Specialty Injectable Market is Estimated to Witness High Growth, Owing to Increasing Disease Prevalence and Adoption of Biologics Specialty Injectables
Specialty injectable market is estimated to be valued at USD 56.92 Bn in 2024, exhibiting a CAGR of 9.8% over the forecast period (2024-2031). The market is witnessing significant growth, owing to increasing prevalence of various chronic diseases such as cancer, diabetes, and autoimmune disorders. Rising adoption of biologics drugs for treatment of these chronic diseases can also drive the market growth.
Market Dynamics
Specialty injectable market growth is driven by factors such as increasing disease prevalence and adoption of biologics. Rising prevalence of chronic diseases like cancer, diabetes and autoimmune disorders globally has boosted demand for specialty injectables. For instance, on February 1, 2024, according to WHO, it estimated that over 35 million new cancer cases are predicted in 2050, a 77% increase from the estimated 20 million cases in 2022. This rising prevalence has pressed the need for development of advanced treatment options such as specialty injectables.
Increasing adoption of biologics drugs for treatment can also drive the market growth. Biologics target specific components of immune system that play a role in chronic diseases. These offer higher efficacy and fewer side effects than conventional drugs.
Increasing prevalence of chronic diseases drives market growth
Specialty injectable market growth is driven by rising prevalence of chronic diseases globally. Conditions like cancer, diabetes, autoimmune disorders require administration of specialty drugs through injections on a regular basis. As incidence of these chronic diseases increases due to aging population and changing lifestyle factors, there will be huge demand for specialty injectables to treat and manage such conditions.
Rapid expansion of biologics and biosimilars
Rapid expansion of the biologics and biosimilars can also drive the market growth. These are therapeutic proteins produced using biotechnology, which can only be administered through injections. Biologics have revolutionized treatment for many chronic and life-threatening illnesses. The market for biologics and biosimilars is growing at a fast pace and increasing availability of these therapies can positively impact growth of the specialty injectable market. As more biologics lose patent exclusivity in the future, biosimilars entering the market can aid the market expansion.
Price erosion of branded drugs posing challenge
Specialty injectable market growth can be hampered due to price erosion faced by branded specialty drugs due to rising healthcare cost containment pressures and entry of generics/biosimilars. Payers are demanding lower drug prices to control spiralling healthcare costs. This has forced many pharmaceutical companies to offer significant discounts or rebates on list prices of their branded products.
Complex regulatory pathways slowing new product approvals
Stringent regulations associated with development and approval of specialty injectable formulations can also hamper the market growth. The regulatory review and approval process can take long time due to complexity of factors like dosage form design, drug compatibility with injectable excipients, stability over timeframe, toxicity and safety.
Unmet need in complex conditions
Major market opportunity lies in addressing unmet medical needs in the treatment of complex and rare diseases. There has been large patient population suffering from debilitating medical conditions where current therapy options are limited or existent. Specialty injectables which can provide effective management of such complex diseases will drive the market growth. Development of targeted therapies through advancement in areas like personalized medicine and gene therapy also presents lucrative commercialization possibilities.
Shift towards self-administration and home healthcare
Growing preference for self-administered drug delivery systems and home healthcare provides growth opportunities. Convenient delivery options like prefilled syringes, auto-injectors, on-body injectors improves compliance for chronic condition management. This shift has been further accelerated due to the pandemic. Manufacturers developing user-friendly specialty injectables for self-injection or use by caregivers can capture a share in this expanding home healthcare sector with innovative ready-to-use delivery platforms like injector pens.
Link: https://www.coherentmarketinsights.com/market-insight/specialty-injectable-market-4971
Key Developments
- On May 15, 2024, Apotex Corp., a pharmaceutical company, launched Cetrorelix Acetate for injection 0.25mg, a generic version of Cetrotide in the U.S. Cetrorelix Acetate for Injection is a synthetic decapeptide with gonadotrophin-releasing hormone (GnRH) antagonist, indicated for the inhibition of premature LH surges in women undergoing controlled ovarian stimulation.
- On April 11, 2024, Baxter, a global healthcare company, announced that it had expanded its pharmaceuticals portfolio with five injectable product launches in the U.S.
- On January 4, 2024, Amneal Pharmaceuticals, Inc., a pharmaceutical company, launched 39 new retail and injectable medicines in 2023, as compared to 26 new launches in 2022
- In December 2023, ITAAN Pharma, a pharmaceutical manufacturing company that focuses on sterile injectable facilities, and ACIC Pharmaceuticals, a biopharmaceutical company, announced a collaboration for enhanced product development for range of injectable product
Key Players
Pfizer, Inc., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Novartis AG, Lupin, Mylan N.V., Par Pharmaceutical, Hikma Pharmaceutical PLC, Sagent Pharmaceuticals, Inc., Biogen, Dr. Reddy's Laboratories Ltd., Amgen Inc., AstraZeneca, Sun Pharmaceutical Industries Ltd.
