Press Release

Specialty Pharmaceuticals Market to grow with a CAGR of 7.17%

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the Global Specialty Pharmaceuticals Market.

 

According to TechSci Research report, “Global Specialty Pharmaceuticals Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Specialty Pharmaceuticals Market has valued at USD 66.20 billion in 2022 and is anticipated to witness an impressive growth in the forecast period with a CAGR of  7.17% through 2028.  This can be due to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.

Patient and physician demand are significant drivers of the global specialty pharmaceuticals market. Both patients and healthcare providers play essential roles in shaping the demand for specialty pharmaceuticals. Patients with complex or rare medical conditions often have unmet medical needs. They rely on specialty pharmaceuticals to address these needs when traditional treatments may be ineffective or unavailable. Patient demand arises from the desire for effective solutions to their health challenges. Physicians and patients seek specialty pharmaceuticals because of their demonstrated clinical effectiveness. These drugs are often more targeted and may provide superior outcomes compared to conventional treatments. Physicians prioritize treatments that offer the best chances of planning it for you. Patients and healthcare providers are increasingly aware of specialty pharmaceuticals due to advancements in medical research, patient advocacy efforts, and educational initiatives. As awareness grows, so does the demand for these specialized treatments. The shift toward patient-centered healthcare means that physicians and patients collaborate in treatment decisions. Patients are more involved in discussions about their treatment options and may request specialty pharmaceuticals that align with their preferences and values. Clinical guidelines and recommendations often influence physician prescribing practices. When specialty pharmaceuticals are endorsed by medical societies and guidelines as the preferred treatment for specific conditions, demand can increase. Many specialty pharmaceuticals aim to improve patients' quality of life by managing symptoms, reducing disease progression, or minimizing side effects. Patients and healthcare providers seek treatments that enhance well-being and functional capacity.

Specialty pharmaceuticals, also known as specialty drugs, are a category of medications characterized by their high cost, complexity, and specialized administration. They are often derived from living cells and can be administered through various routes, including injection, infusion, oral, parenteral, or transdermal methods. Specialty pharmaceuticals represent a rapidly growing portion of total drug expenditure covered by both public and private health plans. These drugs are primarily prescribed for the treatment of severe, chronic, or life-threatening conditions, such as cancer, growth hormone deficiency, rheumatoid arthritis, and multiple sclerosis. Notably, specialty drugs are associated with higher price tags compared to traditional medications.

In April 2022, Accord BioPharma, the U.S. specialty division of Intas Pharmaceuticals, Ltd., which focuses on the development of therapies in oncology, immunology, and critical care, has announced the launch of CAMCEVI (leuprolide) 42mg injection emulsion for the treatment of advanced prostate cancer in adults in partnership with Foresee Pharmaceuticals Co., Ltd. CAMCEVI received approval from the U.S. Food and Drug Administration for its New Drug Application (NDA) on May 25, 2021. Exclusive rights for the commercialization of CAMCEVI™ 42 mg injection in the U.S. have been granted to Accord BioPharma. This innovative product is the first sterile formulation of leuprolide mesylate designed for subcutaneous injection, conveniently available in a pre-filled syringe with no need for mixing.

Drug pricing pressures represent a significant challenge in the global specialty pharmaceuticals market. These pressures can impact various stakeholders in the pharmaceutical industry, including manufacturers, healthcare providers, payers, and patients. High drug prices can pose affordability challenges for patients, especially when it comes to specialty pharmaceuticals. These medications are often associated with premium price tags due to their complexity and targeted nature. High drug prices can create access barriers for patients, particularly those without adequate insurance coverage. This can result in delays in treatment, non-adherence to prescribed regimens, and suboptimal patient outcomes. Rising drug costs, including specialty pharmaceuticals, can strain healthcare budgets at both individual and institutional levels. Payers, including government programs and private insurers, must allocate significant resources to cover these expenses. Escalating drug prices, especially for specialty pharmaceuticals, can lead to increased insurance premiums for individuals and organizations. This, in turn, affects the overall cost of healthcare coverage.

 

Browse over XX market data Figures and spread through XX Pages and an in-depth TOC on " Specialty Pharmaceuticals Market.”

 

Global Specialty Pharmaceuticals Market is segmented based on Application, Distribution Channel, and by region.

Based on the Application, Global Specialty Pharmaceuticals Market is segmented into Oncology, Multiple sclerosis, Inflammatory conditions, Infectious diseases, Others. Multiple sclerosis (MS) is a chronic autoimmune disease that affects the central nervous system (CNS), which includes the brain and spinal cord. MS is characterized by the immune system mistakenly attacking the protective covering of nerve fibers, called myelin, leading to inflammation and damage to the nervous system. This can result in a wide range of symptoms and disabilities. MS is considered an autoimmune disease because the immune system, which is meant to protect the body from infections, targets and damages its own tissues. In MS, immune cells attack the myelin sheath that surrounds nerve fibers. Myelin is essential for the proper conduction of nerve signals. When it becomes damaged, nerve impulses can be slowed, distorted, or blocked, leading to a variety of neurological symptoms. In some individuals, RRMS may progress to secondary progressive MS (SPMS), marked by a gradual worsening of symptoms with or without relapses. Primary progressive MS (PPMS) is another form where symptoms worsen from the onset without distinct relapses and remissions.

Based on Region, North America held the largest share in the Global Specialty Pharmaceuticals Market. North America has access to substantial capital markets, making it easier for pharmaceutical companies to secure funding for research, development, and commercialization of specialty pharmaceuticals. North American pharmaceutical companies often collaborate with academic institutions, research centers, and healthcare providers to advance their research and development efforts. These collaborations foster innovation and accelerate the development of specialty pharmaceuticals. The region offers strong intellectual property protections, which incentivize pharmaceutical companies to invest in research and innovation, knowing that their discoveries will be protected from generic competition for a specified period. The United States, despite its challenges related to healthcare access, has a significant proportion of its population covered by private health insurance. This can facilitate the reimbursement and adoption of specialty pharmaceuticals.

 

Some of the major companies operating in the Global Specialty Pharmaceuticals Market include:

  • AbbVie Inc.
  • Amgen Inc.
  • Bristol Myers Squibb Company
  • Endo International PLC
  • F. Hoffmann-La Roche Ltd.
  • Gilead Sciences, Inc.
  • Merck KGaA
  • Novartis AG
  • Pfizer Inc.
  • Sanofi S.A.

 

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“Certain areas, particularly in North America, are projected to exert significant demand of Specialty Pharmaceuticals. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the Global Specialty Pharmaceuticals Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

Specialty Pharmaceuticals Market by Application (Oncology, Multiple sclerosis, Inflammatory conditions, Infectious diseases, Others), by Distribution Channel (Offline, Online), By Region, By Competition Forecast & Opportunities, 2018-2028F has evaluated the future growth potential of Global Specialty Pharmaceuticals Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Specialty Pharmaceuticals Market.

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