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By drug class, the branded generics market is classified into alkylating agents, antimetabolites, hormones, anti-hypertensive, lipid lowering drugs, anti-depressants, anti-psychotics, anti-epileptics, and other drug classes. The anti-hypertensive segment accounted for 16.7% of the business share in 2022 and is projected to witness significant growth over the analysis timeframe. Increasing prevalence of hypertension is anticipated to accelerate the market growth. For instance, according to the Centers for Disease Control and Prevention (CDC) report, in 2021, hypertension was a primary or contributing cause of 691,095 deaths in the U.S. This surge in cases translates into a heightened demand for effective and affordable treatments.
Based on application, the branded generics market is segmented into oncology, cardiovascular diseases, neurological diseases, gastrointestinal diseases, dermatological diseases, acute and chronic pain, and other applications. The oncology segment accounted for 29.8% of the revenue share in 2022. Rising abbreviated new drug application (ANDA) approvals and product launches will accelerate the market growth. For instance, there were 88 first-time generics approved in 2021 and 52 approvals through the Competitive Generic Therapy (CGT) route. Such increasing approvals will propel the market growth. Also, increasing cases of cancer across the globe is expected to boost the market growth. Therefore, demand of branded generics is expected to increase, thereby augmenting the segment growth.
Based on route of administration, the branded generics market is segmented into topical, oral, parenteral, and other routes of administration. The oral segment is projected to witness significant growth of 6.4% over the analysis timeframe. The widespread utilization of the oral route of administration for medication delivery serves as a prominent growth driver in the market. Also, advantages associated with oral medication such as ease of administration, enabling self-management and adherence to treatment regimens are anticipated to boost the market growth. Furthermore, Older individuals often prefer the convenience of oral medications due to factors such as ease of ingestion, familiarity, and the absence of invasive procedures. The act of swallowing a pill or tablet aligns with their established daily routines, fostering medication adherence and ensuring consistent therapeutic outcomes.
Based on distribution channel, the branded generics market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy. The hospital pharmacy segment accounted for 49.8% of the business share in 2022 and is projected to witness lucrative growth over the analysis timeframe. Hospitals, as vital centers of healthcare delivery, demand a consistent supply of high-quality medications to treat diverse patient populations. The hospital pharmacies prioritize both patient care and budget constraints. Thus, the affordability of these medications allows hospitals to optimize resource allocation without compromising the quality of treatment, thereby supplementing market expansion. Furthermore, the growing inclination of patients towards choosing hospitals as their preferred treatment destinations is poised to significantly amplify market revenue.
North America branded generics market accounted for 40.8% revenue share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. A prominent growth driver for the market in North America is the region's robust healthcare infrastructure and the rising emphasis on cost-effective treatments. Also, rising product launches in the region will escalate the market growth. Such initiatives by market players are anticipated to drive the market growth. Moreover, surging government initiatives to promote generic products along with presence of key market in the region is expected to boost the market size.