Overview and Scope
The specialty generics refer to generic versions of drugs used to describe
expensive, intricate, or high-touch generic versions of medications. It
requires substantial service participation to manage. This specialty generic
includes biologics and biosimilars, which have separate regulatory routes. The
majority of specialty medications are used to treat various malignancies,
rheumatoid arthritis, and multiple sclerosis.
Sizing and Forecast
The specialty generics market size has grown rapidly in recent years. It will
grow from $85.85 billion in 2023 to $96.94 billion in 2024 at a compound annual
growth rate (CAGR) of 12.9%. The growth in the historic period can be
attributed to patent expirations of brand-name drugs, growing demand for
cost-effective alternatives, regulatory support for generic drug approvals,
increasing healthcare cost pressures, rise in chronic diseases and aging
population.
The specialty generics market size is expected to see rapid growth in the next
few years. It will grow to $164.57 billion in 2028 at a compound annual growth
rate (CAGR) of 14.1%. The growth in the
forecast period can be attributed to expansion of biosimilars market, emphasis
on complex generic drug development, increasing focus on specialty generic
injectables, adoption of 3d printing in specialty generic manufacturing, growth
of specialty generics in emerging markets. Major trends in the forecast period
include personalized and targeted specialty generics, strategic partnerships
and collaborations in generic drug development, focus on developing
abuse-deterrent formulations, integration of digital health technologies in
specialty generics, regulatory initiatives for accelerated approval of complex
generics.
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Segmentation & Regional Insights
The specialty generics market covered in this report is segmented –
1) By Route Of Administration: Injectables, Oral, Other Route Of Administration
2) By Indication: Oncology, Autoimmune Diseases, Infectious Diseases, Other
Indication
3) By Distribution Channel: Retail Pharmacies, Specialty Pharmacies, Hospital
Pharmacies
North America was the largest region in the specialty generics market in 2023.
Asia-Pacific is expected to be the fastest-growing region in the forecast
period. The regions covered in the specialty generics market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa
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Major Driver Impacting Market Growth
The surge in chronic diseases is expected to propel the demand for the
specialty generic market. Chronic diseases are long-lasting sicknesses that
often cannot be healed. However, it is occasionally curable and controllable.
The changing lifestyle, eating habits, and not maintaining body weight are the
reason for chronic conditions; a few more prolonged chronic infections lead to
cancerous risk. Growing exposure to these diseases raises the need for
specialty generic for a patient to treat complex chronic diseases. For
instance, in September 2022, according to the World Health Organization, a
Switzerland-based specialized agency of the United Nations, there were 41
million deaths, which is 74% of those caused by non-communicable diseases
(NCDs) or chronic diseases every year globally. There were 17.9 million deaths
from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million
deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes.
Therefore, the surge in chronic diseases is driving the specialty generic
market growth.
Key Industry Players
Major companies operating in the specialty generics market report are Teva
Pharmaceutical Industries Ltd., Endo International plc, Akorn Operating Company
LLC , Mylan NV, Mallinckrodt Pharmaceuticals, Dr. Reddy’s Laboratories
Ltd., Apotex Corp., Fresenius Kabi Brasil Ltda, STADA Arzneimittel AG, Cipla
Limited, Lupin Ltd, Aurobindo Pharma Limited, Aspen Pharmacare Holdings
Limited, Pfizer Inc., Accord Healthcare Limited, Amneal Pharmaceuticals Inc.,
Sandoz International GmbH, Zydus Lifesciences Ltd., Torrent Pharmaceuticals
Ltd., Perrigo Company plc, Impax Laboratories Inc., Par Pharmaceutical
Companies Inc., Alvogen, Alkem Laboratories Ltd., Wockhardt Ltd., Strides
Pharma Science Limited, Indoco Remedies Ltd., Unichem Laboratories Ltd.,
Alembic Pharmaceuticals Ltd., Jubilant Life Sciences Ltd.
The specialty generics market report table of contents includes:
1. Executive Summary
2.
Specialty Generics Market Characteristics
3.
Specialty Generics Market Trends And Strategies
4.
Specialty Generics Market - Macro Economic Scenario
5. Global
Specialty Generics Market Size and Growth
.
31. Global Specialty Generics Market Competitive Benchmarking
32. Global
Specialty Generics Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Specialty Generics Market
34.
Specialty Generics Market Future Outlook and Potential Analysis
35.
Appendix
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