Specialty Generics Market Latest Trend, Growth, Size, Application and Forecast To 2025
“Globally, the specialty generics industry is predicted to grow at highest CAGR in forecast period, providing numerous opportunity for market players to invest for research and development in the market.�
The global Specialty Generics Market size is expected to value at USD 174.9 billion by 2025, during the forecast period. The market is subject to witness a substantial growth due to the increase in demand for cost-effective generic specialty drugs. Lower cost associated with adoption of the specialty generics drugs for the successful treatment for multiple sclerosis, cancer, and other types of infectious disorders is augmenting growth of the market over the forecast period. Commonly occurred specialty generic drugs are estimated to cost around sixty to eighty percent cheaper in comparison with the branded drugs available in the market. Cost-effectiveness of the generic drugs is majorly attributed to factors such as lack of expensive clinical trials, no need for advertisement, and promotional activities. Such factors are propelling growth of the market over the forecast period. Globally, the specialty generics industry is predicted to grow at highest CAGR in forecast period, providing numerous opportunity for market players to invest for research and development in the market. Increasing number of off-exclusive specialty generic medicines is considered as one key factors responsible for augmenting growth of specialty generic drugs market. Other factors such as early patent expirations of essential drugs available in the market, and development and adoption of the off-patent specialty generic as a new entry is boosting demand for the specialty generics over the forecast period. Early patent expirations depend on norms and regulation set by governmental agencies.
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