Generic Sterile Injectables Market Set for Sustained Growth Due to Rising Demand for Affordable Healthcare Options
The generic sterile injectables market is anticipated to witness high growth owing to rising demand for affordable healthcare options globally. Generic sterile injectables are substitute versions of branded products that have exactly the same active ingredients, strength, dosage form and intended use. They offer significant cost savings compared to branded biologics and thus help expand access to critical medicines.
The global generic sterile injectables market is estimated to be valued at US$ 38,706.5 Mn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030. Growing need for affordable treatment options is driving the demand for generic sterile injectables across therapeutic areas including oncology, cardiovascular diseases and infectious diseases. Their convenience of administration through parenteral route makes them a preferred choice among patients and healthcare professionals alike.
Key Takeaways
Key players operating in the generic sterile injectables market are Baxter International Inc., AstraZeneca plc, Merck & Co., Inc., Pfizer Inc., Fresenius Kabi, Novartis International AG, Teva Pharmaceuticals, Hikma Pharmaceuticals, Dr. Reddy’s Laboratory, Mylan N.V., Sun Pharmaceutical Industries Ltd. The key players are focusing on expanding their product portfolio and geographical presence through partnerships and acquisitions.
The generic sterile injectables market offers remunerative growth opportunities owing to high penetration of biologics and rising prevalence of chronic diseases globally. Market players are investing significantly in research and development activities to develop biosimilars with shorter review times. This helps speed up access to affordable treatment options.
Global expansion remains a key growth strategy adopted by players in the generic sterile injectables market. Emerging markets in Asia Pacific and Latin America hold high potential due to increasing healthcare spending and demand for high-quality generics. Stringent regulations and patent expirations in developed markets are also attracting major players.
Market Drivers
The growing geriatric population globally is leading to rise in prevalence of chronic and life-threatening diseases. According to the WHO, the proportion of world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050. This is anticipated to significantly drive the demand for generic sterile injectables as parenterals are frequently used in treatment of chronic disorders.
Market Restraints
Ensuring consistent quality and safety of generic sterile injectables poses major challenges owing to their complex manufacturing processes. High capital and recurring expenditure associated with production and stringent regulations particularly in developed countries are expected to restrain market growth to a certain extent over the forecast period.
Segment Analysis
The generic sterile injectables market can be segmented based on drug class, therapeutic application, and region. By drug class, the market is dominated by large molecule injectables segment. These include monoclonal antibodies, vaccines, and recombinant proteins. Their large and complex molecular structure and sensitive nature make large molecule injectables more difficult and expensive to manufacture as compared to small molecule drugs. However, with key blockbuster biologics going off-patent, the demand and development of biosimilar large molecule injectables is growing rapidly.
In terms of therapeutic application, the oncology segment holds a major share of the generic sterile injectables market. Cancer drugs constituted a large share of the patent cliff among blockbuster injectable drugs. With many big-selling cancer drugs losing exclusivity, availability of affordable generic versions is expected to significantly benefit patients in terms of cost savings. This is anticipated to drive higher demand for generic injectables and foster the growth of oncology as the leading segment of the market over the forecast period.
Global Analysis
The North American region dominates the global sterile injectables market currently. However, over the forecast period of 2023-2030, Asia Pacific region is anticipated to grow at the highest CAGR. The presence of emerging economies like India and China offering low-cost manufacturing bases is encouraging major global pharmaceutical companies to shift their injectables manufacturing facilities to Asia. In addition, increasing incidence of cancer and chronic illnesses as well as rising healthcare spending in these developing countries is also contributing to the increasing demand for low-cost generic injectable drugs in Asia Pacific region. Europe holds the second position in terms of market share currently due to the presence of many biologics manufacturing facilities in countries like Germany and UK.
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
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