United States Specialty Generics Market 2024: A Valuation of US$ 57.94 Billion Predicted by 2032 | IMARC Group

IMARC Group, a leading market research company, has recently releases report titled “United States Specialty Generics Market Report by Route of Administration (Injectables, Oral, and Others), Therapeutic Application (Oncology, Hepatitis, Multiple Sclerosis, HIV, Other Autoimmune Diseases, and Others), Distribution channel (Retail Pharmacies, Specialty Pharmacies, Hospital Pharmacies) 2024-2032”. The study provides a detailed analysis of the industry, including the United States specialty generics market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the United States Specialty Generics Market?

The United States specialty generics market size reached US$ 26.09 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 57.94 Billion by 2032, exhibiting a growth rate (CAGR) of 9% during 2024-2032.

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United States Specialty Generics Market Overview:

The United States specialty generics market is rising due to cost-cutting initiatives and technical advancements in pharmaceutical composition. Furthermore, there is a rising need for specialized generics, with increased pressure on the healthcare system to manage mounting costs while assuring patient access to critical pharmaceuticals. Additionally, specialty generics, which are less expensive alternatives to branded specialty medications, offer considerable savings for both healthcare providers and patients.

This economic advantage is particularly critical as the U.S. population ages and the prevalence of chronic diseases like cancer, rheumatoid arthritis, and multiple sclerosis rises. Moreover, the expiration of patents for several high-cost specialty drugs has opened the market for generic competition, further fueling growth.

Report Attribute
Key Statistics
Base Year
2023 
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023US$ 26.09 Billion
Market Forecast in 2032US$ 57.94 Billion
Market Growth Rate (2024-2032)9%

United States Specialty Generics Market Trends:

Another key factor impacting the United States specialty generics market is the evolution of pharmaceutical technology and production techniques. In addition to this, innovations in drug delivery systems, such as extended-release formulations and biosimilars, are enhancing the efficacy and patient adherence to specialty generics, which is acting as another growth-inducing factor. Furthermore, the streamlined approval process for generic drugs, including the Generic Drug User Fee Amendments, has also accelerated the entry of specialty generics into the market, ensuring faster access for patients.

Apart from this, strategic collaborations and partnerships among pharmaceutical companies are driving innovation and expanding the portfolio of available specialty generics. These collaborations frequently focus on the production of complicated generics and biosimilars, which necessitate advanced technology and significant expenditure and are expected to boost the United States specialty generics market throughout the forecasted period.

United States Specialty Generics Market Segmentation:

Breakup by Route of Administration:

  • Injectables
  • Oral
  • Others

Breakup by Therapeutic Application:

  • Oncology
  • Hepatitis
  • Multiple Sclerosis
  • HIV
  • Other Autoimmune Diseases
  • Others

Breakup by Distribution channel:

  • Retail Pharmacies
  • Specialty Pharmacies
  • Hospital Pharmacies

Ask Analyst for Customization and Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=1273&flag=C

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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