Report : Middle East & Africa 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 & 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 8.1% CAGR, the Middle East & Africa Branded Generics Market is speculated to be worth US$ 33.78 Billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa branded generics market was valued at US$ 21.12 billion in 2022 and is expected to reach US$ 33.78 billion by 2028, registering an annual growth rate of 8.1% 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.
The pharmaceutical industry is one of the most intensively regulated sectors, and as a result of these challenges, returns on R&D investment in the pharmaceutical industry have decreased. One feasible alternative for addressing such challenges is adopting strategies such as product differentiation to reduce development costs and maximize profits. Product differentiation deals with developing innovative products based on an existing product by creating better features, performance, or efficacy. Product differentiation paves the way for strengthening product pipeline and lifecycle management. As generic drugs contain the same active pharmaceutical ingredients as the brand-name product, differentiation in the color, shape, taste, inactive ingredients, preservatives, and packaging result in high demand for branded generics. Therefore, differentiation in the final product is expected to offer lucrative growth opportunities for the competitive players in the market.
Additionally, prominent players in the market are focusing on offering low-cost branded generics to remain competitive in the market. For instance, in July 2020, Takeda Pharmaceutical Company announced a joint venture with Teva Pharmaceuticals Industries Ltd., aiming to commercialize complex generics products, specialty assets, and other pipeline generic medicines. Further, key players in the branded generics segment focus on offering low-cost branded generics to remain competitive in the MEA market. This can be achieved by strategically sourcing raw materials from emerging economies and partnering with suppliers. All these factors may provide lucrative opportunities for the overall branded generics market growth during the forecast period.
On the contrary, switching brands, poorer clinical outcomes and adverse effects of generic medications hurdles the growth of Middle East & Africa branded generics market.
The therapeutic application segment of the Middle East & Africa branded generics market is segmented into oncology, cardiovascular diseases, diabetes, neurology, gastrointestinal diseases, dermatology diseases, and analgesics and anti-inflammatory. With 30.4% market share the others segment held the largest share of the market in 2022 amassing to US$ 6.43 billion. It is projected to garner US$ 10.11 billion by 2028 to expand at 7.8% 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 58.5% market share in 2022, amassing US$ 12.35 billion. It is projected to garner US$ 19.73 billion by 2028 to expand at 8.1% CAGR during 2022–2028.
The Middle East & Africa 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 70.3% share of the domain, the others segment dominated the market in 2022. It held US$ 14.84 billion in 2022 and is estimated to generate US$ 23.65 billion by 2028 to grow at a CAGR of 8.1% over the forecast period.
The Middle East & Africa 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$ 12.21 billion in 2022 and is estimated to generate US$ 19.49 billion by 2028 to grow at a CAGR of 8.1% over the forecast period.
Our regional analysis states that the Rest of MEA captured 47.6% market share in 2022. It was assessed at US$ 10.05 billion in 2022 and is likely to hit US$ 15.72 billion by 2028, exhibiting a CAGR of 7.7% during the forecast period.
Key players dominating the Middle East & Africa 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.
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