The Europe Specialty Generics Market would witness market growth of 9.3% CAGR during the forecast period (2023-2030).
The market share is anticipated to increase due to factors like the increasing incidence of diseases and the rising number of patent expirations. Chronic diseases, like cardiovascular conditions, cancer, and arthritis, among others, have become more prevalent recently, placing a considerable load on people's healthcare spending. A major factor driving the market is the rising prevalence of complex chronic diseases like hepatitis C and the growing use of specialty generic medications.
The generic version of that drug is referred to as its "specialty generic," and the word "specialty generics" is the term used to describe those generic versions. Multiple sclerosis, cancer, and rheumatoid arthritis are examples of diseases that can be effectively treated with these pharmaceuticals. When compared to their branded counterparts, specialty generics are significantly less expensive due to the lower expenses associated with their development and marketing.
Since younger birth cohorts also exhibit declining populations, according to Destatis, 2020, adults over 65 also make up an increasing share of the overall population over time. From 15% in 1991 to 22% in 2019, it increased. The number of people who are very old and over 85 is growing especially quickly. In 1991, there were 1.2 million of them, and by 2019, there were 2.4 million. According to a UN assessment of France aging policy, France, like other European nations, is experiencing a steady and large rise in the population of senior people. In 2012, there were 15 million persons in France over the age of 60. In 2060, this number will increase to 24 million. It is anticipated that the market will grow as a result of the aging populations in these regional nations.
The Germany market dominated the Europe Specialty Generics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $8,947.8 million by 2030. The UK market is experiencing a CAGR of 8.4% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 10.1% during (2023 - 2030).
Based on Type, the market is segmented into Injectables, Oral Drugs, and Others. Based on Application, the market is segmented into Inflammatory conditions, Multiple sclerosis, Hepatitis C, Oncology, and Others. Based on End Use, the market is segmented into Specialty Pharmacy, Retail Pharmacy, and Hospital Pharmacy. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Specialty Generics Market is Projected to reach USD 141.5 Billion by 2030, at a CAGR of 9.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Teva Pharmaceuticals Industries Ltd., Novartis AG, Hikma Pharmaceuticals PLC, Sun Pharmaceutical Industries Ltd., Fresenius SE & Co. KGaA, Dr. Reddy’s Laboratories Ltd., Mallinckrodt PLC, Bausch Health Companies, Inc., Viatris, Inc. and Apotex, Inc.
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