Specialty Generic Drugs Market Share, Size, Trends, Industry Analysis Report, By Application (Oncology, Infectious Diseases, Multiple Sclerosis, Hepatitis C); By Route of Administration; By Distribution Channel; By Region; Segment Forecast, 2021 - 2028

Specialty Generic Drugs Market Share, Size, Trends, Industry Analysis Report, By Application (Oncology, Infectious Diseases, Multiple Sclerosis, Hepatitis C); By Route of Administration; By Distribution Channel; By Region; Segment Forecast, 2021 - 2028

The global specialty generic drugs market size is expected to reach USD 350.26 billion by 2028 according to a new study by Polaris Market Research. The report “Specialty Generic Drugs Market Share, Size, Trends, Industry Analysis Report, By Application (Oncology, Infectious Diseases, Multiple Sclerosis, Hepatitis C); By Route of Administration; By Distribution Channel; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.

An increase in the number of off-patent specialty drugs is a factor estimated to form the lucrative growth in the specialty generic drugs market. For instance, the patent for Novartis drug Gilenya is estimated to expire in 2019. This drug has made approximately 14% sales growth of Novartis. Such early patent expirations are expected to boost the global market growth.

In addition, the rise in the number of people suffering cancer is anticipated to bolster the global market growth. According to World Health Organization (WHO) 2015, approximately 160,000 individuals in the U.S. were filed to have various cancers. Thus, with the high prevalence of cancer case requiring drugs are anticipated to increase the global specialty generic drugs market growth.

North America is the highest spending region in healthcare, yet, this region started to put cutting healthcare expenditure. The current economic & financial crisis and the existence of a high geriatric population are some of the key reasons for the cost cut in healthcare infrastructure over this region. This creates the need for developing novel, enhanced, and economic methods for the production of specialty generics drugs. This factor is further anticipated to boost the global specialty generic drugs market in the forecast period.