Global specialty generic drugs market is poised to amass over US $190.9 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2025.
Specialty generic drugs are basically the generic forms of pharmacological drugs and are less expensive as compared to branded drugs. The specialty drugs are more complex in terms of development and commercialization in contrast to the conventional generic drugs. Several companies are stepping into the specialty generic drugs market in order to manufacture generic forms of the products by creating new drug formulations. Also, the global capacity of the conventional generic drugs market is forcing these companies to look for newer opportunities.
A key factor driving the growth of the specialty generic drugs market is rising number of off-patent specialty drugs. For example, the patent for Gilenya (a Novartis drug) is projected to expire in the year 2019. Early patent expirations are likely to support the global market growth. Moreover, the growing number of people suffering from cancer is expected to drive market growth. As per the data collected by the WHO (World Health Organization) as of 2015, around 160,000 individuals in the United States were reported to have some sort of cancer. Therefore, the surging number of cancer cases requiring these drugs are estimated to augment the growth of the specialty generic drugs market worldwide.
On the basis of the application spectrum, the global specialty generic drugs market is fragmented into oncology, multiple sclerosis, hepatitis C, infectious diseases, and others. Reportedly, the oncology segment led the global market in 2017. The report cites that higher prevalence of cancer, including melanoma lung cancer, leukemia, colon cancer, breast cancer, prostate cancer, etc. has resulted in the worldwide demand for these drugs. Hence, the demand for such low-cost generic drugs, which are highly effective as compared to branded drugs, is poised to increase.
Based on the route of admission, the global market is bifurcated into oral, topical, parental, injectable, and others. The injectable segment accounted for the largest market share in 2017, due to benefits such as immediate dose distribution, long duration of action, and quick absorption.
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The distribution channels of the market can be segmented into online pharmacies, retail pharmacies, and hospital pharmacies. As reported, the hospital pharmacy segment held the majority market share in the year 2017.
Speaking of the regional contribution, North America emerged as the highest-spending region in the healthcare sector, although its has now started to cut down on healthcare expenditure. The present financial crisis and the increasing geriatric population are the leading causes for cost-cutting in healthcare infrastructure in this region. The report further claims that the increasing need for developing new, advanced, and economic ways for manufacturing specialty generic drugs would bolster the market during the predicted period.
The key industry players enumerated in the report include Pfizer Inc., Mylan N.V., Valeant Pharmaceuticals International Inc., Akorn Inc., Teva Pharmaceuticals USA Inc., Sun Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Sandoz International GmbH, Apotex Corp., and Mallinckrodt. The company profiles of these players are documented in the study, alongside their business overview, product benchmarking, financials, and recent developments.