The global Specialty Generics Market is expected to reach USD 174.9 billion by 2025, according to a new report by Grand View Research, Inc. Rise in demand for low-cost generic specialty drugs is a major factor estimated to accelerate the market growth during the forecast period. Introduction of cost-effective drugs for the treatment of multiple sclerosis, cancer, and other infectious diseases is expected to showcase huge opportunities for the specialty generic drug manufacturers. According to U.S. FDA, generic drugs cost 80% to 85% lower as compared to branded drugs. One of the factors contributing to their affordable price is that they do not need to repeat expensive clinical trials, advertising, and promotional activities. Thus, low cost of generic specialty drugs is expected to accelerate the demand for these medicines.
Rise in number of off-patent specialty drugs is another major factor expected to support growth of the specialty generic drugs market. For instance, the patent for Gilenya, a blockbuster drug by Novartis, will expire in 2019. This drug led to USD 3.1 billion in sales in 2016 for Novartis, with 14% sales growth. In April 2017, Novartis failed to acquire patent extension for Gilenya till 2026 in the U.S. Federal Circuit. Such early patent expirations are expected to boost the entry of new generics.
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Further Key Findings From the Report Suggest:
- In 2016, injectables was the largest revenue-grossing segment in the market due to its high usage and efficacy in treatment of severe chronic diseases
- The oncology segment accounted for the largest revenue share in 2016 and is expected to maintain its dominance during the forecast period due to worldwide rise in cancer prevalence
- The specialty pharmacy was the largest revenue-generating segment in end use and is estimated to maintain its dominance during the forecast period. This is due to the fact that specialty pharmacies are dedicated to distribution of highlycomplex, costly, and high-touch medicine
- North America dominated the total market in 2016 primarily due to the presence of highly developed healthcare infrastructure and local presence of large number of established pharmaceutical companies
- The Asia Pacific market is estimated to grow at the highest growth rate during the forecast period. Rising prevalence of chronic diseases, developing healthcare infrastructure, and escalating disposable income in Asian countries, such as China and India, are major factors that can be attributed to the growth
- Some of the major players are Teva Pharmaceuticals USA, Inc.; Mylan N.V.; Sandoz International GmbH; Akorn, Inc.; Mallinckrodt; Valeant Pharmaceuticals International, Inc.; Pfizer, Inc.; Endo Pharmaceuticals, Inc.; Apotex Corp.; Sun Pharmaceutical Industries Ltd.
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Grand View Research has segmented the global specialty generic drugs market on the basis of type, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2014 – 2025)
Application Outlook (Revenue, USD Billion; 2014 – 2025)
- Inflammatory conditions
- Multiple sclerosis
- Hepatitis C
End-use Outlook (Revenue, USD Billion; 2014 – 2025)
- Specialty pharmacy
- Retail pharmacy
- Hospital pharmacy
Regional Outlook (Revenue, USD Billion; 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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