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Specialty pharmaceuticals are regarded to be a drug molecule that helps in the treatment of particular genetic conditions that have no therapeutic action on the market. Specialty Pharmaceuticals considered to be more targeted drugs than traditional drugs and are also less toxic. Specialty pharmaceutical consists of products like blood-derived, biopharmaceuticals, and complex molecules. Specialty pharmaceuticals are high cost and complex drugs; the average price per patient per year for specialty medical therapy is about $35,000 to $75,000. Specialty pharmaceutical is used to treat rare diseases such as Hepatitis C, Cancer, Rheumatoid Arthritis, AIDS (Acquired Immunodeficiency Virus Syndrome), Crohn’s disease, etc. Global Specialty Pharmaceuticals Market is expected to be USD 568 Billion by 2026.
Specialty pharmacy is multiplying and becoming a significant factor for health systems and producers across the United States. The FDA approved 21 new molecular entities in the second half of 2018. Out of these products, 12 (57%) are regarded pharmaceutical specialties based on variables such as indication and designed use population, administrative and tracking considerations, price and/or restricted delivery procedures. In the last five years, United States spending on specialty drugs has almost doubled.
Renub Research report titled “Specialty Pharmaceuticals Market, by Country (United States, United Kingdom, France, Germany, Italy, Spain, Japan, South Korea), Application (Oncology, Autoimmune, Immunology, HIV, Multiple Sclerosis, Viral Hepatitis, Blood Coagulation, Respiratory, Osteoporosis, Others), Company (Teva Pharmaceutical, CVS Health, Endo International, UnitedHealth Group Incorporated, Recordati Pharmaceuticals) Global Analysis” provides a complete analysis of Global Specialty Pharmaceutical Market.
Oncology, Autoimmune, and Immunology are among the most significant application of global specialty pharmaceutical market
The report studies the market of the following application segments: Oncology, Autoimmune, Immunology, HIV, Multiple Sclerosis, Viral Hepatitis, Blood Coagulation, Respiratory, Osteoporosis and Others. Due to the rising cases of oncology globally, Oncology is the leading application segment in this market place.
Specialty Pharmaceutical Market Share is expected to cross half of the global pharmaceutical market
Global pharmaceutical market is segmented by two types: traditional pharmaceutical and specialty pharmaceutical. At present, traditional pharmaceutical is in the dominating position across the globe, but due to increasing demands of specialty pharmaceutical products, it is anticipated that specialty pharmaceuticals will lead during the forecast period.
Teva Pharmaceutical, CVS Health, Endo International, UnitedHealth Group Incorporated, Recordati Pharmaceuticals are some of the companies that deal efficiently in the specialty pharmaceuticals business. These companies have been studied thoroughly in the report.
Global Specialty Pharmaceutical Market – By Country
- United States
- United Kingdom
- South Korea
Global Specialty Pharmaceutical Market – By Application
- Multiple Sclerosis
- Viral Hepatitis
- Blood Coagulation
- Osteoporosis and
- All Others
Global Pharmaceutical Market – By Segments
Global Specialty Pharmaceutical Market – Company Covered
- Teva Pharmaceutical
- CVS Health
- Endo International
- UnitedHealth Group Incorporated
- Recordati Pharmaceuticals