The global specialty
generic drugs market is anticipated to reach USD 190.9 billion
by 2025 according to a new study published by Polaris Market Research. 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.
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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.
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.
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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
About Us-
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world
Contact Us:
Mr. Likhil
Corporate Sales
Polaris Market Research
Phone: 1-646-568-9980
Email: sales@polarismarketresearch.com
Web: https://www.polarismarketresearch.com/
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world
Contact Us:
Mr. Likhil
Corporate Sales
Polaris Market Research
Phone: 1-646-568-9980
Email: sales@polarismarketresearch.com
Web: https://www.polarismarketresearch.com/
