The super generics market comprises lower-cost generic medicines that are essentially copies of original brand-name drugs whose patents have expired. Super generics provide similar therapeutic benefits to their branded equivalents but are more affordable for a larger population base. The growing burden of healthcare costs across countries has increased the demand for lower-priced medicines. Super generics offer cost savings of up to 80% compared to their branded versions and expand access to essential treatments.
The super generics market is estimated to be valued at USD 84 Bn in 2024 and is expected to reach USD 200 Bn by 2031, growing at a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031.
Key players: Key players operating in the super generics market are Teva Pharmaceutical Industries, Mylan N.V., Novartis AG, Pfizer Inc., Sun Pharmaceutical Industries.
Key opportunities: Key opportunities in the Super Generics Market include expanding to developing regions with large patient pools and growing geriatric population with higher healthcare needs. There is a scope for collaborative partnerships between innovator companies and generic players to facilitate speedy availability of low-cost medicines.
Global expansion: The super generics market is expected to witness increased investments towards global expansion plans, mainly across Asian and Latin American countries. These regions offer a sizable patient demographic and favorable regulations supporting generics uptake.
Market drivers
The increasing demand for lower-cost medicines amid rising healthcare costs globally is a key driver boosting the super generics market. As patent expiries of blockbuster drugs continue to rise, more opportunities will emerge for generic players to manufacture and market super generics versions. Growing focus on value-based healthcare is also encouraging prescribers and payers to prioritize cost-effective treatments. This will contribute to faster adoption of affordable super generics in the coming years.
PEST Analysis
Political: The regulations governing the pharmaceutical industry are quite stringent. Any changes in regulations around generics can impact the super generics market significantly.
Economic: Economic growth and factors like rising income levels influence healthcare spending and thereby impact demand for affordable medicine options like super generics.
Social: As diseases like cancer and cardiovascular issues become more prevalent, awareness around affordable treatment options is on the rise. This boosts demand for cost-effective generic versions of patented drugs.
Technological: Continuous R&D leads to improvements in drug delivery systems and development of complex generics. Super generics based on innovative drug delivery technologies can gain better patient acceptance compared to earlier generics.
The super generics market in terms of value is currently concentrated in developed regions like North America and Western Europe. This is because of the large healthcare budgets and higher affordability for medication in these countries. However, the market is witnessing faster growth in developing regions of Asia Pacific and Latin America. Rising incomes and expanding medical insurance coverage are helping to boost healthcare spending and generic penetration in these emerging economies.
The Asia Pacific region has been experiencing the fastest growth in the super generics market globally. This is attributed to factors like rising incidences of chronic diseases due to lifestyle changes, growing focus on healthcare reforms, increasing generic acceptance among physicians and patients, and favorable policies supporting the generics industry in several countries. These favorable dynamics have made the APAC region an attractive investment destination for global generics players.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
