Specialty Pharmaceuticals Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Specialty Pharmaceuticals Companies and the Market is Segmented by Therapeutic Area (Oncology, Inflammatory Conditions, Multiple Sclerosis, Infectious Diseases, and Others (Women's Health, Growth Hormone, and Respiratory)) by Route of Administration (Oral, Parenteral, and Transdermal), By Distribution Channel (Hospitals, Retail Pharmacies, and Specialty Pharmacies) and by Geography (North America, Europe, Asia Pacific, Middle-East and Africa, and South America). The Market values are Provided in (USD million) for the above segments.

Specialty Pharmaceuticals Market Size

Specialty Pharmaceuticals Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 35.40 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Global Specialty Pharmaceuticals Market

*Disclaimer: Major Players sorted in no particular order

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Specialty Pharmaceuticals Market Analysis

The specialty pharmaceuticals market is expected to grow at a significant CAGR of 35.4% during the study period (2022-2027).

The emergence of the COVID-19 pandemic harmed the world economy and the healthcare system. According to the article "CVS is Adapting its Strategy for Specialty Pharmacy for COVID-19. Here's How," published in May 2020, CVS pharmacy has used a secure messaging tool, which allows pharmacists to text members directly to discuss their medications. Therefore, such changes in the strategy of market players have minimized the impact of COVID-19 on the supply of specialized drugs. However, the production of these drugs was hampered due to the temporary lockdown in the manufacturing plants, shortage of skilled labor, and increasing cases of COVID-19 inside the manufacturing plants, which has led to outages, thus, impacting the market. Hence, the above factors indicate that COVID-19 significantly impacted the studied market.

The factors propelling the studied market growth are the increasing prevalence of chronic and rare diseases and growing research and development activities. New drug launches, approvals, and strategic initiatives by key market players are expected to contribute to significant market growth.

According to the American Cancer Society, Cancer Facts & Figures 2022, substantial progress has been made against cancer in recent decades. over 1.9 million new cancer cases are expected to be diagnosed in the United States in 2022

According to the October 2020 report published by Global Blood Therapeutics, Sickle Cell Disease is one of Europe's most common rare diseases. It is the most common genetic disease in France and the United Kingdom (UK), and its prevalence is growing in many other European countries. SCD primarily affects socioeconomically vulnerable populations. According to the European Medicines Agency (EMA) report 2020, approximately 1 in 10,000 people in the EU/ European Economic Area had SCD. This equates to approximately 52,000 people. Similarly, Orphanet (the European information resource for rare diseases) 2020 estimates the prevalence of SCD in Europe to be 10 per 100,000 people in 2020. Thus, the increasing number of the patient pool for the diseases drives the market's growth.

Additionally, research and development studies for proving the efficacies of specialty drugs in treating cancer and other diseases will drive the studied market growth. For instance, according to the study "Recent Breast Cancer Treatment Advancements and the Support of Specialty Pharmacies," published in October 2021, specialty pharmacies can help reduce barriers to care for breast cancer patients by providing prompt therapy authorization, reducing out-of-pocket costs, and providing access to specialty medication.

Moreover, the launch of new specialty pharmacies will also drive market growth. For instance, in March 2022, Boston Children's Hospital partnered with Shields Health Solutions to launch Boston Children's Pharmacy, a specialty pharmacy to help young patients and families get better access to specialized pharmacy services, including help with prior authorizations and specialized medications. Such a launch of pharmacies will make specialized pharmaceuticals more accessible to the people in the country, thereby contributing to the market's growth.

Therefore, owing to the factors mentioned above, the studied market is expected to grow significantly during the study period. However, the high costs of specialty medications are expected to hinder the market growth during the study period.

