Rise in Death Toll due to COVID-19 Pandemic to Boost Sales in Specialty Generics Market

Global Specialty Generics Market: Overview

Growing prevalence of chronic diseases is spurring growth in the global specialty generics market over the period of 2020 to 2030, notes Transparency Market Research. This will propel the growth curve onto a higher trajectory and aid in emergence of new avenues leading to growth. Some of the diseases that are seeing notable increase in incidence are cancer, diabetes, Chronic Obstructive Pulmonary Disease (COPD), arthritis and sclerosis. Additionally, patent expiration is set to be a positive factor in the specialty generics market.

Global Specialty Generics Market: Notable Developments

The vendor landscape of global specialty generics market is quite fragmented. A large number of players of varied market stature mark it. These make use of a number of growth measures and these are helping the market witness notable developments. For instance:

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In 2016: Anda Inc was acquired by Teva Pharmaceuticals to improve availability of generic drugs in the United State of America. The former is a generic drugs distributor in the mentioned country.

Some of the top players that are shaping the future of the market – how it operates and beyond – are:

Mylan N.V.
Teva Pharmaceuticals USA, Inc.
Sandoz International GmbH
Mallinckrodt; Akorn, Inc.
Valeant Pharmaceuticals International, Inc.
Endo Pharmaceuticals, Inc.
Pfizer, Inc.
Sun Pharmaceutical Industries Ltd.
Apotex Corp

Players in the global specialty generics market are striving to penetrate better and into new regional markets to tap into new consumer bases, making the overall reach broader. This is leading a number of them into strategic alliances. Most of these are based on mutual synergies. It is pertinent to note here that new product launch is always a stellar way to carve off a higher market share.

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Global Specialty Generics Market: Key Trends and Drivers

A slew of growth drivers and positive trends are marking the global specialty generics market. These would help the global specialty generics market chart a sturdy growth curve over the forecast period, states Transparency Market Research. Some of the outstanding factors of growth in the market have been delineated below:

Increase in chronic illnesses is a major factor of growth in the market. Cancer, for instance leads to one in every six deaths across the globe and is the second leading cause of death. Increase in risk factors such as excessive drinking and smoking and exposure to growing levels of indoor and outdoor pollution are set to help the market chart a higher growth curve.
Rapidly ageing population is driving the global specialty generics market on a notable curve. The process is quite pronounced in North American and European regions. The geriatric demographics is susceptible to varied illnesses and growth in it therefore will fuel specialty generics market.

Global Specialty Generics Market: Regional Analysis

Major deaths caused by chronic illnesses are accounted for by low and middle income countries. For instance, these account for about 70% of deaths caused by cancer across the globe. This is set to create opportunities in these regions. This is also the reason why Asia Pacific would be a significant market over the forecast period. However, rapidly ageing population in North America would help the regional market lay claim to a notable share of the market. Additionally, the region is also witnessing high incidence of chronic illness. For instance, in the United States of America, six in every ten people suffer from such a disease.

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

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The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

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3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.