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Europe Specialty Generics Market to Reach US$ 21.9 Billion by 2024, Propelled by Increasing Prevalence of Chronic Diseases

According to the latest report by IMARC Group, titled “Europe Specialty Generics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Europe specialty generics market size reached US$ 13.2 Billion in 2018. Specialty drugs refer to a classification of drugs that are classified by their high complexity and cost. The generic versions of these drugs are produced after the branded drugs have lost their patent protection. They are widely utilized to treat chronic medical conditions, such as cancer, hemophilia, sclerosis, inflammatory bowel disease (IBD) and human immunodeficiency virus (HIV). Consequently, the monitoring, administration and handling of these drugs require special attention. These medicines are generally distributed through specialty pharmacies and can be availed by patients upon prior approval from healthcare professionals. Since generic specialty drugs are relatively affordable as compared to their branded counterparts, they are gaining preference among both the patients and healthcare providers in Europe.

Europe Specialty Generics Market Trends:

The Europe specialty generics market is primarily driven by the increasing prevalence of chronic diseases in the region. Sedentary lifestyle habits, coupled with the growing preference for on-the-go and convenience foods, have resulted in the development of numerous complex diseases in the region, which has boosted the sales of specialty generics. Apart from this, the rising geriatric population in the continent, who are more prone to developing medical ailments, is also acting as a major growth-inducing factor. Moreover, these drugs are cost-effective as they do not require development and marketing costs. Since the treatment costs of the majority of the chronic diseases are high, these drugs are preferred for reducing the overall expenditure on medicines. Furthermore, governments of several countries in Europe, including Finland, have implemented policies mandating generic substitution, which has led to the easy accessibility of essential medicines to patients at an affordable price. The upcoming patent expiration of numerous blockbuster specialty drugs is also anticipated to create a positive outlook for the market. On account of the aforementioned factors, the market is expected to reach a value of US$ 21.9 Billion by 2024, expanding at a CAGR of around 9% during 2019-2024.

Market Summary:

  • On the basis of the route of administration, the market has been divided into injectables, oral and others.
  • Based on the indication, the market has been categorized into oncology, autoimmune diseases, infectious diseases and others.
  • On the basis of the distribution channel, the market has been segregated into retail, specialty and hospital pharmacies.
  • On the geographical front, the market has been classified into Italy, Germany, France, the United Kingdom, Spain and the Rest of Europe.
  • The competitive landscape of the market has been examined in the report, with the detailed profiles of the key players operating in the market.

 

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