Specialty Pharmaceuticals Market Trends

This section covers the major market trends shaping the Specialty Pharmaceuticals Market according to our research experts:

Oncology Segment is Expected to Account for the Large Market Share Over the Forecast Period

Oncology is a branch of medicine that deals with cancer prevention, diagnosis, and treatment. The rising incidences of cancer across the globe, increasing product approvals, rise in research and development studies, and increasing strategic initiatives by key market players are expected to further drive the studied market growth. For instance, according to Globocan 2020, the new cancer cases diagnosed accounted for 19,292,789 in 2020 globally. Among all cancers, breast cancer accounted for 2,261,419 new cancer cases, followed by lung 2,206,771, prostate 1,414,259, and colon with 1,148,515 new cases in 2020.

The product approvals expand the company's product offerings and its geographical footprint, which will contribute to the market growth. For instance, in March 2022, Accord BioPharma, the United States specialty division of Intas Pharmaceuticals, Ltd., launched the CAMCEVI (leuprolide) 42mg injection emulsion to treat advanced prostate cancer in adults in the United States. Additionally, in January 2022, ALX Oncology Holdings Inc. received orphan drug designation from the United States Food and Drug Administration ("FDA") to evorpacept, a next-generation CD47 blocker, to treat patients with gastric cancer and gastroesophageal junction cancer.

Furthermore, in February 2022, Humana Specialty Pharmacy added two drugs to its comprehensive, personalized, and targeted oncology therapies - TAGRISSO (osimertinib), a drug that helps certain patients with epidermal growth factor receptor-mutated (EGFRm) non-small cell lung cancer (NSCLC) manage their disease and LENVIMA (lenvatinib), a drug that helps patients with different forms of cancer, including certain types of thyroid, liver and kidney cancers. Such additions help in expanding the product portfolio, thereby driving the market.

Thus, due to the factors mentioned above, the studied segment is expected to contribute to the significant growth of the market.

Specialty Pharmaceuticals Market Share

North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period

The primary driving factors for the growth of the North American specialty pharmaceuticals market are the increasing prevalence of chronic and rare diseases such as sickle cell diseases, cancer, HIV, and others, increasing product launches, rising strategic initiatives by key market players, and increasing research and development activities.

The United States within North America is expected to hold a significant share of the studied market during the study period. For instance, according to GLOBOCAN 2020, the total number of new cancer cases is 2,281,658 in the United States. The most common cancers in the United States are breast, lung, prostate, colorectum, bladder, and skin cancer.

According to a report published in the National Center of Biotechnology Information in 2021 by the National Institute of Health, Sickle cell disease (SCD) is a multisystem disorder and the most common genetic disease in the United States, affecting one in every 500 African Americans. In addition, approximately one in every twelve African Americans carries the autosomal recessive mutation, and approximately 300,000 infants are born with sickle cell anemia yearly.

Moreover, strategic initiatives taken by the key market players such as product launches, partnerships, new programs, mergers, and acquisitions will drive market growth. For instance, in February 2022, The United States Food and Drug Administration granted orphan drug designation to CT103A, a chimeric antigen receptor T-cell therapy in development for adults with relapsed or refractory multiple myeloma.

Rising investments will also boost innovation in the studied market, thereby driving the market. For instance, in April 2022, Free Market Health secured USD 13.5 million in Series A financing led by Alta Partners and with participation from existing investors Highmark Ventures and 653 Investment Partners. This investment will help the company scale its innovative, care-driven marketplace platform that streamlines the complex and opaque specialty medication fulfillment process to benefit specialty pharmacies and payers. Therefore, investments will expand the product offering and geographical reach, thus driving the studied market.

Therefore, due to the factors mentioned above, the studied market is expected to lead to lucrative growth of the market in North America.

Specialty Pharmaceuticals Market Growth

Specialty Pharmaceuticals Industry Overview

The specialty pharmaceuticals market is moderately competitive. The studied market is boosted by strategic initiatives such as mergers, acquisitions, and partnerships are adopted by the key market players. The major players in the studied market are Teva Pharmaceuticals Industries Ltd., AbbVie, Inc., Amgen Inc., Johnson and Johnson, Bristol Myers Squibb, and Others.

