NEWARK, September 25, 2023 (Globe Newswire) — Brainy Insights estimates the US$70 billion specialty generic drug market will reach US$184.8 billion by 2032. Injectable generic medicines are effective and cheaper than conventional medicines, which is why they are attracting attention among people suffering from chronic diseases, driving the market growth. According to an article published in February 2020 titled “Patterns of non-communicable disease complex disease in Iran: a multilevel analysis,” non-communicable disease complex disease is affecting more young people in low- and middle-income countries. It is said to be having an impact. The average prevalence in 28 developing countries was 7.8%. Therefore, as NCDs become more prevalent, low-income and middle-income countries are likely to see an increase in demand for specialized injectable generic medicines over the forecast period. Although they cannot afford expensive medicines, special injectable generic medicines are cheap and hence consumption is expected to increase and the market expands over the forecast period.
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North America accounts for the largest market size during the forecast period.
North America is expected to gain essential specialty generics market share as it supports regulations surrounding the approval of innovative products. The US FDA has launched a number of initiatives to improve the approval process. As a result, the U.S. Food and Drug Administration (FDA) has enacted the Generic Drug User Free Amendment (GDUFA) under the Hatch-Waxman Act to facilitate the availability of safe, effective, and affordable generic drugs to the public. Introduced. As a result, prominent manufacturers are continually attempting to commercialize specialized generic drugs on the market. For example, Amneal Pharmaceuticals Inc. launched Rivispa (baclofen), a specialty drug approved by the US FDA for the treatment of multiple sclerosis and other spinal diseases, in June 2022.
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. Large specialty generic manufacturers and insurance companies prefer specialty pharmacies to distribute their products because of low distribution costs and easy access to medicines. According to the Drug Channels Institute’s 2021 report, the top five specialty pharmacies in the world are CVS Specialty Pharmacy, Accredo, Optum Specialty Pharmacy, Walgreens Shops, and Humana Specialty Pharmacy.
Oncology segment dominated the market with the most significant revenue of USD 26.6 billion.
Oncology segment dominated the market with the most significant revenue of USD 26.6 billion. This is due to the increasing burden of cancer disease and the approval of ANDA products such as generic Extandi (enzalutamide) for the treatment of 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 20 years, an increase of 47% from 2020. This is caused by adopting a Western lifestyle, drinking a lot of alcohol, smoking, poor food choices, and lack of exercise. The increasing number of cancer patients is expected to increase the demand for specialized generic drugs.
Report scope details
|Market size in 2022||70 billion dollars|
|Market size in 2032||$184.8 billion|
|Number of pages in the report||238|
|Target segment||end user, application|
|driver||Rising incidence of cancer|
|opportunity||Cancer patients increasing|
Driver: Growing elderly population
According to the World Health Organization (WHO), the elderly population has increased from 1 billion in 2020 to 1.4 billion in 2021. By 2030, one in six people will be over 60 years old. As a result, the market’s rapidly growing elderly population could create potentially lucrative prospects. Big pharmaceutical companies have been conducting mergers and acquisitions to expand their market share. BioCena acquired the Pfizer-owned Australian drug therapy manufacturing facility in October 2021. Additionally, BioCena completed its acquisition of Hospira Adelaide-owned Pfizer in 2020. The company is a major supplier of his 200 specialty generic injectables in the United States. . Such strategic activities are expected to drive market expansion during the forecast period.
Constraint: Development procedure
The development process for specialty generics is difficult and is likely to hinder market expansion.
Opportunity: Increased demand
As the world’s population grows and the burden of non-communicable diseases (NCDs) increases, there is a strong drive to provide affordable healthcare solutions. This need is ideal for specialized generic drug businesses. Specialty generics, which are bioequivalent versions of branded drugs, provide patients and healthcare systems with the therapeutic benefits of new drugs at a lower cost. Additionally, populations in wealthy countries such as Japan, the United States, and many European countries are aging and the prevalence of chronic diseases is increasing. These diseases may require long-term and extensive treatment plans, which can be costly to patients and national healthcare systems.
Challenge: Undesired effects
During the forecast period, undesirable effects of medicines related to generic drugs are likely to slow down the market growth.
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The major companies operating in the specialty generics market are:
● Teva Pharmaceuticals Industries Co., Ltd.
●Viatoris Co., Ltd.
● Novartis AG (Sandoz International GmbH)
● Hikma Pharmaceuticals PLC
● Bausch Health Companies Inc. (Valeant Pharmaceuticals International, Inc.)
● Dr. Reddy’s Laboratories Ltd.
●Endo Pharmaceutical Co., Ltd.
●Apotex Co., Ltd.
● Sun Pharmaceutical Industries Co., Ltd.
● Fresenius Kabi Brasil Co., Ltd.
● STADA Alzunaimittel AG
The main segments cover the following markets:
By end user:
● Retail pharmacy
● Hospital pharmacy
● Infectious disease
● Central nervous system
● Autoimmune diseases
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About the report:
The Global Specialty Generics Market is analyzed on the basis of value (US$ Billion). All segments are analyzed on global, regional and country basis. The study includes analysis of more than 30 countries in each part. The report offers an in-depth analysis of drivers, opportunities, restraints, and challenges to gain key market insights. This research includes Porter’s Five Forces Model, attractiveness analysis, raw materials analysis, demand and supply analysis, competitive position grid analysis, distribution, and marketing channel analysis.
About Brainy Insights:
The Brainy Insights is a market research company that aims to provide actionable insights to improve business acumen for companies through data analysis. We have robust predictive and estimation models to help our clients achieve their goals of achieving high-quality results in a short period of time. We offer both customized (client-specific) and syndicated reports. The repository of syndicated reports is diverse across all categories and subcategories across domains. Our customized solutions are tailored to meet our clients’ requirements, whether they are looking to expand in global markets or planning to launch a new product.
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