Specialty Pharmaceuticals Market Size will Observe Lucrative Surge by the End 2025
Seattle, WA -- (SBWIRE) -- 11/29/2019 -- Specialty pharmaceuticals are drugs used for the treatment of chronic, life-threatening, and serious conditions such as growth hormone deficiency, cancer, rheumatoid arthritis, and multiple sclerosis. Specialty pharmaceutical includes products like blood-derived, complex molecules, and biopharmaceuticals. They are often costly as compared to traditional drugs and are usually classified as biologics. Specialty pharmaceutical is also identified as a specialty when they require special handling equipment of the drugs and these drugs are available through a limited distribution network.
Growing geriatric population bases rate coupled with the rising prevalence of various chronic diseases around the globe is primarily fueling the market growth. Rising cases of cancer raising the demand for specialty pharmaceutical products is another major factor fueling market growth. According to the WHO, the global cancer burden is estimated to have risen to 18.1 million new cases and 9.6 million deaths in 2018. Approximately 70% of deaths from cancer occur in low- and middle-income countries.
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From the regional point of view, North America is expected to gain significant growth over the forecast period, and this can be accredited to the presence of well-established healthcare industry, growing specialty pharmacy, and rising spending on specialty pharmaceuticals in the region. According to the report published by pharmacy times, over the last five years, total US expenditures for specialty drugs have doubled from $83 billion in 2013 to $157 billion in 2017, including the expense for orphan drugs (ie, "ultra-specialty" medications), total spending on specialty drugs reached $200 billion in 2017.
However, the high cost of specialty pharmaceuticals is expected to hamper the market growth of the specialty pharmaceutical.
-- In July 2019, Neuraxpharm Group, a leading European specialty pharmaceutical announced the launch of its first products in the United Kingdom. Neuraxpharm UK is planning to launched differentiated and specialty generics in the UK, one of the biggest markets in Europe. The UK's CNS pharmaceutical market represents 11% of the total CNS market in Europe which is valued at GBP 2.9 bn (EUR 3.2 bn).
-- In February 2018, CVC Capital Partners has opened a new specialty pharmaceutical company in the UK following the completion of its $703m acquisition of a part of Israel-based Teva Pharmaceutical Industries' global women's health business. The new company, named as Theramex, is going to manufacture products focused on women and their health.
-- H. Lundbeck A/S and Ovation Pharmaceuticals, Inc. announced that they have entered into a definitive transaction agreement under which Lundbeck, through the wholly-owned subsidiary Lundbeck, Inc., acquires Ovation in an all-cash transaction valuing Ovation at up to USD 900 million or approximately DKK 5.2 billion. Lundbeck, Inc. is a specialty pharmaceutical company focusing on central nervous system.
Section 1: Definition
Section (2 3): Manufacturer Detail
Johnson & Johnson
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Section 4: Region Segmentation
North America Country (United States, Canada)
Asia Country (China, Japan, India, Korea)
Europe Country (Germany, UK, France, Italy)
Other Country (Middle East, Africa, GCC)
Section (5 6 7): Segmentation
Product Type Segmentation
-- Oral Pharmaceuticals
-- Parenteral Pharmaceuticals
-- Transdermal Pharmaceuticals
-- Retail Pharmacies
-- Specialty Pharmacies
-- Mail Order
Channel (Direct Sales, Distributor) Segmentation
Section 8: Trend (2018-2023)
Section 9: Product Type Detail
Section 10: Downstream Consumer
Section 11: Cost Structure
Section 12: Conclusion
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