United States Specialty Generics Market Size, Share and Forecast Report 2023-2028

According to the recent report by IMARC Group, titled "United States Specialty Generics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028",The United States specialty generics market size reached US$ 26.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 47.0 Billion by 2028, exhibiting a growth rate (CAGR) of 9.6% during 2023-2028. 

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What is Specialty Generics?

Specialty generics represent off-patented drugs that are bioequivalent to branded medications in terms of strength, quality, dosage, form, effect, intended use, side effects, route of administration, etc. They generally need special handling, monitoring, and prior authorization to order them. In addition to this, specialty generics are less expensive as compared to their counterparts as they do not require extensive manufacturing and marketing costs. Furthermore, these drugs are utilized to treat chronic health conditions, such as autoimmune diseases, cancer, epilepsy, HIV, hepatitis, multiple sclerosis, rheumatoid arthritis, etc. Consequently, specialty generics are gaining traction across the US.

What are the growth prospects and trends in the United States specialty generics industry?

The expanding geriatric population and the growing number of branded drugs nearing their expiration dates are primarily driving the US specialty generics market. Additionally, the launch of various favorable policies by government bodies in the country to develop affordable treatment options is catalyzing the market growth. Besides this, they are also providing incentives to physicians and pharmacists for promoting generic substitution, which is acting as another significant growth-inducing factor. Moreover, the escalating demand for re-innovated generics with reduced intra- and inter-patient variability is augmenting the market growth in the US. Apart from this, the introduction of biosimilar drugs by the leading manufacturers and the rising investments in R&D activities are anticipated to fuel the US specialty generics market over the forecasted period.

Key Market Segmentation:

The report has segmented the United States specialty generics market on the basis of administration, therapeutic application, distribution channel and region.

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

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Key Highlights of the Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

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.

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