Newark, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 70.0 billion specialty generics market will reach USD 184.8 billion by 2032. Specialty injectable generic pharmaceuticals are effective and less expensive than conventional medicines, which is why they are gaining appeal among those suffering from chronic conditions, fueling the market growth. According to an article released in February 2020 titled "The Patterns of Non-communicable Disease Multimorbidity in Iran: A Multilevela Analysis," non-communicable disease multimorbidity affects more young people in low-middle income countries. In 28 developing countries, the average prevalence was 7.8%. Thus, the demand for specialty injectable generic drugs will rise in low- and middle-income countries over the forecast period because NCDs are more prevalent. They cannot afford expensive drugs, but specialty injectable generic drugs are inexpensive, so consumption is expected to rise over the forecast period and the market to expand.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential specialty generic market share due to supporting regulatory regulations surrounding the approval of innovative products. The FDA in the United States has launched many initiatives to improve the approval process. As a result, the United States Food and Drug Administration (FDA) introduced Generic Drug User Free Amendments (GDUFA) under the Hatch-Waxman Act to expedite the delivery of safe and effective low-cost generic medications to the public. As a result, prominent producers continually attempt to commercialise specialised generic medications in the market. Amneal Pharmaceuticals Inc., for example, launched LYVISPAH (baclofen) in June 2022, a specialty medication approved by the US FDA for treating multiple sclerosis and other spinal cord illnesses.
The specialty pharmacy segment dominated the market with the most significant revenue of USD 29.4 billion.
The specialty pharmacy segment dominated the market with the most significant revenue of USD 29.4 billion. Due to low distribution costs and simple access to medicines, major specialty generic manufacturers and insurance companies prefer specialty pharmacies for product distribution. According to the Drug Channels Institute's 2021 report, the top five specialty pharmacies in the globe were CVS speciality, Accredo, Optum specialty pharmacy, Walgreens shops, and Humana specialty pharmacy.
The oncology segment dominated the market with the most significant revenue of USD 26.6 billion.
The oncology segment dominated the market with the most significant revenue of USD 26.6 billion. Because of the increasing cancer disease burden and ANDA product approvals such as generic Xtandi (Enzalutamide) for treating castration-resistant prostate cancer in May 2021. According to Globocan, the number of new cancer cases is expected to reach 28.4 million over the next two decades, representing a 47% increase from 2020, attributable to adopting a Western lifestyle, high alcohol use, smoking, poor diet choices, and physical inactivity. The rising number of cancer patients is expected to drive demand for specialised generics.
Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 70.0 Billion |
| Market Size in 2032 | USD 184.8 Billion |
| CAGR | 10.2% |
| No. of Pages in Report | 238 |
| Segments Covered | End-User, Application |
| Drivers | Rising Prevalence of Cancers |
| Opportunities | Rising Cancer Patients |
| Restraints | Competition |
Market Dynamics:
Drivers: Increasing Geriatric Population
The geriatric population climbed from 1 billion in 2020 to 1.4 billion in 2021, according to the World Health Organisation (WHO). By 2030, one in every six people will be 60 or older. As a result, the market's fast-rising geriatric population is likely to generate lucrative potential prospects. Major pharmaceutical corporations have engaged in mergers and acquisitions to increase their market share. BioCena bought a Pfizer-owned Australian plant for medication therapy manufacture in October 2021. In addition, BioCena finalised the acquisition of Pfizer Inc., owned by Hospira Adelaide, in 2020. It is a major supplier of 200 specialised generic injectables in the United States. Over the forecast period, such strategic activities are expected to drive market expansion.
Restraint: Development Procedure
The difficult development procedure for speciality generics is likely to stymie market expansion.
Opportunity: Increasing Demand
As the world's population grows and the burden of non-communicable diseases (NCDs) grows, there is a strong drive to provide inexpensive healthcare solutions. This need is ideally suited to the specialised generics business. Speciality generics, bioequivalent versions of brand-name pharmaceuticals, provide patients and healthcare systems with novel medicines' therapeutic efficacy at a lower cost. Furthermore, ageing populations in affluent countries such as Japan, the United States, and many European countries are increasing the prevalence of chronic diseases. These illnesses sometimes necessitate lengthy and extensive treatment regimens, which can be costly for patients and national healthcare systems.
Challenge: Undesirable Effect
Over the forecast period, undesirable effects from medication connected with generics will likely slow market growth.
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Some of the major players operating in the specialty generics market are:
● Teva Pharmaceuticals Industries Ltd
● Viatris Inc.
● Novartis AG (Sandoz International GmbH)
● Hikma Pharmaceuticals PLC
● Mallinckrodt
● Bausch Health Companies Inc. (Valeant Pharmaceuticals International, Inc.)
● Dr. Reddy’s Laboratories Ltd.
● Endo Pharmaceuticals Inc.
● Apotex Corp.
● Sun Pharmaceutical Industries Ltd
● Fresenius Kabi Brasil Ltda
● STADA Arzneimittel AG
Key Segments cover in the market:
By End-User:
● Specialty Pharmacy
● Retail Pharmacy
● Hospital Pharmacy
By Application:
● Oncology
● Cardiovascular
● Infectious Diseases
● Central Nervous Systems
● Autoimmune Disorders
● Others
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About the report:
The global specialty generics market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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