Visiongain has published a new report entitled Specialty Pharma Market Report 2024-2034: Forecasts by Route of Administration (Oral, Parenteral, Rectal), by Distribution Channel (Hospitals, Retail Pharmacies, Specialty Pharmacies), by Therapeutics (Oncology, Immunology, Diabetes, Cardiovascular Disease, Respiratory, CNS, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.
The global specialty pharma market is estimated to reach a market value of US$695.4 billion by 2034 and is projected to grow at a CAGR of 7.5% during the forecast period 2024-2034.
Expanding Oncology Drug Demand Shapes Specialty Pharma Market Growth
The specialty pharmaceutical market for oncology drugs is being driven by the increasing global incidence of cancer, which continues to rise due to factors such as aging populations, unhealthy lifestyles, and environmental exposures. As of 2023, the U.S. Department of Health and Human Services estimates global cancer cases to reach 1,958,310, highlighting the urgent need for effective treatments like cancer drugs.
Innovative oncology drugs such as Pembrolizumab (Keytruda), Trastuzumab (Herceptin), and Imatinib (Gleevec) are at the forefront of this demand. These drugs leverage advanced technologies like monoclonal antibodies and tyrosine kinase inhibitors to specifically target cancer cells while minimizing damage to healthy tissues. Their ability to offer targeted therapy and immunotherapy approaches has revolutionized cancer treatment, providing patients with more effective options beyond traditional methods like surgery, chemotherapy, and radiation.
The rise in demand for cancer drugs is further fuelled by advancements in immunotherapy, which enhance the body's immune response against cancer cells. Unlike traditional treatments, these drugs often have a more favourable safety profile, reducing severe side effects and improving quality of life for patients undergoing treatment.
Moreover, global efforts focused on reducing cancer mortality rates underscore the importance of continuous innovation and accessibility to these life-saving therapies. Countries worldwide, particularly those with high cancer burdens, are prioritizing investments in oncology research and healthcare infrastructure to meet the growing therapeutic needs of their populations.
The increasing prevalence of cancer, coupled with advancements in oncology drug development and favourable safety profiles, will continue to drive robust demand in the specialty pharmaceutical market. As healthcare systems strive to improve patient outcomes and reduce the global burden of cancer, the role of specialty pharmaceuticals in providing targeted, effective treatments will remain pivotal in shaping the future of oncology care.
Download Exclusive Sample of Report
https://www.visiongain.com/report/specialty-pharma-market-2024/#download_sampe_div
How will this Report Benefit you?
Visiongain’s 264-page report provides 102 tables, 171 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the specialty pharma market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Specialty Pharma. Get financial analysis of the overall market and different segments including product, application, tests, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing Specialty Pharma market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Regulatory Standards Driving Growth in the Global Specialty Pharma Market
The global specialty pharma market is propelled by stringent regulatory frameworks and standards that ensure the safety, efficacy, and quality of pharmaceutical products. These regulations play a pivotal role in shaping the industry landscape and fostering opportunities for growth and innovation. Firstly, the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH) provides harmonized guidelines for the development, registration, and post-approval of pharmaceuticals globally. These standards streamline processes across regions, reducing time-to-market for specialty pharma products and facilitating international market access.
The United States Pharmacopeia (USP) and European Pharmacopoeia (Ph. Eur.) establish quality standards for medicines, including specific chapters addressing aspects critical to Specialty Pharma such as microbial contamination testing and oncology formulations. Compliance with these pharmacopoeial standards assures product quality and consistency, bolstering consumer confidence and market demand. ISO standards, such as ISO 10993 for medical device biocompatibility and ISO 17025 for testing and calibration laboratories, further contribute to regulatory alignment and operational excellence within the specialty pharma sector. Adherence to Good Laboratory Practice (GLP) and Good Manufacturing Practice (GMP) guidelines ensures the reliability of non-clinical studies and maintains high manufacturing standards, respectively.
