
Published On: Sep 2022
Published On: Sep 2022
At 9.5% CAGR, the North America Branded Generics Market is projected to be worth US$ 126.24 Billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America branded generics market was valued at US$ 73.15 billion in 2022 and is expected to reach US$ 126.24 billion by 2028, registering an annual growth rate of 9.5% from 2022 to 2028. The increasing penetration of branded generics and various government initiatives for promoting branded generics are the critical factors attributed to the market expansion.
A Scientific Electronic Library Online (SciELO) report states that promoting branded generics constitutes a core instrument for countries' national pharmaceutical policies, ultimately reducing drug expenditure with expanding healthcare access. Government procurement of generic drugs in bulk substantially lowers the costs compared to the price paid for a branded drug by an individual consumer. It can be lowered to 2% of the retail price of a branded drug. Therefore, the provision related to free drugs acts as one of the most important interventions responsible for mitigating the burden on healthcare costs. Also, the increasing geriatric population in North America drive the overall branded generics market.
On the contrary, switching brands, poorer clinical outcomes and adverse effects of generic medications the growth of North America branded generics market.
The therapeutic application segment of the North America 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$ 22.25 billion. It is projected to garner US$ 37.84 billion by 2028 to expand at 9.3% 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 57.3% market share in 2022, amassing US$ 41.88 billion. It is projected to garner US$ 72.35 billion by 2028 to expand at 9.5% CAGR during 2022–2028.
The North America 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$ 51.44 billion in 2022 and is estimated to generate US$ 88.41billion by 2028 to grow at a CAGR of 9.4% over the forecast period.
The North America branded generics market, based on formulation type is segmented into oral, parenteral, topical, and others. With 57.7% share of the domain, the oral segment dominated the market in 2022. It accrued US$ 42.24 billion in 2022 and is estimated to generate US$ 72.81 billion by 2028 to grow at a CAGR of 9.5% over the forecast period.
Our regional analysis states that US captured 85.2% market share in 2022. It was assessed at US$ 62.32 billion in 2022 and is likely to hit US$ 107.66 billion by 2028, exhibiting a CAGR of 9.5% during the forecast period.
Key players dominating the North America 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:
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