Super Generics Market to Post Exponential Growth Due to Cost Effectiv

Super generics are the generic versions of branded drugs that have been available in the market for some time and have largely gone off-patent. Super generics provide highly cost-effective treatments for various therapeutic applications like cardiology, oncology, diabetes, neurology and others at a fraction of the price of original branded drugs. Generic drugs help patients adhere to treatment protocols by making medicines more affordable.

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 operating in the super generics market are Teva Pharmaceuticals, Mylan Pharmaceuticals, Novartis AG Sandoz International GmbH (Novartis Division), and Sun Pharmaceuticals. These companies collectively account for major market share.

Growing aging population Super Generics Market  from chronic diseases and rising healthcare costs have increased the demand for more economical drug therapies. This has boosted adoption of low-cost generic drugs globally.

Development of sophisticated drug delivery systems and technology advancements have allowed super generic drug manufacturers to produce highly similar biological drugs to complex branded formulations in a cost-effective manner. This is widening the market potential for super generics.

Market Trends
Combination drug development: Leading players are focusing on developing fixed-dose combination drugs containing two or more active pharmaceutical ingredients in a single dosage form. This allows development of super generics for chronic conditions needing polypill therapy.

Partnerships and mergers: Companies are strategizing partnerships and acquisitions to enhance their product portfolios and manufacturing capabilities. This helps expand geographic presence and access high-growth markets.

Market Opportunities
Undertreated conditions in developing nations: A large patient population in developing countries lacks access to branded treatments due to budget constraints. This provides major opportunities for economical super generics.
Biosimilar drug market: Patent expiry of major biologics will open lucrative opportunities for developing and commercializing biosimilar versions through recombinant DNA technology. This is expected to disrupt the biologics market over the coming decade.

Impact of COVID-19 on Super Generics Market Growth :

The COVID-19 pandemic impacted the super generics market significantly. During the initial lockdown phase, manufacturing and production facilities were shut down which disrupted the supply chain. This led to shortages of key generics drugs in the market. With restrictions on transportation, import and export of raw materials were also hampered. This negatively impacted the market growth during 2020 and 2021. However, as many generics drugs were used in COVID-19 treatment, their demand increased during the pandemic. Some of the key generics drugs that saw a rise in demand were Paracetamol, Azithromycin, antibiotics, anti-diabetic drugs etc.

With relaxation in lockdown measures and resumption of business operations from mid-2021, the market recovered gradually. Manufacturers ramped up production to fulfill the growing demand from hospitals and healthcare centers. Several new product launches and approvals also supported the market rebound. The super generics market is expected to witness robust growth post pandemic as well. Increased focus on affordability and accessibility of medicines will drive preference for lower cost generic drugs. rising cases of chronic diseases and growing geriatric population will further propel the demand.

Geographical Regions with High Super Generics Market Concentration:

North America represents the largest regional market for super generics in terms of value. The US accounts for majority of market share due to high healthcare spending and presence of several key generic drug manufacturers.Growing prevalence of chronic conditions, fast track approvals for generic drugs and incentives offered by regulatory authorities promote generic drug usage. In Europe as well, countries like Germany, United Kingdom, France dominate the regional market owing to developed healthcare infrastructure and preference for affordable treatment options.

Fastest Growing Region for Super Generics Market:

Asia Pacific region is poised to be the fastest growing market for super generics during the forecast period. Rising healthcare expenditure, growing middle class population suffering from lifestyle diseases, increasing penetration of health insurance are some major factors fueling market growth. Emerging economies like India, China, Indonesia actively promote domestic generics manufacturing which will provide further impetus. Favorable regulatory guidelines supporting generics R&D and approvals are also attracting several global pharmaceutical players to establish production facilities in Asia Pacific region. All these factors position Asia Pacific as the most lucrative super generics market globally.

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About Author:

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)