According to the latest report by Renub Research, titled “United States Specialty Pharmaceuticals Market & Forecast by Application (Oncology, Autoimmune, Immunology, HIV, Multiple Sclerosis, Hematology, AMD, HGH, Others), Companies” The growing ageing population fuels the United States Speciality pharmacy market. More than 20% of the U.S. population is above 65 years of age, and this aged number is expected to rise by 2026. Apart from that, increasing purchasing power and access to quality healthcare and pharmaceuticals to poor and middle-class families also drive the growth of the U.S. speciality pharma industry. The growth drivers of speciality pharmacy include new medications on the market, hospital pharmacy expansions and more chronic condition diagnosis. According to Renub Research Analysis, it is expected that United States Specialty Pharmaceutical Market will be US$ 387 Billion by 2026.
The U.S. pharmaceutical market is divided into two types of drugs, majorly, i.e. Traditional Drugs and Speciality Drugs. In recent years, Specialty drugs have gained a strong foothold in the U.S. Speciality drugs are meant for deadly chronic and rare disease. Medicines in this category are difficult to administer and very costly. Also, these drugs require proper management and exceptional handling, making them expensive. Since a considerable part of the population in the U.S. is ageing into diseases like cancer and other chronic deadly diseases, the demand for speciality drugs has skyrocketed in the past few years. Due to this world’s biggest pharmaceutical companies are heading their research and development initiatives in the speciality drug.
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Over the recent decade, The U.S. speciality pharmaceutical market has changed, with many speciality drugs being in their final phase of development. The U.S. speciality pharmaceutical market will grow at an increasing pace in the upcoming years, majorly due to factors like the improving life expectancy, ageing population of the U.S., rise in actual net per capita medicine spending on speciality drugs, and high prevalence of chronic disease in the region. Approx 50% of all new speciality drugs approved by the FDA in 2018 were initially developed by companies other than those that received the approval.
The market growth is likely to be challenged by the abandonment rate of speciality medicines and high R&D costs. The top five pharmaceutical companies that have been covered in the report include UnitedHealth Group Incorporated, Recordati Pharmaceuticals, CVS Health and Endo International.
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Market Summary:
By Application: The market and pipeline of Oncology, Autoimmune, Immunology, HIV, Multiple Sclerosis, Hematology, Age-related macular degeneration (AMD), Human Growth Hormones (HGH) Others are covered in this research report.
By Company: Company Overview, Products/Initiatives and Financial Insight of CVS Health, Endo International, UnitedHealth Group Incorp and Recordati Pharmaceuticals are given in this research report.
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