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- Global Specialty Generics Market
Global Specialty Generics Market to Reach US$ 172.5 Billion by 2032, Fostered by Research and Development Activities
July 15, 2019
| Healthcare
According to the latest report by IMARC Group, titled “Specialty Generics Market Report by Route of Administration (Injectables, Oral, and Others), Indication (Oncology, Autoimmune Diseases, Infectious Diseases, and Others), Distribution channel (Retail Pharmacies, Specialty Pharmacies, Hospital Pharmacies), and Region 2024-2032”, the global specialty generics market size reached US$ 74.7 Billion in 2023. Specialty generics refer to off-patented drugs which are used to target chronic or complex health conditions. These drugs require special handling, monitoring or administration and generally need prior authorization to order them. Nowadays, specialty generics are gaining immense popularity as they are utilized to treat rare chronic diseases such as cancer, HIV AIDS, rheumatoid arthritis and hemophilia.
Global Specialty Generics Market Trends:
The increasing demand for specialty drugs has encouraged the governments of various countries to regulate and provide supporting policies for the production of specialty generics. Besides this, unlike newly patented specialty drugs, specialty generics are less expensive to develop and manufacture as they do not have to undergo any clinical trials and approval before entering the market. As a result, these products involve low risk and high margins as compared to newly patented drugs which usually take three to four years for product development and approval. Moreover, manufacturers are involved in research and development (R&D) to create new and innovative specialty drug formulations that are more efficient and cost-effective as compared to their branded counterparts. Additionally, several companies are engaging in mergers and acquisitions (M&A) to expand their specialty generics capacities. For instance, Alvogen, a pharmaceutical company, acquired County Line Pharmaceuticals that is involved in the development of specialty generics. Looking forward, the market value is projected to reach US$ 172.5 Billion by 2032, exhibiting a CAGR of 9.4% during 2024-2032.
Market Summary:
- Based on the route of the administration, the market has been segregated into injectables, drugs and others. Amongst these, injectables currently dominate the market across the globe.
- On the basis of the indication, oncology holds the majority of the global market share. Some of the other segments are autoimmune and infectious diseases.
- The market has been categorized based on the distribution channel into retail pharmacies, specialty pharmacies and hospital pharmacies. At present, specialty generics are majorly distributed through retail pharmacies.
- Region-wise, North America enjoys the leading position in the global specialty generics market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Teva Pharmaceuticals Industries, Akorn, Inc., Mylan N.V., Mallinckrodt, Sandoz International GmbH, Pfizer, Inc., Sun Pharmaceutical Industries Ltd., Valeant Pharmaceuticals, Apotex Corp., Endo International plc, etc.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Route of Administration, Indication, Distribution Channel, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Brazil, Mexico |
| Companies Covered | Teva Pharmaceuticals Industries, Akorn, Inc., Mylan N.V., Mallinckrodt, Sandoz International GmbH, Pfizer, Inc., Sun Pharmaceutical Industries Ltd., Valeant Pharmaceuticals, Apotex Corp. and Endo International plc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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