Specialty Pharmaceuticals Market Leaders

  1. Teva Pharmaceutical Industries Ltd.

  2. AbbVie, Inc.

  3. Amgen Inc.

  4. Johnson and Johnson

  5. Bristol-Myers Squibb Company

*Disclaimer: Major Players sorted in no particular order

Teva Pharmaceutical Industries Ltd., AbbVie, Inc., Amgen Inc., Johnson and Johnson, Bristol-Myers Squibb Company
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Specialty Pharmaceuticals Market News

  • In March 2022, Intellia Therapeutics, Inc. received US Food and Drug Administration (FDA) orphan drug designation for Intellia's ex vivo investigational T cell receptor (TCR)-T cell therapy, NTLA-5001, for the treatment of acute myeloid leukemia (AML).
  • In February 2022, Optum launched Optum Specialty Fusion, a specialty medication management solution, to simplify care for patients with complex conditions and lower the cost of expensive specialty drugs.

Specialty Pharmaceuticals Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Burden of Chronic and Rare Diseases

      2. 4.2.2 Growing Research and Development Activities

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Drugs

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - in Million)

    1. 5.1 By Therapeutic Area

      1. 5.1.1 Oncology

      2. 5.1.2 Inflammatory Conditions

      3. 5.1.3 Multiple Sclerosis

      4. 5.1.4 Infectious Diseases

      5. 5.1.5 Others (Women's Health and Respiratory)

    2. 5.2 By Route of Administration

      1. 5.2.1 Oral

      2. 5.2.2 Parenteral

      3. 5.2.3 Transdermal

    3. 5.3 By Distribution Channel

      1. 5.3.1 Hospitals

      2. 5.3.2 Retail Pharmacies

      3. 5.3.3 Specialty Pharmacies

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Teva Pharmaceutical Industries Ltd.

      2. 6.1.2 AbbVie, Inc.

      3. 6.1.3 Amgen Inc.

      4. 6.1.4 Johnson and Johnson

      5. 6.1.5 Bristol-Myers Squibb Company

      6. 6.1.6 Merck & Co., Inc.

      7. 6.1.7 F. Hoffmann-La Roche Ltd

      8. 6.1.8 Gilead Sciences, Inc.

      9. 6.1.9 Novartis AG

      10. 6.1.10 Sanofi

      11. 6.1.11 Pfizer

      12. 6.1.12 Viatris

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments
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Specialty Pharmaceuticals Industry Segmentation

As per the scope of the report, specialty pharmaceuticals are branded injectable, infusions, or oral medication with high cost, high complexity, and high touch, with limited or exclusive availability and distribution, and are used to treat chronic or rare diseases. The Specialty Pharmaceuticals Market is Segmented by Therapeutic Area (Oncology, Inflammatory Conditions, Multiple Sclerosis, Infectious Diseases, and Others (Women's Health, Growth Hormone, and Respiratory)) by Route of Administration (Oral, Parenteral, and Transdermal), By Distribution Channel (Hospitals, Retail Pharmacies, and Specialty Pharmacies) and by Geography (North America, Europe, Asia Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.

By Therapeutic Area
Oncology
Inflammatory Conditions
Multiple Sclerosis
Infectious Diseases
Others (Women's Health and Respiratory)
By Route of Administration
Oral
Parenteral
Transdermal
By Distribution Channel
Hospitals
Retail Pharmacies
Specialty Pharmacies
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America
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Specialty Pharmaceuticals Market Research FAQs

The Global Specialty Pharmaceuticals Market is projected to register a CAGR of 35.40% during the forecast period (2024-2029)

Teva Pharmaceutical Industries Ltd., AbbVie, Inc., Amgen Inc., Johnson and Johnson and Bristol-Myers Squibb Company are the major companies operating in the Global Specialty Pharmaceuticals Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Global Specialty Pharmaceuticals Market.

The report covers the Global Specialty Pharmaceuticals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Specialty Pharmaceuticals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Specialty Pharmaceuticals Industry Report

Statistics for the 2023 Specialty Pharmaceuticals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Specialty Pharmaceuticals analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Specialty Pharmaceuticals Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)