Global Specialty Generics Market: Overview
Growing prevalence of chronic diseases is spurring growth in the global specialty generics market over the period of 2024 to 2030, notes Transparency Market Research. This will propel the growth curve onto a higher trajectory and aid in emergence of new avenues leading to growth. Some of the diseases that are seeing notable increase in incidence are cancer, diabetes, Chronic Obstructive Pulmonary Disease (COPD), arthritis and sclerosis. Additionally, patent expiration is set to be a positive factor in the specialty generics market.
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Global Specialty Generics Market: Notable Developments
The vendor landscape of global specialty generics market is quite fragmented. A large number of players of varied market stature mark it. These make use of a number of growth measures and these are helping the market witness notable developments. For instance:
In 2016: Anda Inc was acquired by Teva Pharmaceuticals to improve availability of generic drugs in the United State of America. The former is a generic drugs distributor in the mentioned country.
Players in the global specialty generics market are striving to penetrate better and into new regional markets to tap into new consumer bases, making the overall reach broader. This is leading a number of them into strategic alliances. Most of these are based on mutual synergies. It is pertinent to note here that new product launch is always a stellar way to carve off a higher market share.
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Global Specialty Generics Market: Key Trends and Drivers
A slew of growth drivers and positive trends are marking the global specialty generics market. These would help the global specialty generics market chart a sturdy growth curve over the forecast period, states Transparency Market Research. Some of the outstanding factors of growth in the market have been delineated below:
- Increase in chronic illnesses is a major factor of growth in the market. Cancer, for instance leads to one in every six deaths across the globe and is the second leading cause of death. Increase in risk factors such as excessive drinking and smoking and exposure to growing levels of indoor and outdoor pollution are set to help the market chart a higher growth curve.
- Rapidly ageing population is driving the global specialty generics market on a notable curve. The process is quite pronounced in North American and European regions. The geriatric demographics is susceptible to varied illnesses and growth in it therefore will fuel specialty generics market.
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Global Specialty Generics Market: Regional Analysis
Major deaths caused by chronic illnesses are accounted for by low and middle income countries. For instance, these account for about 70% of deaths caused by cancer across the globe. This is set to create opportunities in these regions. This is also the reason why Asia Pacific would be a significant market over the forecast period. However, rapidly ageing population in North America would help the regional market lay claim to a notable share of the market. Additionally, the region is also witnessing high incidence of chronic illness. For instance, in the United States of America, six in every ten people suffer from such a disease.
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