The North America Specialty Generics Market would witness market growth of 9.0% CAGR during the forecast period (2023-2030).
The complex or high-end specialty generics are generic equivalents of drugs. However, they follow different regulatory processes. The prevalence of many life-threatening diseases, such as cancer, Multiple Sclerosis (MS), and HIV, has increased regionally, which is expected to result in a rise in the need for specialized pharmaceuticals. For a variety of medication delivery methods, including intravenous, intradermal, intramuscular, intraperitoneal, subcutaneous, and others, specialty generic injectables are used to treat ailments ranging from cancer to autoimmune disorders.
During drug injection, a chemical is injected into the bloodstream using a hollow hypodermic needle. Oncology, autoimmune disorders, infectious diseases, and other indications are treated using specialty generics, which are sold through a variety of channels, including specialty pharmacies, retail pharmacies, and hospital pharmacies. Due to specific production needs, greater capital costs, and generally lower quantities as a result of a smaller patient population, specialized generics have a more competitive market than regular generics. This leads to better profits than standard generics and a lesser price drop relative to branded medicine. Since specialty generics are given by unique players, they typically require prior authorization in the market and special handling, administration, and monitoring.
The American Cancer Society reports that in 2018, there were roughly 154,050 lung cancer-related deaths in the United States, with an estimated 234,030 new cases of lung cancer being diagnosed. According to the American Lung Association, 541,000 Americans have received a lung cancer diagnosis at some time in their lives. The majority of patients have received a lung cancer diagnosis during the last five years. Each year, non-small cell lung cancer (NSCLC) is treated in tens of thousands of Americans. The market is expected to grow as a result of lung cancer's increasing prevalence. Because of the increase in cancer incidence, there is a greater need for products such as specialty generics, which boosts the regional market.
The US market dominated the North America Specialty Generics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $33,131.9 million by 2030. The Canada market is exhibiting a CAGR of 11.5% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 10.5% 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 U.S., Mexico, Canada, and Rest of North America.
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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