These regulatory frameworks not only mitigate risks associated with product safety and efficacy but also create opportunities for innovation. By providing clear guidelines and fostering a predictable regulatory environment, they encourage investment in research and development of novel therapies and technologies. Enhanced regulatory compliance facilitates market entry and expansion, particularly in emerging regions where regulatory harmonization is evolving.
Overall, adherence to these stringent regulatory frameworks is essential for driving the global specialty pharma market forward. They not only safeguard public health but also stimulate innovation and market growth by fostering a conducive environment for pharmaceutical companies to develop and commercialize advanced therapeutic solutions.
Get Detailed ToC
https://www.visiongain.com/report/specialty-pharma-market-2024/
Where are the Market Opportunities?
Specialty Pharma Seizes Growth Opportunity in Chronic and Rare Diseases
The increasing burden of chronic and rare diseases represents a substantial market opportunity for the specialty pharmaceutical sector. Globally, there is a growing prevalence of chronic conditions such as cardiovascular diseases, diabetes, autoimmune disorders, and rare genetic diseases due to factors like aging populations, lifestyle changes, and environmental factors. This demographic shift creates a significant demand for specialized medications that offer targeted therapies and improved patient outcomes.
Specialty pharmaceuticals are uniquely positioned to capitalize on this opportunity by developing innovative treatments tailored to the specific needs of patients with complex and rare diseases. These medications often require advanced formulation techniques, including biologics, gene therapies, and personalized medicine approaches, which are designed to address the underlying mechanisms of disease with greater precision.
Precision medicine, leveraging genetic and molecular insights, is revolutionizing the treatment landscape by enabling healthcare providers to deliver personalized care strategies. This approach not only enhances treatment efficacy but also optimizes healthcare resource allocation by reducing trial-and-error prescribing and minimizing adverse effects.
Moreover, the market for rare diseases, despite each condition affecting a small patient population individually, collectively represents a significant opportunity for growth. The development of orphan drugs targeting rare diseases has gained traction, driven by regulatory incentives and increasing awareness among healthcare providers and patients about these underserved conditions.
Thus, the rising burden of chronic and rare diseases presents a compelling market opportunity for specialty pharmaceutical companies. By focusing on innovative therapies and personalized treatment approaches, these companies can meet the evolving healthcare needs of patients globally while driving growth and differentiation in the pharmaceutical market.
Competitive Landscape
The major players operating in the Specialty Pharma market are CVS Health, The Cigna Group, UnitedHealth Group (Optum, Inc.), Walgreens Boots Alliance, Inc., Humana, Teva Pharmaceutical Industries Ltd., Endo, Inc., AbbVie, Amgen Inc., AstraZeneca, Viatris Inc., Johnson & Johnson, Sun Pharmaceutical Industries Ltd., Soleo Health, and Lumicera. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- In May 2024, Teva Pharmaceuticals announced that the U.S. Food and Drug Administration (FDA) approved AUSTEDO XR as a once-daily treatment option in a single pill format, now available in four new tablet strengths (30 mg, 36 mg, 42 mg, and 48 mg). This formulation is indicated for adults managing chorea associated with both tardive dyskinesia (TD) and Huntington's disease (HD).
- In April 2024, Walgreens announced that it is enhancing its specialty pharmacy services and investing in its capabilities to strengthen its core pharmacy business, aiming to enhance patient outcomes and deliver greater value to payers and partners. Recently, Walgreens launched Walgreens Specialty Pharmacy, an integrated service designed to broaden access to care for individuals managing complex, chronic conditions. This initiative also facilitates strategic partnerships that enhance profitability within Walgreens’ pharmacy operations. Furthermore, the company is making strategic investments to innovate its specialty pharmacy offerings, including advancements in gene and cell therapy services, positioning itself as a leader in cutting-edge healthcare solutions.
To access the data contained in this document please email contactus@visiongain.com. Avoid missing out by staying informed – order our report now.
To find more Visiongain research reports on the Pharma sector, click on the following links:
Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: contactus@visiongain.com
About Visiongain
Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
Contact
Visiongain Reports Limited
Telephone: +44 (0) 20 7336 6100
Email: contactus@visiongain.com
Web: www.visiongain.com
