Home Press Releases Specialty Generic Drugs Market Size Worth $350.26 Billion By 2028 | CAGR: 25.3%

Specialty Generic Drugs Market Size Worth $350.26 Billion By 2028 | CAGR: 25.3%

The global specialty generic drugs market size is expected to reach USD 350.26 billion by 2028 according to a new study by Polaris Market Research. The report “Specialty Generic Drugs Market Share, Size, Trends, Industry Analysis Report, By Application (Oncology, Infectious Diseases, Multiple Sclerosis, Hepatitis C); By Route of Administration; By Distribution Channel; By Region; Segment Forecast, 2021 – 2028gives a detailed insight into current market dynamics and provides analysis on future market growth.

An increase in the number of off-patent specialty drugs is a factor estimated to form the lucrative growth in the specialty generic drugs market. For instance, the patent for Novartis drug Gilenya is estimated to expire in 2019. This drug has made approximately 14% sales growth of Novartis. Such early patent expirations are expected to boost the global market growth.

 

In addition, the rise in the number of people suffering cancer is anticipated to bolster the global market growth. According to World Health Organization (WHO) 2015, approximately 160,000 individuals in the U.S. were filed to have various cancers. Thus, with the high prevalence of cancer case requiring drugs are anticipated to increase the global specialty generic drugs market growth.

North America is the highest spending region in healthcare, yet, this region started to put cutting healthcare expenditure. The current economic & financial crisis and the existence of a high geriatric population are some of the key reasons for the cost cut in healthcare infrastructure over this region. This creates the need for developing novel, enhanced, and economic methods for the production of specialty generics drugs. This factor is further anticipated to boost the global specialty generic drugs market in the forecast period.

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The global specialty generic drugs market is segmented on the basis of application, route of administration, distribution channel, and region. On the basis of application, the global specialty generic drugs market is segmented into Oncology, Infectious diseases, Multiple Sclerosis, Hepatitis C, and Others. Based on the application the oncology segment dominated the global market in 2020.

 

Increased prevalence of cancer, such as melanoma, lung cancer, breast cancer, leukemia, prostate cancer, and colon cancer has directed to rise in demand for generic specialty drugs globally. According to International Agency for Research on Cancer (IARC), 2012, globally approximately 14 million cancer cases were diagnosed, and this number is projected to rise during the upcoming period. Thus, with the increasing prevalence, there is a huge demand for low-cost generics drugs that are less expensive and highly effective in comparison to branded drugs.

On the basis of route of administration, the global market is categorized into Oral, Parenteral, Topical, injectable, and Others. In 2017, the injectable segment estimated for the largest market share majorly owing to benefits, such as long duration of action, immediate dose distribution, and quick absorption. On the basis of the distribution channel, the global specialty generic drugs market is segmented into Retail Pharmacies, Hospital Pharmacies, and Online Pharmacies.

 

In 2017, hospital pharmacy is estimated to share the major market globally as these specialty drugs are highly compound, expensive, and required to be handled very carefully. Thus, these drugs are generally distributed by manufacturers through hospital pharmacies.

Some of the major key players operating in the global specialty generic drugs market are Mylan N.V., Teva Pharmaceuticals USA, Inc., Sandoz International GmbH, Mallinckrodt, Akorn Inc., Valeant Pharmaceuticals International Inc., Endo Pharmaceuticals Inc. Pfizer Inc., Sun Pharmaceutical Industries Ltd., and Apotex Corp. among others

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