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.
Sterile injectables are medical preparations administered parenterally to humans which contain active pharmaceutical ingredients along with excipients to treat various chronic and acute diseases. Sterile injectables include drugs for cardiovascular, metabolic, hematological, oncology, and neurological conditions. They are convenient to administer and have rapid absorption and onset of action. Growing prevalence of chronic diseases and increasing elderly population globally is driving demand for sterile injectables.
Market key trends:
One of the key trends in the sterile injectables market is growing demand and usage of biosimilar and generic sterile injectable products. Biosimilars provide the same clinical benefit as an innovator drug but are more affordable than branded biologics. Additionally, patents of several blockbuster biologics have expired in the past decade making way for biosimilar competition. This has significantly reduced treatment costs. For instance, Mylan launched the biosimilar Fulphila in 2019, a pegfilgrastim biosimilar to Neulasta indicated for reducing infection risk in cancer patients. This is expected to offer significant cost savings to patients.
Threat of new entrants: The sterile injectables market requires significant capital investment for manufacturing infrastructure and adhering to stringent quality and compliance standards. This poses high entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative treatment options for certain therapeutic areas. However, innovations in large market segments provide some customer lock-in.
Bargaining power of suppliers: A few major players dominate the active pharmaceutical ingredients supply landscape, giving them significant influence on pricing. Supplier consolidation has also increased their bargaining power.
Threat of new substitutes: Currently there are limited new substitute options for sterile injectables. Novel drug delivery methods may pose a future threat based on success rates.
Competitive rivalry: The sterile injectables market is highly competitive with the presence of numerous global and regional players. Market consolidation and new product approvals influence competitive dynamics.
The global Sterile Injectables Market Analysis is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of chronic diseases. Geographically, North America dominates the sterile injectables market currently owing to the high adoption of advanced therapeutics and greater accessibility of healthcare facilities.
The sterile injectables market size for 2023 is estimated to be US$ 213 Bn. Regional analysis indicates Asia Pacific is anticipated to grow at the fastest rate during the forecast period attributable to rising healthcare expenditure, speedy economic development and increasing patient population.
Key players operating in the sterile injectables market are GlaxoSmithKline PLC, Baxter International Inc., and Amgen Inc. GlaxoSmithKline commands a leading share in oncology and anti-infective segments. Baxter has a wide geographic footprint and product range in generic injectables. Amgen focuses on innovation in areas of oncology, nephrology and neuroscience.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it