IMARC Group, a leading market research company, has recently releases report titled “Specialty Generics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global specialty generics market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the specialty generics market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 67.4 Billion |
| Market Forecast in 2028 | US$ 125.4 Billion |
| Growth rate (2023 to 2028) | CAGR of 10.8% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What are specialty generics?
Specialty generics refer to a category of pharmaceutical products that offer therapeutic alternatives to brand-name medications with complex formulations or delivery systems. These specialized generic drugs are typically designed to treat specific medical conditions and are characterized by their unique features, which may include extended-release mechanisms, novel dosage forms, or intricate delivery systems. The development of specialty generics requires a deep understanding of the original drug’s composition and functionality to ensure they maintain the same therapeutic efficacy. Often, these generics are used to address niche patient populations or complex medical needs. The emergence of specialty generics in the pharmaceutical market contributes to increased accessibility and affordability of essential medications, offering patients and healthcare providers viable alternatives while maintaining the stringent regulatory standards associated with generic drug approval.
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What are the growth prospects and trends in the specialty generics industry?
The expiration of patents for numerous specialty brand-name drugs has opened up opportunities for generic manufacturers to produce cost-effective alternatives. This drives market growth as healthcare systems seek affordable options. Additionally, escalating healthcare expenditures are compelling governments, healthcare providers, and patients to seek cost-effective treatment options.
Specialty generics offer a more affordable solution, supporting their adoption. Other than this, as the global population ages, the prevalence of chronic diseases and complex medical conditions increases. Specialty generics cater to these specific healthcare needs, driving demand. Besides this, innovations in biotechnology have led to the development of complex specialty drugs. The availability of generic versions of biologics and biosimilars contributes significantly to market expansion.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Route of Administration:
- Injectables
- Oral
- Others
Breakup by Indication:
- Oncology
- Autoimmune Diseases
- Infectious Diseases
- Others
Breakup by Distribution channel:
- Retail Pharmacies
- Specialty Pharmacies
- Hospital Pharmacies
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America exhibits a clear dominance, accounting for the largest specialty generics market share
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Who are the key players operating in the industry?
The report covers the major market players including:
- Teva Pharmaceuticals Industries
- Akorn, Inc.
- Mylan N.V.
- Mallinckrodt
- Sandoz International GmbH
- Pfizer, Inc.
- Sun Pharmaceutical Industries Ltd.
- Valeant Pharmaceuticals
- Apotex Corp.
- Endo International plc
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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