Generic sterile injectables are used widely for the treatment of various acute and chronic conditions such as cancer, diabetes, autoimmune diseases and other life-threatening diseases. These injectables offer similar therapeutic effects as branded biologics but at a lower cost. Some of the key advantages of generic sterile injectables include affordability compared to branded equivalents, ease of administration through injection, immediate effect and standardized dosage. Growing incidence of chronic diseases and increasing focus on reducing healthcare costs are some of the key factors driving the demand for generic sterile injectables globally.
The global Generic Sterile 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:
One of the major trends in the generic sterile injectables market is the rise of biosimilars. Biosimilars are generic versions of biologic drugs that are developed to have highly similar pharmacological properties to an existing FDA approved reference biologic product. Biosimilars provide more treatment options that are less expensive than their reference biologics. With many blockbuster biologics slated to go off-patent in the coming years, biosimilars are expected to capture a significant market share and drive the growth of the overall generic sterile injectables market during the forecast period.
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Threat of new entrants: The threat of new entrants in the generic sterile injectables market is low as it requires high capital investment for R&D and manufacturing facilities meeting regulatory standards.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established generic drug manufacturers and competition among them keeps prices low.
Bargaining power of suppliers: Few suppliers for certain niche APIs exert bargaining power over manufacturers. However, the availability of substitutes mitigates this power.
Threat of new substitutes: Biologics are emerging as substitutes for a few sterile injectables but require separate manufacturing capabilities limiting impact in short term.
Competitive rivalry: Intense due to many global and local players and price being the main differentiator.
The global Generic Sterile Injectables Market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing geriatric population and rising prevalence of chronic diseases.
The regional analysis North America is the dominant region in the generic sterile injectables market owing to the presence of major facilities of key players and growth in outsourcing of generic injectable production by major pharmaceutical companies in the region. Asia Pacific is expected to witness fastest growth rate during the forecast period due to rise in healthcare expenditure, growth of pharmaceutical industries and increase in contract manufacturing in the region.
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., Sun Pharmaceutical Industries Ltd. Major players are focusing on strengthening their production capabilities and collaboration with contract manufacturing and development organizations (CDMOs) to enhance capacities.
- Source: Coherent Market Insights, Public sources, Desk research
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