Report Ocean presents a new report on Specialty Generic Drugs Market size, share, growth, industry trends, and forecast 2025, covering various industry elements and growth trends helpful for predicting the market’s future.
The global Specialty Generic Drugs Market is anticipated to reach USD 190.9 billion by 2025. Specialty Generics drugs are the generic forms of pharmacological drugs. These drugs are economically cheaper in contrast to branded drugs. Even so, development and commercialization of specialty generics drug are more complex when compared with conventional generics drugs. Companies are entering into specialty generic drugs market to manufacture generic forms of the products by forming new drug formulations. In addition, global capacity of conventional or traditional generics drugs market is also forcing companies to seek newer opportunities.
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In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Specialty Generic Drugs Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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Increase in the number of off-patent specialty drugs is factor estimated to form the lucrative growth in specialty generic drugs market. For instance, the patent for Novartis drug Gilenya is estimated to expire in 2019. This drug has made approximately 14% sales growth of Novartis. Such early patent expirations are expected to boost the global market growth. In addition, the rise in the number of people suffering cancer is anticipated to bolster the global market growth. According to World Health Organization (WHO) 2015, approximately 160,000 individuals in the U.S. were filed to have various cancers. Thus, with the high prevalence of cancer case requiring drugs are anticipated to increase the global specialty generic drugs market growth.
North America is the highest spending region in healthcare, yet, this region started to put cutting healthcare expenditure. The current economic & financial crisis and the existence of a high geriatric population are some of the key reasons for the cost cut in healthcare infrastructure over this region. This creates the need for developing novel, enhanced, and economic methods for production of specialty generics drugs. This factor is further anticipated boost the global specialty generic drugs market in the forecast period.
The global specialty generic drugs market is segmented on the basis of application, route of administration, distribution channel, and region. On the basis of application, the global specialty generic drugs market is segmented into Oncology, Infectious diseases, Multiple Sclerosis, Hepatitis C, and Others. Based on the application the oncology segment dominated the global market in 2017. Increased prevalence of cancer, such as melanoma, lung cancer, breast cancer, leukemia, prostate cancer, and colon cancer has directed to rise in demand for generic specialty drugs globally. According to International Agency for Research on Cancer (IARC), 2012, globally approximately 14 million cancer cases were diagnosed, and this number is projected to rise during the upcoming period. Thus, with the increasing prevalence, there is the huge demand for low-cost generics drugs that are less expensive and highly effective in comparison to branded drugs.
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On the basis of route of administration, the global market is categorized into Oral, Parenteral, Topical, injectable, and Others. In 2017, the injectable segment estimated for the largest market share majorly owing to benefits, such as long duration of action, immediate dose distribution, and quick absorption. On the basis of the distribution channel, the global specialty generic drugs market is segmented into Retail Pharmacies, Hospital Pharmacies, and Online Pharmacies. In 2017, hospital pharmacy is estimated to share the major market globally as these specialty drugs are highly compound, expensive, and required to be handled very carefully. Thus, these drugs are generally distributed by manufacturers through hospital pharmacies.
Some of the major key players operating in global specialty generic drugs market are Mylan N.V., Teva Pharmaceuticals USA, Inc., Sandoz International GmbH, Mallinckrodt, Akorn Inc., Valeant Pharmaceuticals International Inc., Endo Pharmaceuticals Inc. Pfizer Inc., Sun Pharmaceutical Industries Ltd., and Apotex Corp. among others
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What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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