Market Trends of Global Specialty Injectable Generics Industry
This section covers the major market trends shaping the Specialty Injectable Generics Market according to our research experts:
Oncology is Expected to Hold a Significant Market Share Over the Forecast Period
The factors proliferating the growth of the oncology segment are the growing burden of cancer worldwide, the increasing need for effective therapeutic drugs to treat cancer as well as increasing focus of pharmaceutical companies on developing effective drugs.
As per the GLOBOCAN 2020, in 2020, there were 19.3 million estimated new cancer cases worldwide, and the number is estimated to reach 30.2 million by the year 2040. Thus, the anticipated increase in the burden of cancer is a major factor contributing to the rising demand for generic drugs, thereby boosting the market growth. Also, as per th article titled, 'Generic Anticancer Drugs of the Jan Aushadhi Scheme in India and Their Branded Counterparts: The First Cost Comparison Study,' published in November 2021 replacing generic anticancer drugs can result in substantial cost savings and benefit the patient requiring curative chemotherapy for breast cancer. Thus, there is a high demand for generic anticancer drugs and will continue to remain high in the coming period as well.
Product launches are another factor in the growth of the market. For instance, in August 2020, Xiromed LLC launched Irinotecan Injection USP, 20mg/mL is a generic equivalent to Camptosar and is available in a 2mL and 5mL single-dose vial. Camptosar is a medication used to treat colon cancer and small cell lung cancer.
Thus, the aforementioned factors are likely to drive the growth of the segment during the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The North American specialty injectable generics market is expected to grow over the forecast period owing to the high burden of chronic diseases in the country coupled with the rising geriatric population and new product launches by the key market players in the country. For instance, as per the National Center for Chronic Disease Prevention(CDC) and Health Promotion (January 2021), 6 in 10 adults in the United States have a chronic disease, and 4 in 10 adults have two or more chronic diseases, and these conditions are posing around USD 3.8 trillion of healthcare costs on the country's healthcare system every year and as generic drugs are a lot cheaper than other prescribed drugs. Hence, the healthcare expenditure can be significantly reduced by the wide adoption of generic drugs in the country, and that is expected to have a significant impact on the growth of the studied market.
According to the research published in August 2020 by the Pharmaceuticals Export Promotion Council of India titled "Mexico Pharma Market & Regulatory Report," stated that as one of the largest consumers of generic medicines in the world, Mexico maintains a significant presence of generic drug manufacturers, including Israel-based Teva, United States-based Mylan, Ireland-based Perrigo and Genomma Lab, a domestic company. In upcoming years, the growing consumer demand for more affordable medicines will contribute to the country's increasing rates of specialty injectable generics consumption.
Product launches are another factor in the growth of the market. For instance, in January 2021, Sandoz, a global leader in generic and biosimilar medicines, launched a generic Icatibant injection pre-filled syringe to treat acute attacks of rare disease hereditary angioedema (HAE) in adults 18 years and older in the United States.
Hence, the abovementioned factors are likely to increase market growth in the coming future.
