Global Specialty Generic Drug market is expected to double by 2024

In the latest report the major market researcher IMARC, has estimated a Global CAGR of 11.9% for Specialty Generics Drugs for the period 2019-24. According to the report the market value of specialty generic drugs is projected to reach US$ 88.9 Billion by 2024 which was US$44.8 Billion in 2018.

The world is moving from branded to generic drugs and even faster. This was revealed by the major market researcher - IMARC - in its latest report on speciality generic drugs.

According to the latest report by IMARC Group, titled "Specialty Generics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global speciality generics market size reached US$ 44.8 Billion in 2018. Speciality generics refer to off-patented drugs which are used to target chronic or complex health conditions. These drugs require special handling, monitoring or administration and generally need prior authorization to order them. Nowadays, speciality generics are gaining immense popularity as they are utilized to treat rare chronic diseases such as cancer, HIV AIDS, rheumatoid arthritis and haemophilia.

Global Specialty Generics Market Trends

The increasing demand for speciality drugs has encouraged the governments of various countries to regulate and provide supporting policies for the production of speciality generics. Besides this, unlike newly patented speciality drugs, speciality generics are less expensive to develop and manufacture as they do not have to undergo any clinical trials and approval before entering the market. As a result, these products involve low risk and high margins as compared to newly patented drugs which usually take three to four years for product development and approval. Moreover, manufacturers are involved in research and development (R&D) to create new and innovative speciality drug formulations that are more efficient and cost-effective as compared to their branded counterparts. Additionally, several companies are engaging in mergers and acquisitions (M&A) to expand their speciality generics capacities. For instance, Alvogen, a pharmaceutical company, acquired County Line Pharmaceuticals that is involved in the development of speciality generics. Looking forward, the market value is projected to reach US$ 88.9 Billion by 2024, exhibiting a CAGR of 11.9% during 2019-2024.

Market Summary

• Based on the route of the administration, the market has been segregated into injectables, drugs and others. Amongst these, injectables currently dominate the market across the globe.
• On the basis of the indication, oncology holds the majority of the global market share. Some of the other segments are autoimmune and infectious diseases.
• The market has been categorized based on the distribution channel into retail pharmacies, speciality pharmacies and hospital pharmacies. At present, speciality generics are majorly distributed through speciality pharmacies.
• Region-wise, North America enjoys the leading position in the global speciality generics market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been examined with some of the key players being Teva Pharmaceuticals Industries, Akorn, Inc., Mylan N.V., Mallinckrodt, Sandoz International GmbH, Pfizer, Inc., Sun Pharmaceutical Industries Ltd., Valeant Pharmaceuticals, Apotex Corp., Endo International plc.