What Will The Specialty Generics Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s specialty generics market report forecasts the specialty generics market size to grow to $135.91 Billion by 2027, with a CAGR (compound annual growth rate) of 12%.
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Specialty Generics Market Size Forecast
The global specialty generics market is expected to grow from $75.36 billion in 2022 to $86.5 billion in 2023 at a compound annual growth rate (CAGR) of 14.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The specialty generics market size is expected to grow to $135.91 billion in 2027 at a CAGR of 12.0%.
North America held the largest specialty generics market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Specialty Generics Market Driver – Increase In Prevalence Of Chronic Diseases
For example, an American Action Forum research report published in September 2020 found that the prevalence and cost of chronic disease in the United States are increasing and will continue to rise as disease prevalence among young people and children rises. Chronic disease costs the United States more than $3.7 trillion per year, accounting for roughly 19.6 percent of the country’s GDP, making it a serious issue in healthcare. As a result, the growing prevalence of chronic diseases is driving growth in the specialty generic market.
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Key Specialty Generics Market Trend – Technological Advancement
The way specialty generic products are sold is changing as a result of new designs and technology. TWYNEO, a topical cream for the treatment of acne vulgaris in adults and paediatric patients nine years of age and older, will be launched in July 2020 by Sol-Gel Technologies, Ltd., a clinical-stage dermatology company that focuses on finding, developing, and commercialising branded and generic topical drug products for the treatment of skin diseases. TWYNEO Cream’s patented microencapsulation technology, which separates and encases active ingredients in silica core shells, enables the combination of both medications into a single product with a gradual release onto the skin (microcapsules). This safeguards tretinoin against the oxidative effects of BPO. TWYNEO is a fixed-dose tretinoin and benzoyl peroxide combination (BPO).
Specialty Generics Market Segment
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
Specialty Generics Market Major Players and Strategies
Major players in the specialty generics market are Teva Pharmaceutical Industries Ltd., Endo International plc, Akorn Operating Company LLC, Mylan N.V., Mallinckrodt Pharmaceuticals, Sandoz, Pfizer Inc., Sun Pharmaceutical Industries Limited, Bausch Health Companies Inc., Apotex Inc., Novartis, Fresenius Kabi Brasil Ltd., Stada Arzneimittel AG, Hikma Pharmaceuticals plc, and Viatris Inc.
ZNZ Pharma 2, a London-based biopharmaceutical platform, will buy 74% of Celon Laboratories for Rs 364 crore ($45.8 million) in November 2020. The goal of this acquisition is to build a critical care and oncology oral and injectables manufacturing facility. Celon Laboratories is a specialty generics company based in India.
The Specialty Generics Global Market Report 2023 covers regional data on specialty generics market size, specialty generics market trends and drivers, opportunities, strategies, and specialty generics market competitor analysis. The countries covered in the specialty generics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Specialty generics are generic drug versions that are used to describe expensive, intricate, or high-touch generic medications. Significant service participation is required for management. This specialty generic includes biologics and biosimilars, which have separate regulatory pathways. The vast majority of specialty drugs are prescribed to patients suffering from cancer, rheumatoid arthritis, or multiple sclerosis.
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