The super generics market is growing owing to the increasing need for more affordable yet therapeutically equivalent versions of biologic drugs going off-patent. Super generics aim to improve the bioavailability and efficacy of generic drugs through technologies such as complex drug delivery and enhanced formulation. They provide an economically viable alternative to branded drugs and benefit patients by expanding access to essential therapies.
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.
Key opportunities in the market include increasing demand for specialty generics, expanding applications of complex drug delivery systems, and growing adoption in emerging countries. Advancements such as controlled-release drug delivery, nanoparticle-based formulations, and 3D printing are enhancing the bioavailability of complex molecules and expanding the opportunities for developing super generics.
Market Drivers
The primary driver for the super generics market is the patent expiry of blockbuster biologics. Many top-selling biologic drugs worth over US$ 100 billion in annual revenues are expected to go off-patent between 2019 to 2025. This provides a massive opportunity for development of affordable biosimilars and super generics. Additionally, favorable regulations encouraging generics and the expanding base of aging population requiring chronic disease management are also boosting the super generics market growth.
Current Challenges In Super Generics Market
The super generics market is facing several challenges currently which are hampering its growth. The patent cliffs of many blockbuster drugs and the increasing pressure to reduce healthcare costs is leading to growth of this market. However, lack of proper regulations and frameworks in many countries is creating uncertainty. Also, developing robust manufacturing capabilities and ensuring consistent quality takes significant investment and time. Setting up distribution networks globally while managing costs is another major issue faced by players. Overall, reducing entry barriers, promoting price transparency and building consumer confidence can help overcome some key current challenges in this market.
SWOT Analysis
Strength: The super generics market provides more affordable treatment options for patients as these drugs are priced 20-60% lower than branded drugs. They help in improving access and adherence to therapies.
Weakness: Developing complex generics requires substantial R&D efforts. Also, lack of exclusive rights brings competition and pricing pressures.
Opportunity: Upcoming patent expiries of many large drugs offer significant market potential. Increasing focus on value-based care is driving demand.
Threats: Ensuring product differenciation is challenging. Regulatory delays and legal hurdles from patent holders can impact projects.
Geographical Regions In Terms Of Value
North America accounts for the largest share of around 35% of the overall super generics market value currently, led by the US. This is due to presence of many patented blockbuster drugs, increasing preference for generics due to pricing pressures and suitable regulations.
Fastest Growing Region
However, Asia Pacific region is expected to witness the fastest growth during the forecast period, projected to expand at over 10% CAGR till 2031. Rising healthcare expenditures, growing elder population, availability of more affordable treatments and improving access are driving super generics market growth across major Asian countries like India, China and Japan.
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
Q.1 What are the main factors influencing the Super Generics Market?
Q.2 Which companies are the major sources in this industry?
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?
Q.5 Which businesses serve as the Super Generics Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile