Generic Injectable Market - Growing focus on the Development of Cost-effective Treatment for Rare Diseases is Major Factor Driving the Industry Growth
Injectable usually refers to a drug delivery system and acts as an alternative to oral drugs. The generic injectable is a pharmaceutical drug with the same active ingredient as the innovator drug and is equivalent to it in terms of route of administration, intended use, performance, strength, dosage, and side effects. The manufacture of generic injectables is feasible only on the expiration of the patent of innovator injectable.
The global generic injectable market is rising at a significant rate. Factors such as the growing prevalence of chronic disease, shorter & cheaper R&D cycles of the generic injectable, growing to focus on the treatment of rare disease, and increase in preference for generic injectable as compared to reference injectable are augmenting the growth of the global market. The innovator drug is expensive owing to high expenditure on its research & development activities and thus becomes unaffordable by the consumers in developing countries. The generic injectable is extensively used in the treatment of a wide range of chronic diseases including cardiovascular diseases, osteoarthritis, respiratory diseases, cancer, diabetes, and many more while offering the same efficacy & safety as the reference injectable.
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In addition to this, high margin, low investment in R&D activities, faster regulatory approvals, and with a large number of drugs expected to go off-patent, most of the manufacturers are interested to enter the generic injectable market. Thus, all these factors are majorly contributing to the growth of the global generic injectable market. Additionally, factors such as the rise in programs and initiatives by the government to spread education regarding the generic injectable, growing demand for cost-effective biologics such as monoclonal antibodies & vaccines, and increase in clinical trials are spurring the growth of the global market. Moreover, the rise in mergers & acquisitions with the need to acquire product portfolio, pipeline development, manufacturing capabilities of existing generic injectable players to accelerate entry in the generic injectable market or consolidate market share are among the prime factors that are fostering the growth of the market. Furthermore, technological advancements in the development of the generic injectable while maintaining its safety and efficacy are likely to boost the growth of the global generic injectable market over the forecast period. However, high entry barriers characterized by complex manufacturing processes complying with stringent regulatory requirements may restrain the growth of the global generic injectable market.
The global generic injectable market is affected by the outbreak of the Covid-19 and the effect is expected to be short-term. Change in preferences is been observed in the healthcare sector during the pandemic. As the coronavirus is been rapidly infecting people across the world, services of healthcare professionals are majorly diverted for the treatment of patients infected with Covid-19. Clinical trials were temporarily halted due to strict lockdown and restriction on movement. Majorly focus was been switched towards the development of the Covid-19 vaccine. All such factors affected the production of generic injectable thereby affecting the growth of the market.
The global generic injectable market is fragmented based on molecule type, product type, route of administration, application, distribution channel, and region. Based on the molecule type, the global generic injectable market is divided into the large molecule and small molecule. Based on the product type, the global market is bifurcated into monoclonal antibodies, chemotherapy agents, peptide antibiotics, insulin, immunoglobulin, small molecule antibiotics, blood factors, cytokines, vaccines, and peptide hormones. The route of administration segment consists of subcutaneous, intramuscular, and intravenous. Based on the application, the market is bifurcated into oncology, cardiovascular diseases, musculoskeletal disorders, diabetes, pain management, hormonal disorders, infectious diseases, CNS diseases, and blood disorders. The distribution channel segment is classified into online pharmacies, drug stores, retail pharmacies, and hospital pharmacies.
North America is predicted to hold a major share in terms of revenue in the global generic injectable market over the forecast period. Factors such as the growing prevalence of chronic diseases, continuous shortage of drugs, and growing focus on the development of cost-effective treatment for rare diseases are expected to drive the regional market growth. On the other hand, Asia Pacific is estimated to be the fastest-growing region due to the growing focus of Indian companies on complex generics and the rise in adoption of generic injectables due to its cost-efficient nature.
Samsung Biologics Co Ltd, AstraZeneca Plc, Pfizer Inc, Novartis AG, Aurobindo Pharma Limited, Sanofi S.A, Cipla Ltd, Sun Pharmaceutical Industries Ltd., Fresenius Kabi, and Merck & Co. Inc. are some of the key players operating in the global generic injectable market.
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