The Sterile Injectables Market Is Estimated To Witness High Growth Owing To Rising Demand For Biologics
The sterile injectables market is estimated to be valued at US$ 213 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sterile injectables are medicines administered via injection into body tissues, bones, joints, or bloodstream to treat various medical conditions. They include small molecule drugs, vaccines, monoclonal antibodies, and other biologics used for therapeutic indications such as cancer, autoimmune diseases, infectious diseases, and others.
Market Dynamics:
The sterile injectables market is driven by growing demand for biologics due to increasing prevalence of chronic diseases worldwide. Biologics form a critical component of treatment regimens for various chronic diseases. According to World Health Organization (WHO), chronic diseases accounted for approximately 60% of global deaths in 2001 and are projected to account for 73% of all deaths globally by 2030. Further, increasing R&D investments by key players to develop advanced sterile injectables for treatment of complex diseases is also expected to propel market growth over the forecast period. However, stringent regulations for manufacturing sterile injectables and high capital requirements for setting up sterile manufacturing facilities pose major challenges to the market.
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