Evaluating the Specialty Generics Market’s Growth Prospects from 2024 to 2033
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How is the Growth Rate of the Specialty Generics Market Estimated for 2024-2033?
The specialty generics market will expand from $85.85 billion in 2023 to $96.94 billion in 2024, with a CAGR of 12.9%, supported by patent expirations and healthcare cost pressures.
The specialty generics market will grow to $164.57 billion by 2028, exhibiting a CAGR of 14.1%. Expansion in biosimilars, specialty injectables, and 3D printing are key drivers, with trends focusing on digital health integration and abuse-deterrent formulations.
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What Key Drivers Are Propelling the specialty generics Market’s Growth?
The prevalence of chronic diseases is driving the specialty generic market. Chronic conditions like cardiovascular diseases, cancer, and diabetes are growing due to lifestyle changes and aging populations. According to the WHO, 41 million deaths annually are attributed to chronic diseases, including 17.9 million from cardiovascular diseases and 9.3 million from cancer. This trend highlights the need for specialty generics to address these health challenges.
What Are the Distinct Segments of the Specialty Generics Market?
1) By Route Of Administration: Injectables, Oral, Other Route Of Administration
2) By Indication: Oncology, Autoimmune Diseases, Infectious Diseases, Other Indication
3) By Distribution Channel: Retail Pharmacies, Specialty Pharmacies, Hospital Pharmacies
Which New Trends Are Making Waves in the 17 Market?
Major players in the specialty generic market are obtaining approvals for medications such as Lisdexamfetamine Dimesylate to fulfill crucial medical needs. Approval in this market denotes regulatory authorization for pharmaceutical products that are bioequivalent and therapeutically equivalent to brand-name specialty drugs, typically used for complex or rare medical conditions, after patent expiration. For instance, in August 2023, Mallinckrodt plc received FDA approval for its Lisdexamfetamine Dimesylate Capsules in the SpecGx LLC Specialty Generics segment to treat Attention-Deficit/Hyperactivity Disorder (ADHD). Lisdexamfetamine Dimesylate, a federally controlled substance (CII), is utilized to address ADHD and other indications.
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Which Regions Are Significant to the Growth of the Specialty Generics Market?
North America was the largest region in the specialty generics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty generics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Specialty Generics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the specialty generics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Specialty Generics Market Include
1. Specialty Generics Market Executive Summary
2. Specialty Generics Market Segments
3. Specialty Generics Market Size And Template Market Growth Rate
4. Key Specialty Generics Market Trends
5. Major Specialty Generics Market Drivers
……
25. Key Mergers And Acquisitions In The Specialty Generics Market
26. Top Specialty Generics Companies
27. Specialty Generics Market Opportunities And Strategies
28. Specialty Generics Market, Conclusions And Recommendations
29. Appendix
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