Sterile Injectables Market

Global Sterile Injectables Market Is Estimated To Witness High Growth Owing To Increasing Demand for Injectable Drugs

by

The global Sterile Injectables Market is estimated to be valued at USD 529.88 million in 2023 and is expected to exhibit a CAGR of 7.55% over the forecast period (2023-2028), as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

The Sterile Injectables Market refers to the market for injectable drugs that are prepared and packaged in sterile conditions to ensure safety and effectiveness. These drugs are administered directly into the body with the help of syringes, needles, or infusion devices. The market is driven by the increasing prevalence of chronic diseases and the need for effective drug delivery systems. Sterile injectables offer advantages such as rapid onset of action, targeted delivery, and reduced risk of contamination.

B) Market Key Trends:

One key trend in the Sterile Injectables Market is the growing demand for biologics and biosimilars. Biologics are complex molecules derived from living organisms and are used to treat a wide range of diseases such as cancer, autoimmune disorders, and inflammatory diseases. Biosimilars are highly similar versions of biologics that are developed after the patent expiry of the reference biologic. The increasing demand for biologics and biosimilars is driving the growth of the Sterile Injectables Market.

For example, in 2019, Pfizer Inc. received approval from the U.S. Food and Drug Administration (FDA) for its biosimilar called Trazimera (trastuzumab-qyyp), which is used for the treatment of certain types of breast and stomach cancers. This approval expands the options available to patients for accessing high-quality, lower-cost biosimilar treatments.

C) PEST Analysis:

Political: The political factors influencing the Sterile Injectables Market include government regulations related to drug manufacturing and distribution, pricing policies, and intellectual property rights protection.

Economic: The economic factors impacting the market include healthcare expenditure, affordability of injectable drugs, and reimbursement policies.

Social: The social factors influencing the market include the aging population, increasing awareness about chronic diseases, and patient preference for injectable drugs.

Technological: The technological factors impacting the Sterile Injectables Market include advancements in drug delivery systems, such as prefilled syringes and autoinjectors, as well as innovations in sterile manufacturing processes.

D) Key Takeaways:

– Market Size: The global Sterile Injectables Market is expected to witness high growth, exhibiting a CAGR of 7.55% over the forecast period, due to increasing demand for injectable drugs and advancements in drug delivery systems.

– Regional Analysis: North America is the fastest-growing and dominating region in the Sterile Injectables Market, driven by the presence of key market players, favorable reimbursement policies, and a high prevalence of chronic diseases.

– Key Players: Key players operating in the global Sterile Injectables Market include Baxter International Inc., AstraZeneca plc, Merck & Co., Inc., Novartis AG, Johnson & Johnson Services, Inc., Gilead Sciences, Inc., JHP Pharmaceuticals, Pfizer Inc., Fresenius Kabi Ag, CordenPharma, and Hikma Pharmaceuticals PLC. These companies are focusing on strategic collaborations, product launches, and acquisitions to strengthen their market position.

In conclusion, the global Sterile Injectables Market is expected to witness significant growth in the coming years due to the increasing demand for injectable drugs and advancements in drug delivery systems. North America is likely to dominate the market, driven by favorable reimbursement policies and a high prevalence of chronic diseases. Key players in the market are adopting various strategies to stay competitive and expand their market share.