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 drug products, which contain active pharmaceutical ingredients and are administered through parenteral route i.e. via injection into body tissues, intravenous, intramuscular or subcutaneous. They are widely used for treatment of chronic diseases like cancer, infectious diseases along with emergency care.
Market key trends:
One of the key trends driving growth in the generic sterile injectables market is rising demand for affordable treatment options. The cost of branded sterile injectables is high and unaffordable for many patients in developed as well as developing countries. Hence, the demand for low-cost generic versions is increasing rapidly. Moreover, patent expiration of major branded sterile injectables is resulting in availability of affordable generics in the market. For instance, the patent of multiple myeloma drug Velcade expired in 2023 in the US, providing opportunity for generic companies to launch biosimilar versions at lower costs. This factor is contributing significantly to growth of the market.
Segment Analysis
The generic sterile injectables market is segmented based on product type and application. By product type, the generics market is dominated by vials segment owing to ease of transportation and storage of vials. Vials offer stability and do not require special storage conditions. Based on application, oncology segment accounted for the largest share of generic sterile injectables market. The high share of this segment can be attributed to the rising prevalence of cancer and increasing demand for biosimilars and generic version of biologics for cancer treatment.
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 and growing geriatric population.
Regional analysis
North America region dominated the global generics market due to established healthcare infrastructure and large patient pool. However, Asia Pacific region is expected to witness highest growth rate over the forecast period owing to rapid economic growth, supportive regulatory environment, and rising healthcare expenditure in major Asian countries like China and India.
Key players
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., and Sun Pharmaceutical Industries Ltd. The key players are focusing on product launches and strengthening their distribution network to consolidate their market position. For instance, in 2021, Baxter international launched premixed IV drug for cancer patients in the US market.
Read more: https://www.ukwebwire.com/generic-sterile-injectables-market-insights-trends/
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