Report Ocean recently released a research report on the Specialty Generic Drugs Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global Specialty Generic Drugs Market is anticipated to reach USD 190.9 billion by 2025 according to a new study published by Report Ocean Market Research.
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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.
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.
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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.
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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Table of Content
Chapter 1: Global Specialty Generic Drugs Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Specialty Generic Drugs market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Specialty Generic Drugs Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Specialty Generic Drugs market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Specialty Generic Drugs market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Specialty Generic Drugs market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Specialty Generic Drugs market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Specialty Generic Drugs business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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