Specialty Injectable Generics Market Is Projected to Be Around US$ 75.7 Billion With Healthy CAGR of 10.4% by 2026
SEATTLE, April 02, 2021, (PHARMIWEB) — Global Specialty Injectable Generics Market – A Cost Effective Approach in Chronic Diseases Treatment
Specialty injectable generics are drug therapies that are indicated for the treatment of chronic and/or life threatening diseases such as HIV, cancer, cardiovascular disease, auto immune disorders, and more. Specialty injectable generics play a crucial role in advanced healthcare and are administered by infusion, injection, or inhalation.
The global specialty injectable generics market size was valued at US$ 31,300 million in 2017, and is expected to exhibit a CAGR of 10.4 % over the forecast period (2018 – 2026).
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Figure 1. Global Specialty Injectable Generics Value (US$ Mn), by Region, 2017
Source: Coherent Market Insights Analysis (2019)
Increasing incidences of chronic diseases is expected to propel growth of the global specialty injectable generics market
Growing occurrence of chronic disease such as cancer and cardiovascular disease is expected to drive growth of the global specialty injectable generics market during the forecast period. According to the World Health Organization (WHO), in 2012, cancer was the second leading cause of morbidity and mortality worldwide, with around 14 million new cases registered in 2012. According to the same source, in 2015, cancer was responsible for 8.8 million deaths, worldwide. Moreover, the WHO stated that the number of new cases is expected to increase by around 70% by 2030.
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Furthermore, increasing incidences of HIV/AIDS is expected to fuel the global specialty injectable generics market growth over the forecast period. According to the WHO, around 36.9 billion people were diagnosed with HIV in 2017, with nearly 1 in every 25 adults in Africa living with HIV.
Market Dynamics- Drivers
Expensive and complex process to manufacture the biologics and generic injectable is expected to restrain growth of the global specialty injectable generics market in the near future. Moreover, not all manufacturers can invest and sustain such investment especially in the ever increasing competition in the market.
The U.S. Food and Drug Administration (FDA) has implemented CGMP guidelines for manufacturing of generic sterile injectable. These generic drugs are priced at reduced rates as compared to branded drugs leading to significantly low profit margins for manufacturers. Moreover, the U.S. FDA has enhanced efforts to enforce GMP on manufacturers and hence, they are unable to capitalize on generic drugs. This is expected to be factor hampering growth of the global specialty injectable generics market.
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Figure 2. Global Specialty Injectable Generics Market Share (%), by Product Type, 2018 and 2026
Source: Coherent Market Insights Analysis (2019)
Increasing prevalence of neurological disorders in North America is expected to bolster the market growth
Among regions, North America holds the dominant position in the global specialty injectable generics market, owing to high prevalence of genetic disorders in the region. According to the U.S. Pharmacist Journal, January 2018, around 1.2 million adults were diagnosed with early symptoms of brain disorders, annually, of which 21% are due to Alzheimer’s disease and the total number of new cases of Parkinson’s disease and traumatic brain injuries is around 135 million in the U.S.
Moreover, North America is the largest generics drug and biosimilar market worldwide especially in segments of specialty disease and large annual generic/biosimilar prescription. According to report by the U.S. Department of Commerce’s International Trade Administration in 2016, U.S. generic drug sales reached an estimated US$ 70 billion, which is a quarter of the global market. This was due to a large number of drugs going off-patent and healthcare reforms favoring generics. Generics holds 22% of total prescription sales and its share in filled prescriptions increased from 19% in 1984 to 88% in 2015.
Moreover, key players in the market are focused on receiving approval for generic products to enhance their product portfolio. For instance, in September 2017, Samsung Bioepis’ Ontruzant (SB3) a monoclonal antibody for treatment in breast cancer – was approved by European Medicines Agency (EMA).
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Major players operating in the global specialty injectable generics market include, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., Novartis AG, Baxter International Inc., Mylan N.V., Fresenius SE & Co. KGaA, Endo International Plc., Hikma Pharmaceuticals PLC, Lupin Ltd., Sagent Pharmaceuticals, Inc., Cipla Limited , Sun Pharmaceutical Industries Limited, and Dr. Reddy’s Laboratories.About Us:
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