USD 73.38 billion
Specialty Generics Market Size, Share, Growth Analysis, By Type(Oral, injectable, topical, and others), By Application(Oncology, neurology, autoimmune diseases, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55E2036 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|Tables:
65
|Figures:
75
Specialty Generics Market Insights
Global Specialty Generics Market size was valued at USD 73.38 billion in 2022 and is poised to grow from USD 80.13 billion in 2023 to USD 162.02 billion by 2031, at a CAGR of 9.2% during the forecast period (2024-2031).
The global specialty generics market encompasses unique, off-patent medications tailored for specific conditions.
Its growth is propelled by rising demand for cost-effective alternatives to brand-name drugs, patent expirations, and healthcare cost containment efforts.
This market benefits from its potential to offer affordable treatments and is characterized by complex formulations, diverse therapeutic areas, and regulatory hurdles.
As pharmaceutical companies focus on development, production, and compliance, partnerships and strategic acquisitions play a crucial role.
The market's trajectory is influenced by evolving healthcare policies, pricing pressures, and advances in drug delivery technologies, shaping the landscape for accessible and innovative therapies.
US Specialty Generics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Oncology
Fastest Growth
Neurology
Growth Rate
9.2% CAGR
Global specialty generics market by region
Country Share for North America (%)
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Specialty Generics Market Segmental Analysis
The global specialty generics market can be segmented based on type, application, and region. Types include oral, injectable, topical, and others, catering to various administration preferences. Applications range from oncology and cardiovascular to central nervous system disorders. Geographically, the market spans North America, Europe, Asia-Pacific, and the rest of the world.
Specialty Generics Market Analysis By Type
Injectables and biosimilars have been among the largest segments within the specialty generics market. The demand for injectable medications remains high due to their use in critical treatments, such as oncology and chronic diseases.
Biosimilars has been one of the fastest-growing segments within the specialty generics market. As patents for many biologics have expired or are expiring, the development and approval of biosimilars have gained momentum. These products offer cost savings and increased access to biologic therapies.
Specialty Generics Market Analysis By Application
Oncology and neurology have been among the largest segments in the specialty generics market. Cancer and neurological disorders are prevalent globally, leading to substantial demand for effective and affordable treatment options.
The fastest-growing segments can vary based on factors such as disease prevalence, emerging research, and regulatory changes. However, areas like immunology (autoimmune diseases) and certain specialty generics for rare diseases could be considered among the fastest-growing segments due to advancements in understanding these conditions and the increasing focus on personalized medicine.
Global specialty generics market by application
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Specialty Generics Market Regional Insights
North America, particularly the United States, has historically been a major market for specialty generics due to its well-established healthcare infrastructure and large patient population. The presence of a strong regulatory framework and a favorable reimbursement environment has contributed to the growth of this market in the region.
Europe, including countries like Germany, France, and the United Kingdom, has a significant share in the specialty generics market. The region's robust pharmaceutical industry, growing geriatric population, and emphasis on cost-effective healthcare solutions have driven the demand for specialty generics. The Asia-Pacific region, including countries such as China, India, and Japan, is expected to witness rapid growth in the specialty generics market. Factors such as a rising middle class, increasing healthcare awareness, and the presence of many pharmaceutical manufacturers contribute to this growth. India is known for its strong position in the global generic pharmaceuticals market.
Global specialty generics market by Region
- Largest
- Fastest
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Specialty Generics Market Dynamics
Specialty Generics Market Drivers
Growing Demand for Cost-effective Medications
- Specialty generics are often more affordable alternatives to brand-name specialty drugs, making them an attractive option for patients and healthcare providers seeking cost-effective treatment options. As healthcare costs continue to rise, the demand for affordable medications, especially for complex and chronic conditions, drives the growth of the specialty generics market.
- When patents for brand-name specialty drugs expire, it opens opportunities for generic manufacturers to enter the market with their own versions. This allows for increased competition, which can lead to price reductions and greater accessibility to these medications.
- The rise in chronic diseases such as diabetes, cardiovascular diseases, and autoimmune disorders creates a higher demand for specialty medications. Specialty generics can play a crucial role in making these treatments more accessible to a larger patient population.
Specialty Generics Market Restraints
Complex Development and Manufacturing
- Specialty generics often involve complex formulations, delivery mechanisms, and manufacturing processes. Developing and producing these medications can be challenging, requiring specialized expertise and infrastructure. This complexity can limit the number of manufacturers capable of producing these generics, leading to potential supply shortages.
