New York, Jan. 02, 2024 (GLOBE NEWSWIRE) -- According to a recent report by Market.us, the Global Specialty Pharmaceutical Market size is expected to be worth around USD 1,532.8 Billion by 2033 from USD 68.3 Billion in 2023, growing at a CAGR of 36.5% during the forecast period from 2024 to 2033.
Specialty pharmaceuticals also known as specialty drugs, on patent injectable, infusion, or oral medications with high costs and complexity that require personalized care to manage chronic or rare conditions such as cancer, AIDS (Acquired Immunodeficiency Virus Syndrome), Hepatitis C infection, Crohn's disease or rheumatoid arthritis. Specialty pharmaceuticals encompass biotechnology products as well as orphan and ultra-orphan drugs that fall within specialty therapeutic strategies well as orphan and ultra-orphan drugs that mimic or act analogs found within human bodies to manage chronic or rare illnesses like cancer or AIDS/AIDS syndrome or Crohn's disease or arthritis among others.
Specialty therapeutics encompass biotechnology products as well as orphan and ultra-orphan drugs which either structurally mimic or act analogues of compounds found within human bodies in general - often analogs exist to enhance treatment or manage symptoms associated with rare diseases like cancer or rare disorders of arthritis etc.
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Key Takeaway
- The Specialty Pharmaceutical Market is expected to reach approximately USD 1,532.8 Billion by 2033.
- In 2023, the market was valued at around USD 68.3 Billion.
- The market’s CAGR is projected to be 36.5% from 2024 to 2033.
- Oncology accounted for over 42% of the market share in 2023.
- The Multiple Sclerosis (MS) segment is also growing significantly.
- Inflammatory conditions are another key segment in the market.
- The Infectious Diseases segment is evolving due to the COVID-19 pandemic.
- The Oral route of administration held the largest market share at more than 45% in 2023.
- Parenteral administration, including injectable therapies, also had a significant market share.
- Transdermal delivery, a smaller segment, is gaining popularity.
- Offline distribution channels dominated the market in 2023 with over 56% market share.
- North America led the market in 2023 with a 54% share, amounting to USD 36.8 billion.
- The specialty pharmaceutical market is concentrated, with the top 10 companies holding about 60% of the global market.
- Teva Pharmaceutical Industries Ltd. controls roughly 40% of the market.
Factors Affecting the Growth of the Specialty Pharmaceutical Market
Various factors influence the growth of Specialty Pharmaceutical Market are;
- Disease Prevalence and Incidence: Having been examined extensively over recent decades, studies indicate a strong correlation between disease prevalence and incidence rates and those reported.
- Presence and Incidence: Chronic and Rare Conditions That Need Specialty Pharmaceuticals: These factors play a large part in driving market growth for specialty pharmaceuticals; more patients needing these medications can help drive market expansion.
- Technological Advancements: Technological progress provides additional growth drivers. Biotechnology and pharmaceutical research advances have led to the creation of innovative specialty pharmaceuticals. Advancements like personalized medicine and biologics can have a dramatic impact on market expansion by offering novel and more effective treatment solutions.
- Government Regulations: Stringent regulatory authorities impose stringent approval processes that can greatly influence the commercialization and availability of specialty pharmaceuticals. Alterations to regulatory landscapes (e.g. expedited approval pathways) can either promote or inhibit market expansion.
- Patient Awareness and Education: Increased awareness among patients and healthcare professionals about the availability and benefits of specialty pharmaceuticals can increase demand, leading to market expansion through education programs or awareness campaigns.
Regional Analysis
The specialty pharmaceuticals market can be divided into five major regions by geography: North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. North America holds 54% market share with USD 36.8 Billion generated approx revenue in 2023. It can be attributed to robust purchasing capabilities and extensive reimbursement support for specialty pharmaceuticals that will serve as key growth drivers over time. Asia-Pacific specialty pharmaceuticals market may experience significant expansion due to China and India's expanding biopharmaceutical industry.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 68.3 Billion |
| Forecast Revenue 2033 | USD 1,532.8 Billion |
| CAGR (2024 to 2033) | 36.5% |
| North America Share | 54% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Competitive Landscape
Teva Pharmaceutical Industries Ltd. leads with 40% market share, depending heavily on specialty pharmaceuticals for income generation. Pfizer Inc. boasts 35%, with oncology and biopharmaceuticals being its core businesses, while AbbVie, Inc.'s focus on biopharmaceuticals has resulted in 85% of its revenue coming from specialty pharmaceuticals.
Amgen Inc, a biotech firm, dedicates almost all its efforts and revenue to specialty pharma; nearly 100%. Johnson & Johnson sees specialty pharmaceuticals account for 25% of revenue while Bristol-Myers Squibb Company, focused on biopharmaceuticals, generates 66% income through this sector.
Market Key Players
- Teva Pharmaceutical Industries Ltd.
- Pfizer Inc.
- AbbVie, Inc.
- Amgen Inc.
- Johnson and Johnson
- Bristol-Myers Squibb Company
- Novo Nordisk
- Novartis AG
- Gilead Sciences, Inc.
- Sanofi S.A.
Market Drivers
One key driver driving the Specialty Pharmaceutical Market is the rising prevalence of chronic and rare diseases worldwide, prompting increased demand for targeted therapies provided by specialty pharmaceuticals. Recent advancements in biotechnology and personalized medicine also contribute to market expansion by offering more effective, patient-specific treatments.
