According to the recent report by IMARC Group, titled “United States Specialty Generics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the United States specialty generics market reached a value of US$ 21 Billion in 2020. Specialty generics refer to the generic variants of branded specialty drugs, which are only developed once the patent expires. These drugs are available only on prescriptions and are utilized to treat chronic medical conditions such as cancer, rheumatoid arthritis, inflammatory bowel disease (IBD), HIV, psoriasis, hemophilia, multiple sclerosis, epilepsy, and hepatitis C. As the prevalence of these diseases is rising gradually in the United States, there is a high demand for specialty generic drugs. Moreover, favorable initiatives by the US Food and Drugs Administration (FDA), such as the breakthrough therapy designation, aimed to smoothen the accessibility to these drugs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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United States Specialty Generics Market Trends:
Specialty generic drugs are more cost-effective than their branded counterparts. This can be accredited to the elimination of time-consuming research and development (R&D) activities and low cost requirements for their marketing and promotion. As a result, they help in reducing the overall cost of the treatment, which has increased the inclination toward these drugs. Apart from this, the rising prevalence of life-threatening diseases and the growing geriatric population are contributing to the growth of the market. According to statistics, the United States is experiencing steady growth in the number of cancer cases. In 2020, an estimated 1,806,590 new cancer cases are expected to be diagnosed among adolescents and young adults (15-39 years) and 606,520 people can die from the disease. With these numbers aggravating every year, the demand for specialty generics will increase subsequently. Additionally, several blockbuster drugs will lose patent protection in the near future, which is creating a positive outlook for the market. Looking forward, IMARC Group expects the market to grow at a CAGR of around 10% during 2021-2026.
Market Breakup by Route of Administration:
Market Breakup by Therapeutic Application:
- Multiple Sclerosis
- Other Autoimmune Diseases
Market Breakup by Distribution channel:
- Retail Pharmacies
- Specialty Pharmacies
- Hospital Pharmacies
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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