Chronic Disease Rise to Drive Specialty Generic Market Growth

The increase in chronic illnesses is anticipated to drive the need for specialty generic products. There is expected to be a significant increase in the size of the specialty generics market in the coming years. The amount is projected to reach $164.57 billion by 2028, with a CAGR of 14.1% during that time period.

The increase in the projected timeframe is due to the growth of the biosimilars market, focus on developing complex generic drugs, rise in attention towards specialty generic injectables, implementation of 3D printing in specialty generic production, and expansion of specialty generics in developing countries.

Key trends during the projected period involve customized and precise specialty generic medications, strategic alliances and partnerships in the development of generic drugs, emphasis on creating abuse-resistant versions, incorporation of digital health technologies in specialty generics, regulatory efforts to speed up approval of complex generics.

Chronic illnesses are persistent conditions that often cannot be cured. Nonetheless, it can be cured and managed at times. Chronic conditions are caused by lifestyle changes, diet habits, and unhealthy body weight; continued chronic infections can increase the risk of cancer. The increasing prevalence of these illnesses highlights the necessity for specialized generic medications for patients with complex chronic conditions.