The U.S. specialty injectable generics market is expected to reach USD 27.8 billion by 2025, according to a new report by Grand View Research, Inc. High demand for cost-effective drugs for the treatment of cancer, autoimmune diseases, hepatitis, and infectious diseases is expected to create huge opportunities for manufacturers of specialty injectable generics. This has also encouraged many insurance companies to provide reimbursement for these products due to their low cost. According to FDA, generic drugs cost 80% to 85% lesser than branded drugs.
The affordability of these products can be attributed to elimination of certain processes, such as clinical trials, advertising, and other promotional activities. Moreover, in certain cases, a group of generic manufacturers receive approval for the commercialization of a single product. This creates pricing pressure and elevates competition, thereby resulting in the availability of cost-effective generics.
In addition, existing branded specialty injectables are expensive, thus limiting their adoption in the previous years. Increasing penetration of generic versions of these drugs and the entry of a large number of companies into the market has increased price competition, and this has resulted in the availability of drugs at affordable prices for patients. This has positively impacted emerging & price-sensitive countries and raised the demand for specialty injectable generics in the U.S.
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Further Key Findings From the Report Suggest:
Oncology accounted for the largest market share in 2016. This can be attributed to high cancer prevalence coupled with increasing number of ANDA approvals for its treatment
Central Nervous System is expected to grow at an exponential rate throughout the forecast period, which can be attributed to high need for specialty injectables in the treatment of neurological diseases. This is encouraging key generic manufacturers to enter this therapeutic area
Level of competition is high as key players are adopting strategies, such as the development of new products and strategic collaborations & agreements to gain competitive advantage
Key players are engaged in the establishment of extensive distribution systems and mergers &acquisitions to capture a larger share
Pfizer, Inc. captured the largest share in 2016 and is involved in developing advanced technologies and formularies for high-quality generics
One of the major deals of Pfizer, Inc. was the acquisition of Hospira, Inc. in 2015, following which it captured a greater share of the generic injectables market in the U.S.
Grand View Research has segmented the U.S. specialty injectable generics market on the basis of therapeutic use:
U.S. Specialty Injectable Generics Therapeutic Use Outlook (Revenue, USD Million, 2014 - 2025)
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