A recent report published by Infinium Global Research on specialty generics market provides in-depth analysis of segments and sub-segments in the global as well as regional specialty generics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional specialty generics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global specialty generics market. According to the report, the global specialty generics market is projected to grow at a CAGR of 12.20% over the forecast period of 2021-2027.
The reported study estimated the market for Specialty Generics to be about USD 61.34 billion in 2021, and will reach more than 122.37 billion in 2027, with a Compound Annual Growth Rate of 12.20%, over the forecast period (2021-2027). Specialty generics are the generic version of specialty drugs used to treat chronic or complex health conditions. Specialty generic typically refers to a drug that maintains a certain level of complexity in terms of active ingredients, formulations, route of delivery, and dosage form. Furthermore, specialty generics can treat the likes of rare diseases and cancer, HIV, autoimmune diseases, hepatitis, infectious diseases, and more. Additionally, specialty generics did not require costly development
The rise in the incidences of chronic diseases is majorly propelling the market's growth. As per the World Health Organization, in 2012, cancer was the prime cause of morbidity and mortality, and in 2015, it was responsible for 8.8 million deaths worldwide. Furthermore, WHO also stated that the number of new cancer cases is expected to increase by around 70% by 2030. Also, there is an increase in the cases of HIV/AIDS, which is expected to propel the growth of the specialty generics market during the forecast period. Moreover, many specialty drugs face patent expiries, and the loss of patent protection for such medicines significantly impacts the pharmaceutical industry. The generic medicines are proven good in terms of patent expiries, and hence the demand for generic drugs is boosting, which boosts the growth of the market. In addition, healthcare costs are rising due to expensive branded pharmaceuticals and payers demanding to reduce drug prices. Hence, being cost-effective specialty generics can satisfy the demand of payers, which will further contribute to the market's growth. On the other hand, developing specialty generic is complex and requires a workforce and sourcing of raw materials. This can be a major challenge for the pharmaceutical industry, and hence it can hamper the growth of the specialty generics market. Nevertheless, improving pharmaceutical infrastructure across the developing regions can make manufacturers invest in the specialty generic market and offer growth opportunities to the players in the specialty generic market.
In terms of the region, the specialty generic market is segmented into North America, Europe, Asia Pacific, and the Rest of the world. The North American region generated the most considerable revenue in the specialty generic market. The domination of North America in the market was majorly driven by favorable healthcare reforms by the government and well-developed healthcare facilities in this region. Moreover, because of the current economic & financial crisis and the existence of a high geriatric population, the demand for cost cuts in healthcare infrastructure is rising, which creates the need for specialty generics drugs in the region. Furthermore, due to the high demand for advanced therapeutics for chronic diseases, Europe has the second-largest market for specialty generic drugs. On the other hand, the Asia Pacific market is expected to grow at the highest rate during the forecast period. It is driven by the rise in the prevalence of chronic diseases and the increased demand for cost-effective generic drugs.
The report on global specialty generics market covers segments such as type, application, and distribution channel. On the basis of type, the sub-markets include injectables, oral, and others. On the basis of application, the sub-markets include oncology, infectious diseases, autoimmune diseases, and others. On the basis of distribution channel, the sub-markets include specialty pharmacies, retail pharmacies, and hospital pharmacies.
The report provides profiles of the companies in the market such as Valeant Pharmaceuticals International, Inc., Novartis, Pfizer Inc., Turing Pharmaceuticals, Teva Pharmaceutical Ltd., Mylan N.V., Akorn, Inc.,, Mallinckrodt, Sun Pharma, and Others.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of specialty generics market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.