The global generic sterile injectables market size 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. Generic sterile injectables are essential medicines used to treat chronic illnesses such as cancer, diabetes, and cardiovascular diseases. These medicines are offered at significantly lower costs compared to branded alternatives while maintaining equivalent quality and safety standards.
Key Takeaways
Key players: 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 prominent players focus on new drug approvals and launches along with capacity expansion to strengthen their position in the market.
Key opportunities: Rising geriatric population suffering from various chronic diseases presents lucrative opportunities for manufacturers. Additionally, initiatives by governments worldwide to incentivize generic usage is estimated to further drive the demand.
Global expansion: Leading companies are expanding their manufacturing facilities globally especially in Asia Pacific and Latin America to cater to the rising demand. They are also entering into strategic partnerships with local players for smooth supply chain and distribution channels.
Market drivers: Rapidly increasing prevalence of chronic diseases worldwide resulting from the changing lifestyle is a key factor driving the growth of this market. As per WHO, cancer burden is expected to rise by about 70% over the next two decades. Additionally, favorable regulatory environment and cost effectiveness of generic sterile injectables is spurring their adoption.
Market restrain: Stringent regulations pertaining to sterile injectable manufacturing and high entry barriers may restrain new entrants. Further, pricing pressure due to intense competition among existing players and growing popularity of alternative drug delivery methods are some challenges likely to hamper the market expansion.
Segment Analysis
The generic sterile injectables market is segmented into large molecule injectables and small molecule injectables. The small molecule injectables dominate the market as they are cheaper than large molecule injectables and majority of drugs sold belong to this sub-segment. The small molecule generic injectables are also preferred due to shorter development period than large molecules.
The market is also segmented into monoclonal antibodies, cytokines, insulin, vaccines, immunoglobulins and blood factors. Within small molecule injectables, vaccines hold the largest share as they are administered to a large population and reduce the economic burden of diseases. This sub-segment is also growing at a rapid rate due to increasing immunization programs across the world.
Global Analysis
Regionally, North America dominates the generic sterile injectables market owing to the rising prevalence of chronic diseases, increasing demand for biosimilars/generic drugs to reduce healthcare costs and is technologically advanced. However, Asia Pacific is estimated to witness the highest growth over the forecast period due to improving healthcare infrastructure, increasing affordability led by medical tourism and rising patient population in developing countries such as India and China. Additionally, higher acceptance and adoption of sterile injectables to treat cancer, diabetes and other life-threatening conditions is expected to influence market growth positively during the analysis period.
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