Speciality Generics Market Share, Size, Price, Trends, Growth, Report, Forecast 2023-2028
The ‘Global Speciality Generics Market Share, Size, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global speciality generics market, assessing the market on the basis of its segments like route of administration, indication, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Speciality Generics Market Size, Share, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 12%
Increasing prevalence of chronic health conditions such as cancer, multiple sclerosis, rheumatoid arthritis, and HIV-AIDS, among others, is fuelling the speciality generics market growth. In addition, increasing geriatric population across developing nations is leading to an escalation of oncological and autoimmune diseases. Speciality generics are manufactured with low risk and high margin which provides greater convenience and profitability to the pharmaceutical companies.
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In addition, the cost of manufacturing speciality generics is lower as compared to newly patented drugs, which is a major market driving advantage. Over the forecast period, changing lifestyles of working populations, leading to an increased inclination towards unhealthy eating habits, smoking, and refraining from physical activities, is likely to escalate the cases of complex chronic conditions.
Additionally, the increasing health awareness among the population, rising disposable income, and favourable reimbursement policies of the governments across emerging economies are expected to accelerate hospitalisation rates. This will in turn fuel the sale of speciality generics in hospital pharmacies, leading to a heightened growth of the global speciality generics market. Furthermore, the changing patient preference towards minimally invasive treatment procedures is likely to push the demand for oral speciality generics in the coming years.
Speciality Generics Industry Definition and Major Segments
Speciality generics refer to the off-patented speciality medications which are used to treat complex chronic disorders. These generics are often regarded as ‘high touch’, owing to their expensive and complex nature, and often require specialty management services and expert supervision. Unlike conventional drugs, ordering speciality generics typically requires authorisation.
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Based on route of administration, the market is segmented into:
On the basis of indication, the market is divided into:
• Autoimmune Diseases
• Infectious Diseases
By distribution channel, the market is classified into:
• Retail Pharmacies
• Speciality Pharmacies
• Hospital Pharmacies
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Speciality Generics Market Trends
The key trends in the global speciality generics market include the growing research and development activities and accelerated expansion of leading speciality generics manufacturers. In addition, the increasing efforts and rapid innovations by pharmaceutical firms to gain a competitive edge in the market are crucial market trends. Over the forecast period, the anticipated increase in mergers and acquisitions targeted at creating innovative speciality generic formulations are expected to provide impetus to the market.
Increasing prevalence of complex diseases such as Alzheimer’s, scleroderma, and osteoporosis, among others, are accelerating the demand for speciality generics. Rising investments aimed towards improving the healthcare infrastructure across the emerging economies are leading to a robust growth of retail pharmacies. With an expanding network of pharmacies, including retail, speciality, and hospital, the accessibility and sales of specialty generics is enhanced, fuelling the speciality generics market
In regional terms, Europe is expected to witness a steady growth in the forecast period due to the rapid expansion of the multinational speciality generic manufacturing companies across nations such as the Netherlands. Moreover, the rising health awareness is boosting the region’s market share.
Key Market Players
The major players in the global speciality generics market report are
- Teva Pharmaceutical Industries Ltd.
- Mylan N.V.
- Mallinckrodt plc
- Pfizer, Inc.
- Sun Pharmaceutical Industries Ltd
- Apotex Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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