The Asia Pacific Specialty Generics Market would witness market growth of 10.6% CAGR during the forecast period (2023-2030).
The generic versions of pharmaceutical items are known as specialty generics. When compared to pharmaceuticals with a name brand, these drugs are less expensive. These medications include biopharmaceuticals, complicated compounds, and items obtained from blood. As various specialized drug compounds approach patent expiration in the next years, businesses are joining this industry to produce generic versions of the goods by developing new drug formulations.
Additionally, the traditional generic medicine industry's capacity is pressuring businesses to look for newer prospects. However, when compared to ordinary generics, the development and commercialization of specialty generics medications are more important. Governments are putting pressure on pharmaceutical producers to provide cost-effective medicines because healthcare costs have escalated as a result of expensive pharmaceutical products. One of the key elements boosting the market growth is the increased incidence of malignancies.
The number of people over 60 in India has more than tripled in the last 50 years. There were 103.83 million older adults, or those over 60, in 2011, based on the most recent data available from the Census. This figure is anticipated to rise to 178.59 million by 2031, then to 236.01 million, and eventually to 300.96 million. The World Health Organization reports that China has one of the world's fastest-aging populations. By 2040, there will be 28% of individuals in China who are over 60 as a result of rising life expectancy and falling fertility rates. There were 176 million older persons aged 65 or older and 254 million older people aged 60 or over in 2019. In 2040, there will be 402 million people over the age of 60, or 28% of the world's population. The market is expected to expand as a result of the growing elderly population in regional countries.
The China market dominated the Asia Pacific Specialty Generics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $11,154.4 million by 2030. The Japan market is estimated to grow a CAGR of 9.9% during (2023 - 2030). Additionally, The India market would register a CAGR of 11.2% during (2023 - 2030).
Based on Type, the market is segmented into Injectables, Oral Drugs, and Others. Based on Application, the market is segmented into Inflammatory conditions, Multiple sclerosis, Hepatitis C, Oncology, and Others. Based on End Use, the market is segmented into Specialty Pharmacy, Retail Pharmacy, and Hospital Pharmacy. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Specialty Generics Market is Projected to reach USD 141.5 Billion by 2030, at a CAGR of 9.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Teva Pharmaceuticals Industries Ltd., Novartis AG, Hikma Pharmaceuticals PLC, Sun Pharmaceutical Industries Ltd., Fresenius SE & Co. KGaA, Dr. Reddy’s Laboratories Ltd., Mallinckrodt PLC, Bausch Health Companies, Inc., Viatris, Inc. and Apotex, Inc.
By Type
By Application
By End Use
By Country
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