The global Generic Sterile Injectables Market is estimated to be valued at US$ 287.03 Mn 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 prescription medicines used to treat various conditions like cancer, diabetes and bacterial infections. They provide similar therapeutic effect to their branded equivalents but are more affordable. This has increased their demand globally.
Market key trends:
Increasing prevalence of chronic diseases like cancer is a key driver of the market. According to WHO, cancer burden rose to 19.3 million new cases and 9.7 million cancer deaths in 2019 worldwide. This has increased demand for generic sterile injectables therapy like chemotherapy and immunotherapy. Regulatory approvals of new drugs along with rising uptake of generics is also fueling market growth. However, stringent regulations, manufacturing challenges and recalls associated with generic injectables impedes the market growth.
Market Trends:
Generic Sterile Injectables Market key trends:
One of the key trends in the generic sterile injectables market is the rapid growth of biosimilars. Biosimilars offer significant cost savings compared to innovative biologics and are driving increased adoption. Since their introduction in 2015, the biosimilars marketplace has grown exponentially. As biosimilar drugs lose their exclusivity periods in the coming years, it will unlock significant opportunities in the generic sterile injectables market.
SWOT Analysis:
Strength: Increased affordability of medications due to availability of cheaper generic alternatives is driving their uptake.
Weakness: Intense competition exists among existing players which has kept pricing and margins low.
Opportunity: Strong pipeline of drugs expected to lose patent protection over the forecast period will present lucrative growth opportunities.
Threats: Stringent regulatory environment has increased complexity and costs of product development and approval process.
Key Takeaways:
The Global Generic Sterile Injectables Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases. North America dominates the market currently due to established healthcare infrastructure and favorable reimbursement policies. Europe is also a major market due to increasing generic prescription rates.
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 US market for generic sterile injectables was valued at nearly US$287.03 Mn in 2023 and is expected to reach over US$XXX Mn by 2030.
Regionally, North America accounted for majority share of the global generic sterile injectables market in 2023 due to established healthcare systems. Europe is projected to witness robust CAGR during the forecast period.
Key players operating in the generic sterile injectables market include 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
