According to the recent report by IMARC Group, titled “United States Specialty Generics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the United States specialty generics market size reached US$ 23.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 43.1 Billion by 2027, exhibiting a growth rate (CAGR) of 10.37% during 2022-2027.
Specialty generics represent off-patented drugs that are bioequivalent to branded medications in terms of strength, quality, dosage, form, effect, intended use, side effects, route of administration, etc. They generally need special handling, monitoring, and prior authorization to order them. In addition to this, specialty generics are less expensive as compared to their counterparts as they do not require extensive manufacturing and marketing costs. Furthermore, these drugs are utilized to treat chronic health conditions, such as autoimmune diseases, cancer, epilepsy, HIV, hepatitis, multiple sclerosis, rheumatoid arthritis, etc. Consequently, specialty generics are gaining traction across the US.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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US Specialty Generics Market Trends:
The expanding geriatric population and the growing number of branded drugs nearing their expiration dates are primarily driving the US specialty generics market. Additionally, the launch of various favorable policies by government bodies in the country to develop affordable treatment options is catalyzing the market growth. Besides this, they are also providing incentives to physicians and pharmacists for promoting generic substitution, which is acting as another significant growth-inducing factor. Moreover, the escalating demand for re-innovated generics with reduced intra- and inter-patient variability is augmenting the market growth in the US. Apart from this, the introduction of biosimilar drugs by the leading manufacturers and the rising investments in R&D activities are anticipated to fuel the US specialty generics market over the forecasted period.
Competitive Landscape With Key Players:
The competitive landscape of the United States Specialty Generics Market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
The report has segmented the United States Specialty Generics Market on the basis of route of administration, therapeutic application, distribution channel.
Breakup by Route of Administration:
- Injectables
- Oral
- Others
Breakup by Therapeutic Application:
- Oncology
- Hepatitis
- Multiple Sclerosis
- HIV
- Other Autoimmune Diseases
- Others
Breakup by Distribution channel:
- Retail Pharmacies
- Specialty Pharmacies
- Hospital Pharmacies
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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