Rising spending on pharmaceuticals and growing product innovation to develop novel specialty drugs are the major factors driving the growth of Global Specialty Pharmaceuticals Market.
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Scope of Specialty Pharmaceuticals Market Report-
Specialty pharmaceuticals are also referred as specialty drugs that are classified as high-cost, high complexity and high touch. These drugs derived from living cells that are injectable or infused through oral, parenteral and transdermal medications. In fact, specialty pharmaceuticals have rapidly growing share of total drug expenditures by public and private health plans. These drugs are mainly used to treat serious, chronic or life-threatening conditions such as cancer, growth hormone deficiency, rheumatoid arthritis and multiple sclerosis. Specialty drugs are more expensive than traditional drugs. These pharmaceuticals consist of many of the latest advance treatments for a range of serious conditions like rheumatoid arthritis, HIV and cancer. Many specialty pharmaceuticals are possible to improve both life expectancy and quality of life for patients.
Specialty Pharmaceuticals Companies:
- Pfizer Inc.
- Amgen Inc.
- Teva Pharmaceutical Industries Ltd.
- Otsuka America Pharmaceutical, Inc
- rEVO Biologics, Inc
- AbbVie Inc.
- Janssen Global Services, LLC
Global Specialty Pharmaceuticals Market Segmentation: –
By Therapeutic Area:
- Inflammatory conditions
- Multiple sclerosis
- Growth hormone
- Other disease conditions
By Route of Administration:
By Distribution Channel:
- Retail Pharmacies
- Specialty Pharmacies
- Mail Order
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Global Specialty Pharmaceuticals Market Dynamics: –
Rising spending on pharmaceutical and launch of high number of novel specialty drugs are the major factors driving the market growth. According to National Conference of State Legislatures, as of 2015, about 36% of total pharmaceutical spending in the commercial market was devoted to specialty medications. According to The Centers for Medicare & Medicaid Services (CMS), projects sustained increases in drug spending of 6% or more annually from 2015 to 2022, as both drug prices and utilization increase. According to IMS Institute for Healthcare Informatics, about 42% of drugs in the late stage of the FDA approval process were specialty medications. For Instance, Humira is one of the world’s best-selling drugs. In fact, overall global sales for Humira in 2018 reached close to USD 20 billion, with over USD13 billion coming from the U.S. market.
Global Specialty Pharmaceuticals Market Regional Analysis–
North America is expected to dominate the global specialty pharmaceuticals market with highest shares due to the heavy investments in R&D initiatives, technological expansions and integration of pioneering technologies, presence of major players in and occurrence of lifestyle related diseases in this region. In 2017, a wide variety of drug therapies to improve the health of the American public were approved by The Center for Drug Evaluation and Research (CDER). As per a study, the research-based pharmaceutical industry currently spends over USD 149.8 billion on R&D per year. In addition, due to fast development of new pharmaceutical industries, major merges and acquisitions among pharmacies, high buying power and reimbursement for the specialty pharmaceuticals are some of the major factors fostering the growth of specialty pharmaceutical market in this region during the forecast period.
Asia Pacific market is expected to witness a strong growth rate majorly due high population growth rate, growing prevalence of chronic diseases and rising adoption of advanced technologies in this region. As per World Health Organisation, Chronic disease risks and deaths are increasing rapidly, especially in low and middle-income countries. According to WHO, almost 23.6 million people will die from CVDs, mainly from heart disease and stroke by 2030.
Market by Regional Analysis
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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Our Market Research Solution Provides You Answer to Below Mentioned Question:
- Which are the driving factors responsible for the growth of the market?
- Which are the roadblock factors of this market?
- What are the new opportunities, by which market will grow in coming years?
- What are the trends of this market?
- Which are the main factors responsible for new product launches?
- How big are the global & regional markets in terms of revenue, sales, and production?
- How far will the market grow in the forecast period in terms of revenue, sales, and production?
- Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
- How will each segment grow over the forecast period and how much revenue will these segments account for in 2028?
- Which region has more opportunities?
Key Benefits for Global Specialty Pharmaceuticals Market Report–
- Global specialty pharmaceuticals market report covers in depth historical and forecast analysis.
- Global specialty pharmaceuticals market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global specialty pharmaceuticals market report helps to identify opportunities in market place.
- Global specialty pharmaceuticals market report covers extensive analysis of emerging trends and competitive landscape.
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