The Global Specialty Generics Market was valued at US$ 61 billion in 2021 and is predictable to reach US$ 147.6 billion by 2030 which is projected to attain a CAGR of 10.3 % during the forecast period from 2021- 2030.
Specialty Generics are the generic versions of specialty drugs that are cost-effective compared to specialty pharmaceuticals. They can be used once off-patented for the treatment of complex & chronic health conditions which include epilepsy, multiple sclerosis, cancer, HIV, autoimmune diseases, hepatitis, rheumatoid arthritis among others.
The prime reason attributed for the market growth is due to the widespread popularity of specialty generics for the treatment of rare chronic diseases such as cancer, haemophilia, HIV AIDS among others. These are cost-effective compared to branded versions and also don’t need high-cost production & marketing. In addition, rising geriatric & aging population, rising prevalence of numerous life-threatening diseases, rise in demand from the emerging economies, and patent expiration of several branded specialty drugs are also augmenting the demand for specialty generics during the forecast period.
Only lesser numbers of key players are available owing to its complex manufacturing requirements, relatively lower volumes, and higher capital costs are needed which results in a lower price reduction compared to traditional generics. It also requires prior authorization to order, special handling, monitoring & administration. Moreover, lack of skilled workforce, raw material sourcing, and the production of specialty generics is a complex process. Such challenges are expected to hinder the market growth of the global specialty generics market over the upcoming years. Furthermore, the advancement of cost-effective drugs for the treatment of multiple sclerosis, oncology, and other infectious diseases are expected to deliver substantial prospects for the specialty generics market expansion across the globe.
The Global Specialty Generics Market is segmented by route of administration, disease indication, distribution channel, and region. Based on disease indication, it is categorized into autoimmune diseases, oncology, infectious diseases, and others. By route of administration, it bifurcates into oral, injectables, and others. The distribution channel is bifurcated into specialty pharmacies, retail pharmacies, hospital pharmacies, and others. Based on regional insights, the global specialty generics market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
The North American region is anticipated to deliver the highest market share for the global specialty generics market owing to product launches and favourable government policies during the forecast period. However, the presence of numerous key players and lack of specialty drugs in the region is expected to augment the market growth over the upcoming years.
Prominent players inducing the Global Specialty Generics Market are Novartis, Akorn Inc., Turing Pharmaceuticals, Mylan N.V., Mallinckrodt plc, Apotex, Sun Pharmaceutical Industries Ltd., Valeant Pharmaceuticals International Inc., Pfizer Inc., and Teva Pharmaceutical Industries Ltd. among others.
Segmentation and Scope of the Global Specialty Generics Market
Global Specialty Generics Market is segmented by route of administration, disease indication, distribution channel, and region.
By Route of Administration
By Disease Indication
By Distribution Channel
Rest of World
Middle East & Africa
Prominent players in the Global Specialty Generics Market among other includes