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Specialty Generics Market Demand, Evolving Trends, Future Perspectives, Size, Share And ForecastTo2033

11-28-2024 07:53 AM CET | Health & Medicine

Press release from: The Business Research Company

Specialty Generics Market Demand

Specialty Generics Market Demand

"The Business Research Company recently released a comprehensive report on the Global Specialty Generics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
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According to The Business Research Company's, The specialty generics market size has grown rapidly in recent years. It will grow from $85.85 billion in 2023 to $96.94 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to patent expirations of brand-name drugs, growing demand for cost-effective alternatives, regulatory support for generic drug approvals, increasing healthcare cost pressures, rise in chronic diseases and aging population.

The specialty generics market size is expected to see rapid growth in the next few years. It will grow to $164.57 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to expansion of biosimilars market, emphasis on complex generic drug development, increasing focus on specialty generic injectables, adoption of 3d printing in specialty generic manufacturing, growth of specialty generics in emerging markets. Major trends in the forecast period include personalized and targeted specialty generics, strategic partnerships and collaborations in generic drug development, focus on developing abuse-deterrent formulations, integration of digital health technologies in specialty generics, regulatory initiatives for accelerated approval of complex generics.

Get The Complete Scope Of The Report @
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Market Drivers and Trends:

The surge in chronic diseases is expected to propel the demand for the specialty generic market. Chronic diseases are long-lasting sicknesses that often cannot be healed. However, it is occasionally curable and controllable. The changing lifestyle, eating habits, and not maintaining body weight are the reason for chronic conditions; a few more prolonged chronic infections lead to cancerous risk. Growing exposure to these diseases raises the need for specialty generic for a patient to treat complex chronic diseases. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the surge in chronic diseases is driving the specialty generic market growth.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

Key Benefits for Stakeholders:

• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:

Teva Pharmaceutical Industries Ltd., Endo International plc, Akorn Operating Company LLC , Mylan NV, Mallinckrodt Pharmaceuticals, Dr. Reddy's Laboratories Ltd., Apotex Corp., Fresenius Kabi Brasil Ltda, STADA Arzneimittel AG, Cipla Limited, Lupin Ltd, Aurobindo Pharma Limited, Aspen Pharmacare Holdings Limited, Pfizer Inc., Accord Healthcare Limited, Amneal Pharmaceuticals Inc., Sandoz International GmbH, Zydus Lifesciences Ltd., Torrent Pharmaceuticals Ltd., Perrigo Company plc, Impax Laboratories Inc., Par Pharmaceutical Companies Inc., Alvogen, Alkem Laboratories Ltd., Wockhardt Ltd., Strides Pharma Science Limited, Indoco Remedies Ltd., Unichem Laboratories Ltd., Alembic Pharmaceuticals Ltd., Jubilant Life Sciences Ltd.

Specialty Generics Market 2024 Key Insights:

• The specialty generics market size is expected to see rapid growth in the next few years. It will grow to $164.57 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
• Surge In Chronic Diseases Spurs Demand For Specialty Generics Market
• New Approval To Address The Critical Need For Medication
• North America was the largest region in the specialty generics market in 2023

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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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