Specialty Generics Drugs Market Size Worth $948.04 Billion By 2032 | CAGR: 25.4%

The global specialty generics drugs market size is expected to reach USD 948.04 billion by 2032, according to a new study by Polaris Market Research. The report “Specialty Generics Drugs Market Share, Size, Trends, Industry Analysis Report, By Type (Injectables, Oral Drugs, Others); By Application; By End-use; By Region; Segment Forecast, 2023- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Many pharmaceutical, biopharmaceutical, and medical device companies have been focusing on expanding their market presence by merging with or acquiring other companies. The prevalence of life-threatening diseases, such as cancer, Multiple Sclerosis (MS), and HIV, is increasing globally, which is expected to drive the demand for specialty medicines. Chronic diseases remain a major concern, particularly in emerging countries where they are the primary cause of mortality in five of the six WHO regions. Contagious diseases, such as HIV, are still widespread in Sub-Saharan Africa and are expected to continue to be a major issue. During the forecast period, the market for specialty medicines is expected to grow rapidly due to the high prevalence of life-threatening diseases.

In 2020, the COVID-19 pandemic had a significant impact on the pharmaceutical market, causing slower growth and a decline in net sales for several companies. Manufacturing plants had to face lockdown restrictions, clinical trials and studies had to be stopped, and there was a shortage of skilled labor. Mallinckrodt is one such company that experienced a -6.6% decline in its specialty generics segment, mainly due to increased competition and a change in product mix caused by market shifts during the pandemic. However, the market is showing signs of recovery in 2021, with mass vaccinations, easing of lockdown restrictions, and a growing demand for specialty medicines to treat chronic conditions.

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Specialty generics drugs Market Report Highlights

• During the forecast period, the Injectables segment is expected to be the largest and fastest-growing segment in the pharmaceutical industry. This is due to its ability to have long-lasting effects and quick absorption into the body, resulting in higher patient compliance and acceptance. With the increased approvals of new products and the expansion of the market, the segment is anticipated to grow rapidly.
• In 2022, the largest market share was held by the segment of inflammatory conditions. The number of individuals with inflammatory conditions like rheumatoid arthritis is increasing globally. According to the Global RA Network, around 350 Billion people are living with arthritis, while the NHS has reported that over 10 Billion people in the UK are affected. In response to this rise in prevalence, major players in the healthcare industry are expanding their market share in this sector.
• In 2022, the organic segment had the largest share. Organic bread improvers are made from organic ingredients and produced using organic farming methods. This means they are free from synthetic chemicals and GMOs. These organic improvers contain natural additives sourced from organic materials.
• In 2022, the specialty pharmacy segment held the largest market share. Major generic manufacturers and insurance providers often rely on specialty pharmacies to distribute their products because of the low distribution costs and the easy accessibility of medicines offered by these pharmacies.
• The US Food and Drug Administration (FDA) has implemented supportive regulatory policies to simplify the approval of new products. In order to make sure the public has access to safe and effective low-cost generic drugs, the agency has put several initiatives in place, including the Generic Drug User Fee Amendments (GDUFA) under the Hatch-Waxman Act. Consequently, prominent manufacturers are constantly working to introduce specialty generic drugs to the market.
• The global key market players include Apotex Corp., Bausch Health Companies Inc. (Valeant Pharmaceuticals International, Inc.), Dr. Reddy’s Laboratories Ltd., Endo Pharmaceuticals Inc., Fresenius Kabi Brasil Ltda, Hikma Pharmaceuticals PLC, Mallinckrodt, Novartis AG (Sandoz International GmbH)

Polaris Market Research has segmented the Speciality generics drugs market report based on type, application, end-user, and region:

Specialty generics drugs, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Injectables
• Oral Drugs
• Others

Specialty generics drugs, Application Outlook (Revenue - USD Billion, 2019 - 2032)

•  Oncology
• Inflamatory conditions
• Multiple sclerosis
• Hepatitis C
• Others

Speciality generics drugs, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Specialty pharmacy
• Retail pharmacy
• Hospital pharmacy

Speciality generics drugs, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Specialty generics drugs Market Report Scope