Specialty Pharmaceuticals Market size to grow by USD 331.12 billion from 2022-2027 | North America to account for 53% of market growth - Technavio

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Sep 12, 2023, 03:15 ET

NEW YORK, Sept. 12, 2023 /PRNewswire/ -- The specialty pharmaceuticals market size is expected to grow by USD 331.12 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 12.59% during the forecast period, according to Technavio's Research. The market is segmented by Application (Oncology, Multiple sclerosis, Inflammatory conditions, Infectious diseases, and Others), Distribution Channel (Offline and Online), and Geography (North America, Europe, Asia, and Rest of World (ROW)). North America will contribute 53% to the growth of the global market during the forecast period. The US and Canada are the largest markets in the region. The prevalence of cancer drives the market in the countries. The Fiscal Year 2021 (FY21) Omnibus Appropriation Bill was signed in December 2020, allocating USD 6.56 billion for the National Cancer Institute (NCI). Advanced technology, a well-established healthcare infrastructure, and numerous specialty pharmaceutical manufacturers also drive the growth of the specialty pharmaceuticals market in the North American region during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read PDF Sample Report

Technavio has announced its latest market research report titled Global Specialty Pharmaceuticals Market 2023-2027

Company Profile:

AbbVie Inc., Amgen Inc., Biodexa Pharmaceuticals PLC, Bristol Myers Squibb Co., Cigna Corp., CVS Health Corp., Endo International Plc, F. Hoffmann La Roche Ltd., Gilead Sciences Inc., Humana Inc., Hyphens Pharma Pte Ltd., Johnson and Johnson Services Inc., Kroger Co., McKesson Corp., Merck and Co. Inc., Novartis AG, Pfizer Inc., Sanofi, Supernus Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd., UnitedHealth Group Inc., Viatris Inc.

AbbVie Inc. - The company offers specialty pharmaceuticals for Immunology, Neuroscience, and Oncology.

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Specialty Pharmaceuticals Market: Segmentation Analysis

By Segment - The oncology segment will be significant during the forecast period. Chemotherapy, targeted therapy, immunotherapy, and hormone therapy are some of the types of oncology drugs that exist in the market. These drugs are a vital component of cancer treatment and can result in higher survival rates and improved quality of life for cancer patients. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report

"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

Specialty Pharmaceuticals Market: Driver & Trend:

Drivers

Increasing demand for R&D due to government healthcare expenditure
Need for cost-cutting in specialty pharmaceutical discovery and development
Initiatives by government and various non-profit organizations to spread awareness of complex diseases and their prevention

The increasing demand for R&D due to government healthcare expenditure drives the growth of the specialty pharmaceuticals market. A well-structured plan and a vast amount of R&D investment are required to adhere to regulations regarding the purity and consistency of specialty pharmaceutical products. For instance, certain pharmaceutical companies spend approximately 15%-20% of total revenue on R&D activities., which is likely to further boost the demand for specialty pharmaceutical products. This will result in manufacturers coming up with innovative and advanced specialty pharmaceuticals to cater to the demand. Hence, such factors drive the growth of the specialty pharmaceuticals market during the forecast period.
Identify key trends, drivers, and challenges in the market. Download to gain access to this information.

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What are the key data covered in this specialty pharmaceuticals market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the specialty pharmaceuticals market between 2022 and 2027.
Precise estimation of the specialty pharmaceuticals market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the pharmaceuticals industry across North America, Europe, Asia, and ROW
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of specialty pharmaceuticals market vendors.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Distribution Channel

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio