by The Generic Sterile Injectables Market is estimated to be valued at US$ 287.03 Mn or in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Generic sterile injectables are pre-filled syringes or vials used for administering drugs via parenteral route. They are manufactured using aseptic processing techniques to maintain sterility. Some common applications of generic sterile injectables include treatment of cancer, infectious diseases, anesthesia etc. With rising prevalence of chronic diseases and growing geriatric population globally, the demand for sterile injectables is increasing significantly.
Market Dynamics:
Increasing incidence of chronic diseases such as cancer, CVDs and diabetes is a major factor fueling growth of the generic sterile injectables market. According to WHO, cancer burden is expected to grow to 27 million new cases and 17 million cancer deaths by 2030. Similarly, diabetes prevalence is expected to rise beyond 640 million cases by 2040. This high disease burden generates substantial demand for generic sterile injectables used in their treatment. Another key driver is the patent expiry of blockbuster drugs. As patents of major biologic drugs expire, it allows other companies to manufacture affordable generic versions of such drugs. For instance, patent expiration of drugs like Humira, Renagel and Copaxone opened lucrative opportunities for generic versions. This factors are expected to propel market growth over the forecast period.
Segment Analysis
The global generic sterile injectables market can be segmented based on type, application, distribution channel and region. By type, the market is divided into lyophilized powders, pre-filled syringes and filled aseptic liquids. Among these, the lyophilized powders segment dominates due to their stability at ambient temperatures. They have a long shelf-life and do not require refrigeration during storage and transportation, which proves advantageous over other types.
PEST Analysis
Political: The governments across developing nations are pushing for wider availability and adoption of generic medicines to make treatment affordable for the masses. This is expected to boost demand for low-cost generic sterile injectables.
Economic: Rising healthcare expenditure coupled with growing prevalence of chronic diseases like cancer and diabetes is expected to drive the growth of sterile injectables market.
Social: Increasing awareness about cost-effective generic drugs and rising demand for parenteral administration of medicines, especially biologics, among aging population will foster market growth.
Technological: Advancements in lyophilization and aseptic processing technologies have increased the thermostability and shelf-life of generic sterile injectables, fueling their uptake.
Key Takeaways
The Global Generic Sterile Injectables Market Size is expected to witness high growth at a CAGR of 10% over the forecast period, fueled by rising incidence of chronic and life-threatening diseases. The market size is projected to reach US$ 656.12 Mn by 2030 from US$ 287.03 Mn in 2023.
Regional analysis: North America is expected to dominate the market during the forecast period owing to established healthcare infrastructure, rising healthcare spending and demand for biosimilars in the region. The Asia Pacific market is anticipated to exhibit the fastest growth rate attributed to growing patient pool, increasing healthcare awareness and penetration of generic drugs in developing economies like India and China.
Key players: Key players operating in the generic sterile injectables market are focusing on capacity expansion through organic and inorganic strategies to strengthen their product portfolio and cater to the growing demand. For instance, in 2022 Baxter International Inc. received US FDA approval to expand sterile injectables manufacturing capabilities at its facility in Bengaluru, India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
