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Specialty Generics Market to be Worth $148.7 Billion by 2030: Grand View Research, Inc. – PR Newswire UK

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30 Aug, 2022, 12:00 BST
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SAN FRANCISCO, Aug. 30, 2022 /PRNewswire/ — The global specialty generics market size is expected to reach USD 148.7 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. The growth in the market is largely driven by increasing product approvals and the rising prevalence of complex chronic diseases, such as multiple sclerosis.
Key Industry Insights & Findings from the report:
Read 101-page full market research report, "Specialty Generics Market Size, Share & Trends Analysis Report By Type (Injectables, Oral Drugs), By Application (Oncology, Inflammatory Conditions, Hepatitis C), By End-use (Specialty, Retail), By Region, And Segment Forecasts, 2022 – 2030", published by Grand View Research.
Specialty Generics Market Growth & Trends 
In April 2022, Dr. Reddy’s Laboratories launched a methylprednisolone sodium succinate injection in the U.S. for the treatment of patients with arthritis, blood disorders, and certain rare cancers. Furthermore, in June 2022, Elixir launched copay solutions enhancement program for the management of specialty generic medication prices. Under this program, an eligible patient receives a generic version of specialty medication at zero cost. Thus, the launch of new low-cost generic injectable and the availability of such programs is projected to fuel market growth. 
Increased claim settlements and availability of specialty generic drugs increase their prescription rates due to the high safety, efficacy, and tolerability associated with them. According to the Human Resources Benefits Office University of Michigan annual report (2021), around 1,383 claims were settled for specialty generic drugs such as glatiramer acetate (Copaxone/Glatopa), teriflunomide (Aubagio), and fingolimod (Gilenya) in 2021, compared to 1,360 in 2020, with a rise of 1.7% for the treatment of patients with multiple sclerosis. 
However, high costs associated with specialty generics may hamper their uptake. The lack of ability to attract patients toward drugs, marketing rights acquired by companies for off-patent drugs with no generic competition, and small target patient pool, subsequently increases the prices of products. According to the University of Michigan Prescription Drug Plan Formulary report, the average cost of specialty generic is over USD 4,500 monthly per person, compared to USD 17 to 22 for a generic prescription.
Specialty Generics Market Segmentation
Grand View Research has segmented the global specialty generics market by type, application, end-use, and region:
Specialty Generics Market – Type Outlook (Revenue, USD Billion, 2018 – 2030)
Specialty Generics Market – Application Outlook (Revenue, USD Billion, 2018 – 2030)
Specialty Generics Market – End-use Outlook (Revenue, USD Billion, 2018 – 2030)
Specialty Generics Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030
List of Key Players in the Specialty Generics Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research’s Pharmaceuticals Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James 
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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SOURCE Grand View Research, Inc.
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