- Specialty generics, especially those that require complex manufacturing or are biosimilars (generic versions of biologic drugs), face stringent regulatory requirements for approval. The regulatory pathway for these drugs can be more intricate and time-consuming compared to traditional generics, which can slow down market entry.
- Brand-name pharmaceutical companies may engage in legal battles to protect their intellectual property and market exclusivity. This can lead to delays in the introduction of specialty generics to the market, even after patent expiration, as these legal disputes are resolved.
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Specialty Generics Market Competitive Landscape
The global specialty generics market features intense competition among pharmaceutical companies, including industry giants and emerging players. Established firms like Teva, Mylan, and Sandoz dominate with their wide product portfolios, extensive distribution networks, and strong R&D capabilities. New entrants, often focusing on niche therapeutic areas, strive to capture market share through innovation and strategic partnerships. Regulatory complexities and patent challenges create barriers to entry, favoring companies with legal expertise. As market demand shifts towards personalized medicine and complex formulations, companies capable of swift adaptation and offering high-quality, cost-effective specialized generics are poised to thrive in this competitive landscape.
Specialty Generics Market Top Player’s Company Profiles
- Mylan N.V. - USA
- Lupin Limited - India
- Dr. Reddy's Laboratories Ltd - India
- Apotex Inc. - Canada
- Endo International plc - Ireland
- Aspen Pharmacare Holdings Limited - South Africa
- Mayne Pharma Group Limited - Australia
- Perrigo Company plc - Ireland
- Glenmark Pharmaceuticals Ltd - India
- Amneal Pharmaceuticals LLC - USA
- Hikma Pharmaceuticals PLC - Jordan
- Fresenius Kabi AG - Germany
- Aurobindo Pharma Limited - India
- Zydus Cadila - India
- Cipla Limited - India
- Torrent Pharmaceuticals Ltd - India
- Alvogen - USA
Specialty Generics Market Recent Developments
- In June 2023, Teva Pharmaceutical Industries announced that it would acquire Reata Pharmaceuticals, a developer of specialty generics for autoimmune and inflammatory diseases, for USD 8.8 billion.
- In July 2023, Mylan announced that it would acquire Viatris, a specialty generics company, for USD 16 billion.
- In January 2024, UCB, Advent International ("Advent") and Avista Capital Partners ("Avista"), two leading private equity firms with a strong healthcare focus, announced that they have entered into a definitive agreement providing for the acquisition of UCB’s US specialty generics subsidiary, Kremers Urban Pharmaceuticals Inc. ("KU"), by Advent and Avista. UCB will receive gross cash proceeds of US$ 1525 million upon closing, subject to regulatory approval and other customary closing conditions.
Specialty Generics Key Market Trends
Increasing Demand for Complex Generics
- Specialty generics are characterized by their complexity, often involving intricate formulations, delivery mechanisms, or manufacturing processes. One key trend was the growing demand for complex generics, which are more challenging to develop and manufacture than traditional generic drugs. These complex generics often require a higher level of expertise and investment, but they can offer significant cost savings compared to the brand-name counterparts. Examples include extended-release formulations, inhalation devices, transdermal patches, and biosimilars. The market was seeing an expansion of specialty generics that addressed various therapeutic areas such as oncology, central nervous system disorders, and autoimmune diseases.
Focus on Regulatory Environment and Intellectual Property
- The global specialty generics market was influenced by evolving regulations and intellectual property considerations. Companies in this space needed to navigate patent issues, regulatory requirements, and exclusivity rights in different regions. As the market for specialty generics matured, there were cases of legal disputes and patent challenges that affected market dynamics. Regulatory agencies were also refining their guidelines for approving complex generics and biosimilars, creating a more defined pathway for their entry into the market.
Specialty Generics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global specialty generics market is poised for promising growth due to factors such as increasing demand for cost-effective alternatives to brand-name drugs, patent expirations of major drugs, and rising prevalence of chronic diseases. Technological advancements, strategic collaborations, and expanding healthcare access in developing regions further fuel market expansion. As regulatory pathways become clearer, companies are likely to invest in research and development for complex generic formulations, driving innovation. However, challenges related to regulatory hurdles, quality assurance, and pricing pressures could temper the growth trajectory. Overall, the specialty generics market holds potential for significant development in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 73.38 billion |
| Market size value in 2031 | USD 162.02 billion |
| Growth Rate | 9.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Specialty Generics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Specialty Generics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Specialty Generics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Specialty Generics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Specialty Generics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Specialty Generics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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