Super generics are identical or virtually identical copies of brand name drugs that can be used to help lower the costs of prescription medications. Super generics help reduce healthcare costs since they are less expensive alternatives to branded drugs. The rising cost of treatment has imposed a heavy financial burden on patients and healthcare systems. This has increased demand for more affordable treatment options like super generics. Government initiatives are also encouraging the development and adoption of lower-cost generic and biosimilar drugs which is fueling growth of the super generics market.
The Super Generics Market is estimated to be valued at US$ 84 Bn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024-2031.
Key Takeaways
- Key players operating in the super generics market are Accord Healthcare, Alcon Laboratories, Azurity Pharmaceuticals, and Baxter. These players are focusing on new product development and launches to strengthen their market position.
- There is high growth potential in developing countries due to increasing healthcare expenditure and rising demand for low-cost medicines. Emerging markets offer lucrative opportunities for super generic manufacturers.
- Super generic manufacturers are expanding globally through partnerships and acquisitions to diversify their product portfolio and access new international markets. For example, in 2022, Dr. Reddy’s Laboratories launched two injectable super generics in several European countries.
Market Drivers
- Growing geriatric population susceptible to chronic diseases is driving the demand for affordable medicines. This is propelling the super generics market.
- Government support in the form of incentives, favorable pricing and reimbursement policies is encouraging adoption of super generics over branded drugs for cost savings. This is positively impacting market revenues.
Market Restrains
- Limited manufacturing capabilities and stringent regulatory guidelines for approvals delay market entry of new super generics which hinders market growth.
- Strong brand loyalty and patents protecting innovative drugs restricts super generics penetration in the short-term. This poses a challenge for market players.
Segment Analysis
The super generics market can be broadly segmented based on the drug class into cardiac, anti-diabetic, neurological, gastrointestinal, oncology, and others. Amongst these, the cardiac segment holds the largest market share owing to the high prevalence of cardiovascular diseases across the world and growing geriatric population who are prone to heart ailments. Within cardiac segment, drugs for hyperlipidemia and hypertension account for a major chunk of super generics demand.
Global Analysis
Geographically, North America dominates the super generics market currently due to favorable regulatory environment and heavy R&D investments by key players in this region. However, Asia Pacific is anticipated to witness the highest growth during the forecast period. This is attributed to the expanding pharmaceutical industries, less stringent approval policies, and increasing healthcare expenditure in emerging economies of China and India. In Asia Pacific, China represents the largest market whereas India is projected to be the fastest growing regional market for super generics.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163 )
What Are The Key Data Covered In This Super Generics Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Super Generics Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Super Generics Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Super Generics Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Super Generics Market vendors
FAQ’s
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Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Super Generics Market companies compare in terms of sales, revenue, and prices?
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it