Published Date: 30-Jun-2023
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According to a new report, published by KBV research, The Global Specialty Generics Market size is expected to reach $141.5 billion by 2030, rising at a market growth of 9.8% CAGR during the forecast period.
The Oral Drugs segment is showcasing a CAGR of 10.3% during (2023 - 2030). Oral administration is the quickest, simplest, and safest way to take generic drugs. They are the most often used & produced form of medication because of how simple they are to use for regular and prolonged consumption, self-administration, and lack of pain. The product launches in this segment have further supported the segment's growth.
The Inflammatory conditions segment is leading the Global Specialty Generics Market by Application in 2022 thereby, achieving a market value of $41.3 billion by 2030. When the body comes into contact with viruses, bacteria, harmful chemicals, or an injury, inflammation results. These inflammatory circumstances cause the immune system to release cytokines, which trigger the release of additional inflammatory cells. Bruising, Pain, swelling, or redness may be the result. Inflammation also impacts the various body systems that are treated with specialty medications, which will increase the demand for specialty generics.
The Retail Pharmacy segment has shown the growth rate of 10.3% during (2023 - 2030). Retail pharmacists, also referred to as chemists or community pharmacists, offer and sell medicines and medical supplies to patients and healthcare professionals. Retail pharmacists prepare specific medications on prescription, provide medications that have already been prepared by manufacturers, counsel the public on the treatment of minor ailments, and refer patients to doctors as necessary. It is projected that the expanding retail pharmacy will promote the expansion of the specialty generics market.
The North America market dominated the Global Specialty Generics Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $50.4 billion by 2030. The Europe market is exhibiting a CAGR of 9.3% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 10.6% during (2023 - 2030).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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