Specialty Generics Market to be Worth $148.7 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Aug. 30, 2022 /PRNewswire/ -- The global specialty generics market size is expected to reach USD 148.7 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. The growth in the market is largely driven by increasing product approvals and the rising prevalence of complex chronic diseases, such as multiple sclerosis.

Key Industry Insights & Findings from the report:

• Based on type, the injectable segment dominated the market in 2021. It is estimated to maintain its dominance during the forecast period due to its high prescription rate on account of long-term effects, and immediate absorption compared to oral drugs.
• Based on application, the oncology segment is expected to witness significant growth during the projection period owing to the increasing prevalence of cancer. According to Globocan, the number of new cancer cases is anticipated to reach 28.4 million within the next two decades worldwide.
• On the basis of end-use, the specialty pharmacy segment dominated the market in 2021 owing to features like timely delivery, optimized patient access, and effective distribution management.
• Based on region, North America dominated the market in 2021 due to the presence of supportive regulatory policies regarding the approval of new products. The U.S. FDA introduced Generic Drug User Fee Amendments (GDUFA) under the Hatch-Waxman act to quicken the approval of new generic drugs.

Read 101-page full market research report, "Specialty Generics Market Size, Share & Trends Analysis Report By Type (Injectables, Oral Drugs), By Application (Oncology, Inflammatory Conditions, Hepatitis C), By End-use (Specialty, Retail), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Specialty Generics Market Growth & Trends 

In April 2022, Dr. Reddy's Laboratories launched a methylprednisolone sodium succinate injection in the U.S. for the treatment of patients with arthritis, blood disorders, and certain rare cancers. Furthermore, in June 2022, Elixir launched copay solutions enhancement program for the management of specialty generic medication prices. Under this program, an eligible patient receives a generic version of specialty medication at zero cost. Thus, the launch of new low-cost generic injectable and the availability of such programs is projected to fuel market growth. 

Increased claim settlements and availability of specialty generic drugs increase their prescription rates due to the high safety, efficacy, and tolerability associated with them. According to the Human Resources Benefits Office University of Michigan annual report (2021), around 1,383 claims were settled for specialty generic drugs such as glatiramer acetate (Copaxone/Glatopa), teriflunomide (Aubagio), and fingolimod (Gilenya) in 2021, compared to 1,360 in 2020, with a rise of 1.7% for the treatment of patients with multiple sclerosis. 

However, high costs associated with specialty generics may hamper their uptake. The lack of ability to attract patients toward drugs, marketing rights acquired by companies for off-patent drugs with no generic competition, and small target patient pool, subsequently increases the prices of products. According to the University of Michigan Prescription Drug Plan Formulary report, the average cost of specialty generic is over USD 4,500 monthly per person, compared to USD 17 to 22 for a generic prescription.

Specialty Generics Market Segmentation

Grand View Research has segmented the global specialty generics market by type, application, end-use, and region:

Specialty Generics Market - Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Injectable
• Oral drugs
• Others

Specialty Generics Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Oncology
• Inflammatory conditions
• Multiple sclerosis
• Hepatitis C
• Others

Specialty Generics Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Specialty Pharmacy
• Retail Pharmacy
• Hospital Pharmacy

Specialty Generics Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• MEA
• South Africa
• Saudi Arabia
• UAE

List of Key Players in the Specialty Generics Market

• Teva Pharmaceuticals Industries Ltd.
• Viatris Inc.
• Novartis AG (Sandoz International GmbH)
• Hikma Pharmaceuticals PLC
• Mallinckrodt
• Bausch Health Companies Inc. (Valeant Pharmaceuticals International, Inc.)
• Dr. Reddy's Laboratories Ltd.
• Endo Pharmaceuticals Inc.
• Apotex Corp.
• Sun Pharmaceutical Industries Ltd.
• Fresenius Kabi Brasil Ltd.
• STADA Arzneimittel AG

Check out more related studies published by Grand View Research:

• Branded Generics Market - The global branded generics market size is expected to reach USD 375.95 billion by 2030, according to a new report by Grand View Research, Inc. Furthermore, the market is projected to expand at a CAGR of 5.7% from 2021 to 2030. Factors such as patent expiry of major products, the rising prevalence of chronic diseases, high penetration of generic products, and government initiatives to promote them for reducing the overall healthcare expenditure are among the primary growth drivers.
• Antiviral Drugs Market - The global antiviral drugs market size is expected to reach USD 60.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of (-0.6%) from 2021 to 2028. This is owing to the loss of patent protection of drugs and the high R&D investment required for developing antiviral drugs. However, the rising prevalence of viral infections and the presence of a potential pipeline for the treatment of HIV infection are expected to fuel the growth over the forecast period.
• Inhalation And Nasal Spray Generic Drugs Market - The global inhalation and nasal spray generic drugs market size is expected to reach USD 38.40 billion by 2030, according to a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 8.96% from 2022 to 2030. New product launches, mounting prevalence of chronic respiratory diseases, growing demand for cost-effective medicines, and rising geriatric population are some of the major factors boosting the market growth.

Browse through Grand View Research's Pharmaceuticals Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James 
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg