21st August 2019 – The global Specialty
Generics Market size is expected to value at USD 174.9 billion by 2025,
during the forecast period. The market is subject to witness a substantial
growth due to the increase in demand for cost-effective generic specialty
drugs. Lower cost associated with adoption of the specialty generics drugs for
the successful treatment for multiple sclerosis, cancer, and other types of
infectious disorders is augmenting growth of the market over the forecast
period.
Commonly occurred specialty generic
drugs are estimated to cost around sixty to eighty percent cheaper in
comparison with the branded drugs available in the market. Cost-effectiveness
of the generic drugs is majorly attributed to factors such as lack of expensive
clinical trials, no need for advertisement, and promotional activities. Such
factors are propelling growth of the market over the forecast period. Globally,
the specialty generics industry is predicted to grow at highest CAGR in
forecast period, providing numerous opportunities for market players to invest
for research and development in the market.
Increasing number of off-exclusive
specialty generic medicines is considered as one key factors responsible for
augmenting growth of specialty generic drugs market. Other factors such as
early patent expirations of essential drugs available in the market, and
development and adoption of the off-patent specialty generic as a new entry is
boosting demand for the specialty generics over the forecast period. Early
patent expirations depend on norms and regulation set by governmental agencies.
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Treatment associated with diseases such
as multiple sclerosis, cancer, and other types of infectious disorders are
highly expensive due to the higher cost of pharmaceuticals. Regional
governments are contributing significantly for development of cost-effective
drugs across the globe. Further, reduction in the healthcare expenditure by
developed countries are aggravating demand for the cost-effective drugs.
Subsequently, factors such as price regulations and downsizing of healthcare
budget in developing economies are raising demand for cost-effectiveness in
healthcare sector. Moreover, recent economic crisis and growing generic
population are some of the critical drivers for boosting demand for
cost-effective specialty genetic drugs over the forecast period. Inclination
towards development of specialty generics drugs due to their multiple
advantages over other products are extending reach of the specialty generics
market.
The injectable segment is one of the
fastest growing segment attributed to the growing implementation of
self-monitored injectable by patients. Additionally, numerous initiatives in
regards to acquisitions and latest product launches by prominent industry
players in various regions across the globe is pumping the market growth in the
near future. Acquisition and partnerships allows market players to gain access
and develop injectable drugs, infusion methodologies, and biosimilar business.
Major emphasis on building sustainable healthcare infrastructure by local
government is further contributing to market growth.
Increasing incidences of chronic
diseases such as arthritis, inflammatory conditions, and cancer are fueling
growth of oral specialty generics industry segment. The growing demand for the
oral specialty generics market segment is also attributed to the factors such
as presence of self-administer the drugs similar to Gleevec and Tarceva, which
does not require visiting a healthcare professional for an infusion or
injection. The specialty generics industry is divided into regional market segment
such as North America, Europe, Asia-Pacific, Latin America and Africa. North
America has shown major growth in recent years owing to the rise adoption of
latest methodologies in healthcare sector and presence of the prominent
industry players in the region. Asia-Pacific region is predicted to hold major
market share in the specialty generics market with massive growth in forecast
period. Countries such as India, China and Singapore are leading the
Asia-Pacific market with increasing occurrence of chronic disorders, rising
demand for cost-efficient generic drugs, and increasing investment by industry
players considering future opportunities in the region.
The key players in the specialty
generics industry are Mylan N.V., Teva Pharmaceuticals Incorporations, Sandoz
Company, Mallinckrodt Co., Akorn, Incorporations, Valeant Pharmaceuticals
International Incorporations, Endo Pharmaceuticals Incorporations, Pfizer,
Incorporations, Sun Pharmaceutical Limited, and Apotex Co.
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