Pune, India, May 23, 2023 (GLOBE NEWSWIRE) -- Fortune Business Insights said the global Specialty Generics Market size was valued at USD 67.89 billion in 2022. The market is projected to grow from USD 76.65 billion in 2023 to USD 200.80 billion by 2030, exhibiting a CAGR of 14.7% during the forecast period.
Speciality generics refer to generic versions of speciality drugs after they get off-patent. These drugs are used to treat complex, chronic conditions such as cancer, multiple sclerosis, and rheumatoid arthritis. The growing generic population and patent expiration of several branded speciality drugs are expected to drive market growth. Fortune Business Insights™ shares this information in its report titled “Specialty Generics Market, 2023-2030.”
Key Industry Development:
October 2022- Aspire Pharma Limited acquired Morningside Pharmaceuticals (Loughborough), Morningside Healthcare (Leicester), and Morningside Healthcare (India), which are speciality generic pharmaceutical organizations. The acquisition established Aspire Pharma Limited as the leading speciality pharma organization in the U.K.
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Key Takeaways:
- The market is categorized into injectable, oral, and other, based on the route of administration.
- Due to the insufficient availability of effective cancer treatments, the oncology segment is projected to dominate.
- During the study period, there is an anticipated strong Compound Annual Growth Rate (CAGR) for the market in the Asia Pacific region.
- In 2022, Teva Pharmaceutical Industries Ltd. and Viatris Inc. emerged as prominent key players, holding a significant share of the global market.
Discover the Leading Players Featured in the Specialty Generics Market Report:
Teva Pharmaceuticals USA, Inc. (U.S.), Hikma Pharmaceuticals PLC (U.K.), Mallinckrodt (U.K.), Amneal Pharmaceuticals LLC (U.S.), Viatris Inc. (U.S.), Sun Pharmaceutical Industries, Ltd. (India), Endo Pharmaceuticals Inc. (U.S.), Lupin (India), Dr. Reddy’s Laboratories, Ltd. (India), Novartis AG (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.7% |
| 2030 Value Projection | USD 200.80 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 76.65 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 151 |
| Segments Covered | By Route of Administration, Indication, Distribution Channel, and Region |
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Driving factor:
Increasing Prevalence of Chronic Diseases to Boost Market Trajectory
The increasing prevalence of chronic diseases is anticipated to drive the specialty generics market growth. Various life-threatening diseases, such as cancers, Multiple Sclerosis (MS), and HIV, have been increasing, which is expected to increase the adoption of speciality medicines globally. Chronic diseases were the primary reason for mortality in five of the WHO's six regions. Infectious diseases, such as HIV and other conditions, are still predominant in Sub-Saharan Africa and are expected to prevail in the near future. The market is set to grow rapidly due to the high prevalence of life-threatening diseases during the forecast period.
However, a lack of awareness regarding the availability of generic drugs at pharmacies is estimated to limit the market growth.
Segmentation:
By Route of Administration
- Injectable
- Oral
- Others
By Indication
- Oncology
- Cardiovascular
- Autoimmune Diseases
- Infectious Diseases
- Others
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Rest of the World
Regional Insights:
North America to Lead Market Share with Constant Commercialization
North America is expected to dominate the speciality generics market share with a valuation of USD 36.33 billion in 2022 due to the commercialization of speciality drugs. In June 2022, Amneal Pharmaceuticals, Inc. launched LYVISPAH, a baclofen oral granules (5, 10, and 20 mg) speciality product approved by the U.S. FDA for treating multiple sclerosis and other spinal cord disorders.
Europe is also expected to witness considerable market growth due to supportive regulatory policies regarding the approval and launch of new generic drugs in the region.
Asia Pacific is anticipated to have a strong CAGR due to the growth of biopharmaceutical companies in China and India.
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Competitive Landscape
New Product Launches by Key Players to Advance Market Trajectory
Teva Pharmaceutical Industries Ltd., Viatris Inc., Sun Pharmaceutical Industries, Ltd., and Amneal Pharmaceuticals LLC were leading the market share in 2022. Other significant players are such as Mallinckrodt, Endo Pharmaceuticals Inc., and Lupin have been using various strategic developments such as mergers, acquisitions, and product launches. In August 2022, Amneal Pharmaceuticals, Inc. received ANDA approval from the U.S. FDA for four generic products, including vasopressin injection 1mL (single-dose).
FAQs:
What are speciality generics?
Speciality generics are generic versions of speciality drugs that are used to treat complex, chronic conditions like cancer, multiple sclerosis, and rheumatoid arthritis, once these drugs go off-patent.
How big is the Specialty Generics Market?
The Specialty Generics Market size was USD 76.65 billion in 2023.
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