by The Sterile Injectables Market is estimated to be valued at US$ 213 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sterile injectables are medical products in liquid or dry form meant for parenteral administration into the body through injection. These include small molecule drugs, therapeutic proteins, monoclonal antibodies (mAbs), and vaccines. Sterile injectables find its major applications for the treatment of chronic and acute diseases like cancer, diabetes, cardiovascular diseases, and bacterial infections. Product forms include vials, ampoules, prefilled syringes and cartridges.
Market Dynamics:
Rising prevalence of chronic diseases is a major driver fueling growth of the sterile injectables market. According to WHO, chronic diseases accounted for approximately 60% of total reported deaths in the world in 2020 and heart disease, stroke, cancer, chronic respiratory diseases and diabetes were the leading cause of mortality worldwide. Growing geriatric population susceptible to chronic diseases also contributes to the demand for sterile injectables. Moreover, technological advancements in drug delivery systems promoting self-administration and convenience of use such as prefilled syringes, on-body injectors further propels the sterile injectables market growth over the forecast period.
Segment Analysis
The sterile injectables market is dominated by the generic sterile injectables segment. Generic sterile injectables refer to medications that have lost patent protection and are available from multiple manufacturers at a lower cost as compared to branded medications. Their increasing uptake across developing and underdeveloped countries is a key factor driving the growth of this segment. Affordability and accessibility are some of the major advantages of generic sterile injectables, which has resulted in their wide acceptance.
PEST Analysis
Political: Government regulations regarding the approval and manufacturing of sterile injectable drugs are becoming more stringent to ensure safety and efficacy. This is positively impacting the market.
Economic: The rising healthcare expenditure across major world economies is fueling the demand for sterile injectables from hospitals and clinics. Additionally, patent expiries of major biologic drugs are providing cost-effective generic alternatives.
Social: Growing prevalence of chronic diseases like cancer and diabetes coupled with the rising geriatric population susceptible to various illnesses are increasing the demand for sterile injectables.
Technological: Advancements in delivery mechanisms, drug formulation technology and manufacturing processes are enhancing drug stability, safety and efficiency of sterile injectables. Technologies like continuous manufacturing are helping reduce costs.
Key Takeaways
The global Sterile Injectables Market Analysis is expected to witness high growth, exhibiting a CAGR of 9.1% over the forecast period, due to increasing prevalence of chronic diseases. The market size is estimated to reach US$ 213 Bn by 2023 from US$ 118 Bn in 2018.
Regional analysis: North America represents the largest and fastest growing regional market. The growth in the region can be attributed to rising healthcare spending and large patient pool undergoing medical treatment. Asia Pacific is also expected to witness significant expansion aided by growing elderly population, investments in healthcare infrastructure and increasing focus of leading players.
Key players operating in the sterile injectables market are GlaxoSmithKline PLC, Baxter International Inc., and Amgen Inc. GlaxoSmithKline, being one of the largest sterile injectables company globally, offers a wide range of generic sterile injectable drugs across major therapeutic categories like oncology, anti-infective and cardiovascular. Similarly, Baxter International holds a substantial share in the market through its top-selling branded sterile injectable drugs and a strong generic portfolio. Amgen dominates the oncology segment with novel biologics like Neulasta and Neupogen.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
