The global 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 manufactured under aseptic or sterile conditions and are designed to administer drugs through parenteral route. They are non-sterile formulation made sterile through terminal sterilization process. They allow rapid delivery of drugs and bypass the gastrointestinal tract and liver.
Market key trends
One of the key drivers for the growth of sterile injectables market is the increased use of biologics for treatment of chronic diseases. Biologics such as monoclonal antibodies have revolutionized treatment of diseases; however, they cannot be administered orally as they tend to degrade in the gastrointestinal tract. Thus, sterile injectables remain the most viable option for administering such large molecule biologics. Rising prevalence of autoimmune disorders and cancer is expected to propel the demand for sterile injectable biologics thereby driving the overall market growth over the forecast period.
Market Key Trends:
Sterile injectables are seeing increased adoption due to rising prevalence of chronic diseases such as cancer, diabetes and autoimmune disorders. Moreover, the increasing geriatric population suffering from multiple conditions has augmented the demand for sterile injectables. Their usage has expanded from conventional functions like therapeutic applications to prophylactic use, vaccinations, blood transfusion and nutritional purposes.
SWOT Analysis:
Strength: Sterile injectable provide direct delivery of medication into the bloodstream leading to better effectiveness. They have long shelf life and stability compared to other dosage forms.
Weakness: Manufacturing of sterile injectables is a complex and costly process requiring stringent regulatory compliances. Any contamination can lead to safety issues.
Opportunity: Growing clinical trials for injectable drug development offer lucrative growth opportunities. Increasing focus on one-time injectable therapies for long-term effects also presents opportunities.
Threats: Presence of alternative drug delivery methods and strict regulations associated with sterile manufacturing can impede market growth. High production costs and premium pricing of biologics also threaten market potential.
Key Takeaways:
The global Sterile Injectables Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of chronic diseases. The market size for sterile injectable is estimated to reach US$ 213 Bn by 2023.
Regional analysis:
North America dominates the sterile injectable market currently owing to growing incidence of diseases and availability of advanced healthcare systems. However, Asia Pacific is anticipated to exhibit fastest growth over the coming years led by expanding healthcare infrastructure, rising medical tourism and increasing disease burden in developing nations.
Key players:
Key players operating in the sterile injectable market are Sun Pharmaceutical Industries Ltd, Aspen Holdings, LUPIN, Cipla Inc., Fresenius Kabi AG, AuroMedics Pharma LLC, Bausch Health Companies Inc., CSC Pharmaceuticals, Dr. Reddy’s Laboratories Ltd., Baxter, AstraZeneca, Merck Sharp & Dohme Corp., Novartis AG, Johnson & Johnson Services, Inc., Gilead Sciences, Inc., Pfizer Inc., CordenPharma International, Hikma Pharmaceuticals PLC, Endo International plc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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