of information about generic drugs. Thus, such factors are expected to open up new scope for the branded generics market during the forecast period.
On the contrary, switching brands, poorer clinical outcomes and adverse effects of generic medications hurdles the growth of Asia Pacific branded generics market.
The therapeutic application segment of the Asia Pacific branded generics market is segmented into oncology, cardiovascular diseases, diabetes, neurology, gastrointestinal diseases, dermatology diseases, and analgesics and anti-inflammatory. With 30.7% market share the others segment held the largest share of the market in 2022 amassing to US$ 21.92 billion. It is projected to garner US$ 39.44 billion by 2028 to expand at 10.3% CAGR during 2022–2028.
Based on distribution channel, the branded generics market sphere is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and drug stores. The retail pharmacies held 57.9% market share in 2022, amassing US$ 41.40 billion. It is projected to garner US$ 75.60 billion by 2028 to expand at 10.6% CAGR during 2022–2028.
The Asia Pacific 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. With 70.2% share of the domain, the others segment dominated the market in 2022. It held US$ 50.17 billion in 2022 and is estimated to generate US$ 91.19 billion by 2028 to grow at a CAGR of 10.5% over the forecast period.
The Asia Pacific branded generics market, based on formulation type is segmented into oral, parenteral, topical, and others. With 57.8% share of the domain, the oral segment dominated the market in 2022. It accrued US$ 41.27 billion in 2022 and is estimated to generate US$ 46.91 billion by 2028 to grow at a CAGR of 10.5% over the forecast period.
Our regional analysis states that the China captured 56.1% market share in 2022. It was assessed at US$ 40.08 billion in 2022 and is likely to hit US$ 72.35 billion by 2028, exhibiting a CAGR of 10.3% during the forecast period.
Key players dominating the Asia Pacific branded generics market are Aspen Holdings, AstraZeneca, Bausch Health (Valeant Pharmaceuticals), Dr. Reddy's Laboratories Inc., GlaxoSmithKline plc, Hetero, Lupin, Mylan N.V., Par Pharmaceuticals, Sandoz International Gmbh, Sanofi, and Teva Pharmaceutical Industries Ltd. among others.
A few latest key developments happening among the market players are described below:
- In Jan 2020, Sandoz announced acquisition of Japanese business of Aspen Holdings and has acquired all the shares in Aspen Japan K.K. and associated assets held by AGI. The acquisition enables Sandoz to expand its presence in Japan’s marketplace, the third largest for generics and off-patent medicines worldwide. It also strengthens Sandoz’s presence in the hospital channel by complementing the broad Sandoz portfolio and pipeline of hospital generic and biosimilar products in Japan with a dedicated sales, marketing and medical organization.
- In May 20200, Hetero, India's leading generic pharmaceutical companies and largest producer of anti-retroviral drugs, announced entering into licensing agreement with Gilead Sciences, Inc. for manufacturing and distribution of "Remdesivir" for treating COVID-19.
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