According to Precedence Research, The generic sterile injectable market size is expected to be worth around US$ 84.85 billion by 2030, growing at a CAGR of 10.3% over the forecast period 2022 to 2030.
According to Precedence Research, The generic sterile injectable market size is expected to be worth around US$ 84.85 billion by 2030, growing at a CAGR of 10.3% over the forecast period 2022 to 2030.
Growth Factors
The global generic sterile injectable market is primarily driven by the growing prevalence of various chronic diseases and the growing geriatric population across the globe. The old age people are more susceptible to various diseases and spends more on the healthcare, thereby driving the growth of the generic sterile injectable market. According the World Health Organization, the global geriatric population is expected to reach around 2 billion by the year 2050. The adoption of the injectable drug delivery has gained traction as there are some drugs that cannot be administered through the oral route. For instance, the insulin used in diabetes management is only administered through injections. The surging prevalence of various chronic diseases like cardiovascular diseases, diabetes, and cancer is fueling the demand for the generic sterile injectable across the globe. According to a report by International Agency for Research on Cancer, around 19.3 million new cases of cancer and 10 million cancer death were reported in 2020.
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Report Highlights:
- On the basis of therapeutic application, the diabetes segment dominated the global sterile injectable market, garnering a market share in 2020. The huge demand for the generic sterile injectable in the diabetes management has fueled its growth. The increasing prevalence of the diabetes owing to various factors is expected to propel the market growth. According to the International Diabetes Federation, the diabetic population is expected to reach 783 million by 2045, from 357 million in 2020.
- The cancer segment is estimated to be valued at US$ 8.8 billion in 2021 and is projected to increase to US$ 23.64 million by 2030, witnessing a CAGR of 11.6% between 2022 and 2030.
- Based on the product type, the monoclonal antibodies segment was the most dominant segment in 2020. Monoclonal antibody segment was valued at US$ 13,040.6 million in 2022 and is expected to reach US$ 30,547.0 million by 2030 at a CAGR of 11.2%. The monoclonal antibodies have gained rapid traction across the globe in the treatment of various diseases like cancer. The monoclonal antibodies can target the infected cells and provides effective treatment without harming the normal cells and hence there is low or no side effects. This has significantly boosted the demand for the monoclonal antibodies across the globe.
- On the basis of distribution channel, the hospitals segment garnered a market share of around 41% and dominated the global generic sterile injectable market in 2020. The hospital pharmacies segment is estimated to be valued at US$ 18.07 billion in 2021 and is projected to increase to US$ 43.03 millionn by 2030, witnessing a CAGR of 10.2% between 2022 and 2030. The increased penetration of hospitals and the availability of wide range of generic sterile injectable in the hospital pharmacies have significantly contributed towards the growth of the segment.
- North America was the largest generic sterile injectable market in 2020. North America generic injectables market is estimated to be valued at US$ 15,132.4 Mn in 2022 and is projected to increase to US$ 32,705.4 Mn by 2030 , witnessing a CAGR of 10.1% between 2022 and 2030. The increased prevalence of non-communicable diseases, presence of huge geriatric population, improved access to healthcare facilities, increased awareness regarding the benefits of injectable drugs, and the increased healthcare expenditure are some of the major factors that has driven the growth of the North America generic sterile injectable market. It is estimated that more than half of the US population is suffering from one or more chronic diseases. Furthermore, the geriatric population in US is expected to reach 95 million by 2050. The healthcare expenditure in US contributes to 18% of the US GDP. These are the major factors that has propelled the market growth.
- Asia Pacific is estimated to be the fastest-growing generic sterile injectable market during the forecast period. Asia Pacific is witnessing increased investments on the development of the overall healthcare expenditure owing to the surging prevalence of chronic diseases and the rapidly growing geriatric population. According to the World Health Organization, around 80% of the geriatric population across the globe will be living in the low and middle income countries. The increasing healthcare expenditure in the emerging nations is presenting growth opportunities.
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Future of Generic Sterile Injectable Market
The key market players are constantly engaged in the development of new drugs and innovative drug delivery devices. The surging investments in the biopharmaceutical industry for the development of new drugs to cure the previously non-curable diseases is expected to offer various growth aspects to the players operating in the generic sterile injectable market.
COVID-19 Impact Analysis:
- The outbreak of the COVID-19 pandemic and the subsequent disruptions in supply chain and difficulties in the procurement of raw materials resulted in the increased prices.
- The demand for the generic sterile injectable increase for at home use.
- The emergence of online pharmacies has positively impacted the market growth during the pandemic.
Key Developments in the Marketplace:
- The various developmental strategies such as collaborations, partnerships, acquisition & mergers, and new product launches will positively impact the market growth and help the market players to gain competitive advantage and strengthen their market position in the foreseeable future.
Top Players contending in the Market:
- Pfizer
- Fresenius Kabi
- Civica
- Baxter
- Sandoz
- Mylan
- 3M
- Merck & Co., Inc.
- Hikma
- Teva
- Nichi-Iko
- Others
Major Market Segments Covered:
By Product Type
- Monoclonal Antibodies
- Cytokines
- Insulin
- Peptide Hormones
- Vaccines
- Immunoglobulin
- Blood Factors
- Antibiotics
- Others
By Therapeutic Application
- Cancer
- Diabetes
- Cardiovascular Disease
- Central Nervous System
- Musculoskeletal System
- Others
By Distribution Channel
- Hospitals
- Drug Stores
- Retail Pharmacies
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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