Generic sterile injectables are pharmaceutical products administered through injection that have the same chemical formula, dosage form, strength, route of administration and are therapeutically equivalent to a brand or innovator product. They are used to treat various chronic diseases such as cancer, diabetes, autoimmune diseases and others. The growing prevalence of chronic diseases owing to rising aging population, sedentary lifestyles and poor dietary choices has increased the adoption of generic sterile injectables to treat medical conditions in a cost-effective manner. The global Generic Steril Injectables Market is estimated to be valued at US$ 38,706.5 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 key trends:
The rising geriatric population globally is one of the major drivers of the generic sterile injectables market. People aged 65 years and above are more prone to developing chronic diseases like cancer, diabetes, and cardiovascular diseases due to aging-related physiological changes in the body. According to the UN’s World Population Ageing report, the number of people aged 65 years or over is projected to grow to nearly 1.5 billion in 2050 from 703 million in 2019. The increasing pool of aging population will propel the demand for cost-effective generic sterile injectables for the treatment of various chronic diseases over the forecast period.
SWOT Analysis
Strength: Generic sterile injectable drugs provide similar therapeutic benefits as their branded counterparts at a lower cost, making them an affordable treatment option for patients.
Weakness: The manufacturing of generic sterile injectables is a complex process that requires strict adherence to sterility guidelines. This leads to higher compliance costs for generic manufacturers.
Opportunity: The patent expiry of major branded injectable drugs provide opportunities for generics manufacturers to introduce low-cost biosimilar versions. The COVID-19 pandemic has also increased demand for sterile injectables used in critical care.
Threats: Stringent regulatory approvals and quality standards posed by regulators increase the entry barriers for manufacturers. Shortage of raw materials and supply chain disruptions also threaten timely availability.
Key Takeaways
The global generic sterile injectables market is expected to witness high growth over the forecast period of 2023 to 2030. The market is driven by the patent expiry of major biologics and injectable drugs, growing geriatric population susceptible to chronic diseases, and cost benefits of generic drugs over branded therapies.
Regional analysis: North America dominates the global market due to supportive regulatory policies and the presence of major generic drug manufacturers in the region. However, Asia Pacific is expected to exhibit the fastest growth due to increasing healthcare infrastructure, rise of healthcare standards and growing prevalence of chronic diseases in emerging countries of the region.
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 market is highly consolidated with the top five players accounting for over 50% of the global market share.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it