Market Trends of Global Specialty Pharmaceuticals Industry
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.
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.
