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The United States specialty generics market reached a value of US$ 21 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 10% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Specialty generic drugs are the generic versions of specialty branded drugs once they lose patent protection. These drugs are used to treat life threatening and serious health conditions such as cancer, autoimmune diseases, epilepsy, HIV, hepatitis, multiple sclerosis, rheumatoid arthritis, etc.
Specialty generics are economical compared to specialty drugs as they don’t need to undergo the costly and time-consuming research and development procedures required for their branded versions. Moreover, marketing and promotional expenses for speciality generics are also lower compared to their branded versions. This results in significant savings for patients, government and healthcare providers. Moreover, the market is also being catalysed by a rising ageing population in the United States. This has resulted in an increasing prevalence of various life-threatening diseases such as cancer, multiple sclerosis, hepatitis, HIV, autoimmune disease, etc. For instance, the American cancer society estimated a total of 1,762,450 new cancer cases and 606,880 deaths from cancer in the United States for 2019. Additionally, the patent expiration of several blockbuster branded specialty drugs is further expected to catalyse the market growth in the coming years.
Historical, Current and Future Market Trends
Market Breakup by Route of Administration:
Market Breakup by Therapeutic Application:
Market Breakup by Distribution channel:
The leading players in the US specialty generics industry have also been examined in the report.
The United States specialty generics market was valued at US$ 21 Billion in 2020.
We expect the United States specialty generics market to exhibit a CAGR of around 10% during 2021-2026.
The increasing prevalence of various life-threatening diseases, such as cancer, multiple sclerosis, hepatitis, HIV, etc., is one of the factors driving the United States specialty generics market.
With the outbreak of the COVID-19 in the United States, there is a significant rise in the R&D activities pertaining to specialty generic drugs for combating the spread of coronavirus infection.
Based on the route of administration, the United States specialty generics market can be segmented into injectables, oral, and others. Currently, injectables hold the majority of the total market share.
Based on the therapeutic application, the United States specialty generics market has been segregated into oncology, multiple sclerosis, hepatitis, HIV, other autoimmune diseases, and others, where oncology currently represents the largest segment.
Based on the distribution channel, the United States specialty generics market can be categorized into retail pharmacies, specialty pharmacies, and hospital pharmacies. Currently, retail pharmacies exhibit a clear dominance in the market.
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