Pharmaceutical companies' dedication to research and development bolsters market growth as they introduce novel medications that meet unmet medical needs. Overall, complex health conditions continue to burden society while technological progress keeps driving expansion for the Specialty Pharmaceutical Market.
Market Restraints
One major restraint facing the Specialty Pharmaceutical Market is the high costs associated with these specialized medications. Biotechnology-based and orphan drugs require substantial investments that translate to higher prices on the market. This pricing dynamic raises concerns over affordability and accessibility, potentially restricting patient access and impeding market expansion.
Regulated processes and approval requirements extend the time and resources invested in developing specialty pharmaceuticals to market, creating additional difficulties. Striking a balance between innovation, cost-effectiveness, and regulatory compliance remains an enormously challenging endeavor - it affects market reach as well as adoption levels.
Market Opportunities
Even amid its challenges, the Specialty Pharmaceutical Market presents significant potential for expansion through increasing global awareness and education. Awareness among healthcare professionals, patients, and stakeholders about the advantages and availability of specialty pharmaceuticals can drive market expansion. Adopting advanced technologies, such as telemedicine and digital health solutions, presents an opportunity to increase patient engagement and adherence while alleviating some accessibility hurdles.
Collaborations among pharmaceutical companies, healthcare providers, and regulatory bodies can facilitate market entry of new specialty pharmaceuticals more quickly. Capitalizing on educational initiatives, technological innovations, and collaborative efforts presents an ideal opportunity to broaden specialty drugs' impact in an ever-evolving healthcare landscape.
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Report Segmentation of the Specialty Pharmaceutical Market
Application Insight
In 2023, Oncology led the Specialty Pharmaceutical Market with 42%. This increase can be attributed to global cancer prevalence rates as well as an uptick in personalized medicine developments that tailor treatments specifically for individual genetic profiles - further driving Oncology market share growth. Multiple Sclerosis (MS) segment displays impressive growth, boosted by increasing disease prevalence and ongoing research for disease-modifying therapies. A comprehensive pipeline exists for both relapsing-remitting and progressive forms of MS.
Inflammatory conditions, including both autoimmune and chronic inflammation-related diseases, represent a key segment. They are being driven by both increasing awareness of these disorders as well as the introduction of biologics and biosimilars as effective treatment options. The Infectious Diseases segment, post-COVID-19, has increasingly focused on antiviral drugs, vaccines, and antibiotics against multidrug resistant bacteria. Increased investment reflects an urgent need for effective treatments against emerging infectious diseases.
Route of Administration Insight
In 2023, oral medications held a share of over 45% in the Specialty Pharmaceutical Market due to their ease of administration and patient preferences for oral medications. With advances in drug formulation, their effectiveness in managing chronic diseases was further increased through this route of administration. Parenteral therapies - including intravenous and injectable therapies - represent an increasingly large market segment. Parenteral treatment options provide rapid absorption or are unsuitable for oral administration, making parenteral treatments increasingly popular among healthcare practitioners and patients alike. Growth of this sector has been propelled by innovations in drug delivery systems as well as increasing use of biologic medicines administered parenterally.
Transdermal delivery, an emerging field, is becoming more and more popular for its noninvasive nature and sustained release capabilities. It can especially benefit patients needing continuous medication or experiencing difficulties using oral or injectable routes of delivery. Ongoing advances in transdermal technology, including advanced patches and novel drug formulations, are expanding this realm's capabilities.
Distribution Channel
Offline distribution channels dominated the Specialty Pharmaceutical Market in 2023, accounting for 56%. This category includes brick-and-mortar pharmacies and healthcare facilities and provides professionals with direct access to medications in acute conditions and complex therapies.
As an online distribution channel has only a minority share, but is seeing remarkable growth, this can be attributed to home delivery's convenience, an expanding e-commerce presence in healthcare, and digital solutions generally being sought out as more cost-cutting measures by institutions. Online pharmacies in particular are becoming popular choices for managing chronic conditions by providing easy access to medications while increasing patient adherence.
Although online channels continue to experience growth, offline channels remain more dominant due to patient trust in traditional healthcare settings and immediate medical access needs. However, ongoing digital transformations suggest a future shift toward an even distribution between offline and online channels in healthcare market share.
Recent Developments in the Specialty Pharmaceutical Market
- Novo Nordisk: Received FDA approval for Ozempic for the treatment of adults with moderate-to-severe chronic obstructive pulmonary disease (COPD).
- Abbott: Received FDA approval for Freestyle Libre 3 blood glucose monitoring system, featuring enhanced sensor and accuracy.
- West Pharmaceutical Services, Inc. (WPS): Acquired MedTech company Medi-Dose, expanding its drug delivery solutions portfolio.
- Adherium: Launched SmartHub platform for medication adherence management, using mobile and cloud technologies.
- BIOCORP: Received CE Mark approval for its Inhaler Tracker device, which monitors medication adherence for inhaled therapies.
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Market Segmentation
Application
- Oncology
- Multiple sclerosis
- Inflammatory conditions
- Infectious diseases
Route of Administration
- Oral
- Parenteral
- Transdermal
Distribution Channel
- Offline
- Online
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
- Algeria
Competitive Landscape
- Novo Nordisk
- Abbott
- West Pharmaceutical Services, Inc.
- Findair Sp. z o. o.
- Adherium
- BIOCORP
- Propeller Health (ResMed Inc.)
- Cognita Labs, LLC
- CeQur Corporation
- Medtronic plc
- Other Key Players
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