Specialty Pharmacy Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, Segmented By Ownership, By Therapy Area, By Region & Competition, 2021-2031F

The Global Specialty Pharmacy Market is projected to expand from USD 128.41 Billion in 2025 to USD 192.82 Billion by 2031, achieving a compound annual growth rate of 7.01%. This sector focuses on the management and distribution of high-cost, high-touch medication therapies tailored for patients with rare, chronic, or complex conditions that demand specific administration and handling. The market's growth is chiefly propelled by an aging global population, the increasing prevalence of chronic diseases, and a robust pharmaceutical pipeline emphasizing orphan drugs and biologics. These foundational factors necessitate the specialized supply chain capabilities and clinical management inherent in specialty pharmacy models to guarantee patient safety and treatment adherence.

Despite this positive growth trajectory, the market faces significant hurdles due to the high cost of therapies and strict reimbursement protocols that can impede patient access. The substantial financial weight of these treatments places immense pressure on health systems and payers, amplifying the need for robust cost-containment strategies. Illustrating the economic impact and management complexities associated with these essential treatments, the Academy of Managed Care Pharmacy reported that specialty medicines comprised 51% of total pharmacy spending in 2024.

Market Driver

Rapid innovation in gene therapies and biologics serves as a primary engine for the Global Specialty Pharmacy Market, fundamentally transforming the treatment landscape for rare and complex diseases. This momentum is defined by a strong pipeline of high-value treatments that require the distinct clinical expertise, patient support services, and cold-chain logistics central to specialty pharmacy operations. The focus on orphan drugs has intensified significantly, ensuring that niche patient populations gain access to targeted therapies that were previously restricted or unavailable. According to the FDA's '2024 New Drug Therapy Approvals' report released in January 2025, the agency approved 50 novel drugs in 2024, with therapies for rare diseases constituting over 50% of these approvals, a surge that reinforces the critical role of specialty pharmacies in safely delivering these life-changing regimens.

Concurrently, the proliferation of biosimilars following patent expirations is reshaping market dynamics by providing cost-effective alternatives to established biologic brands. As major blockbuster biologics lose exclusivity, health systems and payers are aggressively encouraging biosimilar adoption to alleviate the rising financial burden of specialty care while upholding high treatment standards. This shift not only lowers per-unit costs but also broadens patient access to critical therapies by reducing economic barriers; the Association for Accessible Medicines reported in September 2025 that biosimilars yielded $20.2 billion in savings for the U.S. healthcare system in 2024. Despite these savings, the aggregate demand for complex medications continues to fuel market expansion, with the American Society of Health-System Pharmacists noting in 2025 that overall U.S. pharmaceutical expenditures rose by 10.2% in 2024 to reach $805.9 billion.

Market Challenge

The elevated cost of therapy combined with rigorous reimbursement protocols creates a substantial barrier to the growth of the Global Specialty Pharmacy Market. Insurance providers and payers frequently deploy strict utilization management strategies to curb these rising expenses, often mandating step therapy protocols and complex prior authorization requirements. These measures generate administrative burdens and delay the initiation of treatment, which restricts patient access and can lead to lower medication adherence rates, ultimately reducing the volume of dispensed prescriptions and revenue opportunities for specialty pharmacies.

This financial strain compels health systems to limit formulary inclusions and negotiate aggressive pricing structures, thereby hampering market fluidity. Data from the American Society of Health-System Pharmacists indicates that drug expenditures for clinics rose by 14.6 percent in 2024 compared to the previous year, an increase driven primarily by high-cost specialty agents. This heavy economic burden necessitates tighter budget controls from payers, establishing a restrictive environment where market expansion is moderated by the healthcare infrastructure's inability to financially absorb the rapid introduction of expensive new therapies.

Market Trends

The increasing vertical integration of pharmacy benefit managers (PBMs), payers, and specialty pharmacies is fundamentally restructuring patient access mechanisms and market control. Major health insurers are actively consolidating operations to capture the full economic value of high-cost specialty therapies, effectively directing prescription volumes toward their own affiliated dispensing channels. This structural shift enables vertically integrated entities to tighten formulary management and retain higher margins, creating significant obstacles for independent and hospital-owned pharmacies striving to compete for limited distribution drugs. According to a June 2025 article in Becker's Hospital Review, the three largest specialty pharmacies-all owned by vertically integrated PBM organizations-accounted for two-thirds of specialty prescription revenue in 2024.

Simultaneously, the rapid adoption of artificial intelligence is revolutionizing medication adherence protocols and workflow optimization within the specialty pharmacy sector. Stakeholders are implementing advanced algorithms to automate complex administrative tasks such as benefits verification and prior authorization, which traditionally cause delays in therapy initiation. These AI-driven systems not only reduce operational bottlenecks but also facilitate predictive analytics to identify patients at risk of non-adherence, allowing for proactive clinical interventions. Reflecting this trend, the Journal of Managed Care & Specialty Pharmacy reported in January 2025 that 92% of managed care respondents anticipate AI will be incorporated into more than half of all prior authorization reviews within the next five years.

Key Market Players

• CVS Health Corporation
• Walgreens Boots Alliance, Inc.
• Express Scripts Holding Company
• UnitedHealth Group Incorporated
• Humana Inc.
• BioScrip, Inc.
• Diplomat Pharmacy, Inc.
• Accredo Health Group, Inc.
• Curant Health
• Avella Specialty Pharmacy

Report Scope

In this report, the Global Specialty Pharmacy Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Specialty Pharmacy Market, By Ownership

• Standalone
• Hospital-Based
• Others

Specialty Pharmacy Market, By Therapy Area

• Cancer
• Rheumatoid Arthritis
• Hemophilia
• Hepatitis C
• Multiple Sclerosis
• Others

Specialty Pharmacy Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Specialty Pharmacy Market.

Available Customizations:

Global Specialty Pharmacy Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).