Rising spending on pharmaceutical and growing product innovation to develop novel specialty drugs are the major factors driving the growth of Global Specialty Pharmaceutical Market.
Key Players Specialty Pharmaceuticals Market Report-
Global Specialty Pharmaceutical market report covers prominent players Pfizer Inc., Amgen Inc., AstraZeneca, Teva Pharmaceutical Industries Ltd., Otsuka America Pharmaceutical, Inc., rEVO Biologics, Inc. ,AbbVie Inc. Gilead, Janssen Global Services, LLC and others.
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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.
Global Specialty Pharmaceutical Market report is segmented on the basis of therapeutic area, route of administration, distribution channel and by regional & country level. Based upon therapeutic area, global specialty pharmaceuticals market is segmented into oncology, inflammatory conditions, multiple sclerosis and other disease indications. Based upon route of administration, the market is segmented into oral, parenteral and transdermal. Based upon distribution channel, global specialty pharmaceuticals market is segmented into hospitals, retail, specialty pharmacies and mail order.
The regions covered in this specialty pharmaceutical market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of specialty pharmaceutical is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
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.
However, the cost of treating a patient with specialty pharmaceuticals can exceed tens of thousands of dollars per year. Thus, require special handling or delivery mechanisms, high cost of specialty pharmaceuticals may be the major restrains for the market growth. As per NCSL, specialty pharmaceuticals carried high cost, such as USD 600 per month. For instance, new drug therapy to help a wide range of patients suffering from many different medical conditions, rare disorders to common diseases approved by FDA’s Center for Drug Evaluation and Research’s (CDER’s) in 2017. In spite of that, technological advancements and improvement in pharmacy benefit management (PBM) and healthcare plans may generate new opportunities for the further growth of the 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.
Key Benefits for Global Specialty Pharmaceuticals Market Report–
Global Specialty Pharmaceuticals Market Segmentation:–
By Therapeutic Area:
By Route of Administration:
By Distribution Channel:
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