Specialty Pharmacy Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026 Segmented By Ownership (Standalone, Hospital-Based, Others), By Therapy Area (Cancer, Rheumatoid Arthritis, Hemophilia, Hepatitis C, Multiple Sclerosis, Others), By Region
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSpecialty Pharmacy Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026 Segmented By Ownership (Standalone, Hospital-Based, Others), By Therapy Area (Cancer, Rheumatoid Arthritis, Hemophilia, Hepatitis C, Multiple Sclerosis, Others), By Region
Global specialty pharmacy market is anticipated to project a robust growth in the forecast period, 2016-2026 with an impressive CAGR value on the account of increasing demand for pharmaceuticals implemented for the cure of rare diseases. Rapidly increasing global population infected and suffering due to rare diseases are further driving the growth of the global specialty pharmacy market in the upcoming five years.
Specialty pharmacies are a form of distribution channel for the pharmaceuticals that are specifically designed to combat rare diseases. These pharmaceutical products are often expensive and require utmost care for its storage and handling conditions. Distribution, administration, or patient management at the specialty pharmacies are quite complex and are driven by the higher cost of drugs. Conditions like cancer, rheumatoid arthritis, hemophilia, hepatitis C, multiple sclerosis, etc. are categorized as rare disease types. The drugs for the treatment or to contain the extreme symptoms of these diseases are found at at specialty pharmacies only.
Medication for Rare Diseases Influence Market Growth
Rapidly increasing instances of rare diseases infecting population is anticipated to drive the growth of the global specialty pharmacy market in the upcoming five years. Moreover, rare diseases often target geriatric population. The decreased immunity is a major cause and is expected to further support the growth of the global specialty pharmacy market in the next five years. Moreover, life span of the medication associated with the rare diseases is less and they require extreme storage conditions like refrigerated storages, etc. The demands for such extreme measures for the handling, storage and distribution of the pharmaceuticals is further substantiating the growth of the global specialty pharmacy market in the forecast years, until 2026.
Mergers and Acquisitions Influence Market Growth
Pharmacy Benefit Managers (PBM) and insurers are replenishing the financial aids consistently and driving the growth of the global specialty pharmacy market in the upcoming five years. CVS Specialty under the parent organization, CVS Health is generating more than USD45 billion every year. In fact, top four market players in the United Sates account for more than 75% of the pharmaceutical industry in the country. Along with the financial investments, various mergers and acquisitions have influenced the growth of the global specialty pharmacy market in the recent years.
Some of the largest specialty pharmacies of year 2019 like Diplomat Pharmacy, PANTHERx Rare, and BioPlus Specialty Pharmacy were acquired by UnitedHealth Group, Centene Corporation, CarePathRx Holding Company, LLC, respectively. New market players like Acaria Health and CarePthRx are emerging, and their prevalence is expected to support the future growth of the global specialty pharmacy market in the future five years.
Research and Development to Support Market Growth
Rapidly increasing research and development in the pharmaceutical sector is driving the growth of the global specialty pharmacy market in the upcoming five years. Due to the increasing demand for specialty handling, administration, demand for the specialty pharmacy is increasing and supporting the growth of the global specialty pharmacy market in the next five years.
Market players are incorporating information technology and artificial intelligence along with the specialty pharmacy distribution channel, thereby maintaining records of the requirements and management of the services according to the consumer demands. Healthcare professionals employed by specialty pharmacies provide patient education, help ensure appropriate medication use, promote adherence, and attempt to avoid unnecessary costs. Other support systems coordinate sharing of information among clinicians treating patients and help patients locate resources to provide financial assistance with out-of-pocket expenditures.
Market Segmentation
The global specialty pharmacy market is segmented on the basis of ownership, therapy area, competitional landscape, and regional distribution. Based on ownership, the market is further fragmented into standalone, hospital-based, and others. On the basis of therapy area, the market is bifurcated into cancer, rheumatoid arthritis, hemophilia, hepatitis C, multiple sclerosis, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Asia-Pacific region, North American region, European region, South American region, and Middle East & African region.
Company Profiles
CVS Health Corporation, Express Scripts Holding Company (Accredo Health Group, Inc), Walgreens Boots Alliance, Inc. (AllianceRx), The Kroger Company, Optum Inc. (Diplomat Pharmacy, Inc.), Humana Specialty Pharmacy, AmerisourceBergen Corporation, AHF Pharmacy, Walmart Inc., BrightSpring Health Services
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| Attribute | Details |
| Base Year | 2020 |
| Historical Data | 2016 – 2019 |
| Estimated Year | 2021 |
| Forecast Period | 2022 – 2026 |
| Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR for 2016-2020 and 2021-2026 |
| Report Coverage | Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered |
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| Regional Scope | North America; Europe; Asia Pacific; South America; Middle East & Africa |
| Country Scope | United States; Mexico; Canada; China; India; Japan; South Korea; Australia; Germany; France; United Kingdom; Spain; Italy; Saudi Arabia; UAE; South Africa; Kuwait; Brazil; Argentina; Colombia |
| Key Companies Profiled | CVS Health Corporation, Express Scripts Holding Company (Accredo Health Group, Inc), Walgreens Boots Alliance, Inc. (AllianceRx), The Kroger Company, Optum Inc. (Diplomat Pharmacy, Inc.), Humana Specialty Pharmacy, AmerisourceBergen Corporation, AHF Pharmacy, Walmart Inc., BrightSpring Health Services |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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