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.
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" 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.
Contact
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Techsci
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