Market Research Report
United States Specialty Generics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||821328|
|Published||Content info||93 Pages
Delivery time: 2-3 business days
|United States Specialty Generics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: April 8, 2019||Content info: 93 Pages||
The United States Specialty Generics Market reached a value of US$ 18.4 Billion in 2018. Specialty generic drugs are the generic versions of specialty branded drugs once they lose patent protection. These drugs are used to treat life threatening and serious health conditions such as cancer, autoimmune diseases, epilepsy, HIV, hepatitis, multiple sclerosis, rheumatoid arthritis, etc.
Specialty generics are economical compared to specialty drugs as they don't need to undergo the costly and time-consuming research and development procedures required for their branded versions. Moreover, marketing and promotional expenses for speciality generics are also lower compared to their branded versions. This results in significant savings for patients, government and healthcare providers. Moreover, the market is also being catalysed by a rising ageing population in the United States. This has resulted in an increasing prevalence of various life-threatening diseases such as cancer, multiple sclerosis, hepatitis, HIV, autoimmune disease, etc. For instance, as per the American cancer society, a total of 1,762,450 new cancer cases and 606,880 deaths from cancer are expected to occur in the United States in 2019. Additionally, the patent expiration of several blockbuster branded specialty drugs is further expected to catalyse the market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 32.6 Billion by 2024, exhibiting a CAGR of around 10% during 2019-2024
The leading players in the US specialty generics industry have also been examined in the report.