Sterile injectables are drug formulations meant for parenteral administration through routes such as intravenous, subcutaneous, and intramuscular injections.
Sterile injectables are drug formulations meant for parenteral administration through routes such as intravenous, subcutaneous, and intramuscular injections. They provide direct delivery of drugs to the bloodstream, ensuring better bioavailability. This market has grown in importance due to the rising incidence of chronic diseases necessitating long-term therapies.
The global Sterile Injectables Market is estimated to be valued at US$ 213 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend driving the growth of sterile injectables market is the expanding therapeutics areas where sterile injectables are required. Sterile injectables find widespread application in treatment of chronic conditions like cancer, diabetes, autoimmune diseases etc. With rising cases of these diseases globally and launch of newer biologic drugs meant for long term therapies, demand for sterile injectable drug formulations has increased substantially. Further, sterile injectables ensure targeted drug delivery and stability of complex biologic molecules inside the body. Their non-oral route of drug administration facilitates treatment of conditions where oral drug formulations may not prove effective. This has proven pivotal in expanding the therapeutic scope of sterile injectables market.
Segment Analysis
The global sterile injectables market can be segmented based on drug type, therapeutic application, and region. Chemotherapeutic drugs dominate the market share and is expected to continue its dominance over the forecast period. This is due to the increasing prevalence of cancer globally and rising demand for advanced drug delivery modes. Therapeutically, oncology contributed more than 35% of the market share in 2023, owing to the high demand for sterile injectable drugs for cancer treatment.
Key Takeaways
The global Sterile Injectables Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global sterile injectables market is estimated to be valued at US$ 213 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030.
North America holds the largest share of the sterile injectables market currently. However, Asia Pacific is expected to grow at the fastest pace during the forecast period. This high growth can be attributed to the rising healthcare expenditure, increasing prevalence of chronic diseases, and rapid improvements being carried out in healthcare infrastructure across emerging economies in the region like China and India.
Key players related content comprises: Key players operating in the sterile injectables market are Beyond Meat, Impossible Foods, Maple Leaf Foods (LightLife), Moving Mountains, and The Vegetarian Butcher. These players are focusing on expanding their reach through new product launches and targeting vegan consumers through various awareness campaigns.
Explore more related article on this topic: https://www.pressreleasebulletin.com/the-sterile-injectables-market-is-driven-by-rising-demand-for-biologics/
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