The specialty generics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Specialty Generics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The specialty generics market size has grown rapidly in recent years. It will grow from $85.85 billion in 2023 to $96.94 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to patent expirations of brand-name drugs, growing demand for cost-effective alternatives, regulatory support for generic drug approvals, increasing healthcare cost pressures, rise in chronic diseases and aging population.
The specialty generics market size is expected to see rapid growth in the next few years. It will grow to $164.57 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to expansion of biosimilars market, emphasis on complex generic drug development, increasing focus on specialty generic injectables, adoption of 3d printing in specialty generic manufacturing, growth of specialty generics in emerging markets. Major trends in the forecast period include personalized and targeted specialty generics, strategic partnerships and collaborations in generic drug development, focus on developing abuse-deterrent formulations, integration of digital health technologies in specialty generics, regulatory initiatives for accelerated approval of complex generics.
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Scope Of Specialty Generics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The surge in chronic diseases is expected to propel the demand for the specialty generic market. Chronic diseases are long-lasting sicknesses that often cannot be healed. However, it is occasionally curable and controllable. The changing lifestyle, eating habits, and not maintaining body weight are the reason for chronic conditions; a few more prolonged chronic infections lead to cancerous risk. Growing exposure to these diseases raises the need for specialty generic for a patient to treat complex chronic diseases. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the surge in chronic diseases is driving the specialty generic market growth.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The specialty generics market covered in this report is segmented –
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
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Regional Insights –
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
Key Companies –
Major companies operating in the specialty generics market report are Teva Pharmaceutical Industries Ltd., Endo International plc, Akorn Operating Company LLC , Mylan NV, Mallinckrodt Pharmaceuticals, Dr. Reddy’s Laboratories Ltd., Apotex Corp., Fresenius Kabi Brasil Ltda, STADA Arzneimittel AG, Cipla Limited, Lupin Ltd, Aurobindo Pharma Limited, Aspen Pharmacare Holdings Limited, Pfizer Inc., Accord Healthcare Limited, Amneal Pharmaceuticals Inc., Sandoz International GmbH, Zydus Lifesciences Ltd., Torrent Pharmaceuticals Ltd., Perrigo Company plc, Impax Laboratories Inc., Par Pharmaceutical Companies Inc., Alvogen, Alkem Laboratories Ltd., Wockhardt Ltd., Strides Pharma Science Limited, Indoco Remedies Ltd., Unichem Laboratories Ltd., Alembic Pharmaceuticals Ltd., Jubilant Life Sciences Ltd.
Table of Contents
1. Executive Summary
2. Specialty Generics Market Characteristics
3. Specialty Generics Market Trends And Strategies
4. Specialty Generics Market – Macro Economic Scenario
5. Global Specialty Generics Market Size and Growth
…..
32. Global Specialty Generics Market Competitive Benchmarking
33. Global Specialty Generics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Specialty Generics Market
35. Specialty Generics Market Future Outlook and Potential Analysis
36. Appendix
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