Generic Sterile Injectables Market Size Is Anticipated To Reach USD 113 Billion at a CAGR of 10.2% By 2027 – Finds, Coherent Market Insights
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The generic sterile injectable refers to the biologics that are used to treat a number of drugs and contains same active ingredients that are present in branded versions of it. However, its inactive contents can differ from each other. The process of manufacturing generic sterile injectable is regulated by the U.S. FDA and is same of its branded counterparts. According to the U.S. National Center for Health Statistics, when the disease lasts more than three months within the patient it is considered as chronic disease. The chronic diseases mark as one of the major causes deaths as they cannot be easily cured by vaccines and other medications.
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According to the World Health Organization (WHO), in 2015, the non-communicable chronic disease accounted for over 38 million deaths worldwide. These diseases include diabetes, asthma, arthritis, cardiovascular diseases, cancer, and also viral disorders such as HIV/AIDS or Hepatitis. Furthermore, according to the Centers for Disease Control and Prevention (CDC) factsheet 2013, arthritis was the most common cause of disability with 22 million diagnosed patients in the U.S. These patients suffered obstruction in physical activities due to arthritis. According to the same source, around half of the U.S. population, i.e. 47% people have at least major risk factor for cardiovascular disease, which is primarily due to high blood pressure, smoking habits, and uncontrolled LDL cholesterol. Increasing prevalence of these disease is expected to boost the global generic sterile injectable market growth.
The global generic sterile injectable market was valued at US$ 42,900 million in 2015 and is expected to witness a CAGR of 10.2% during the forecast period (2017 – 2025).
Growing prevalence of chronic diseases globally is driving the global generic sterile injectable market.
Increasing prevalence of chronic disease coupled with rapidly increasing geriatric population that are highly vulnerable to chronic diseases are expected to drive growth of generic sterile injectable market in North America. Chronic disease cases such as diabetes and cancer are rapidly rising across several countries in the Europe, which in turn is expected to fuel the market growth in the region. However, stringent regulations imposed the U.S. FDA such as monitoring of intravenous (IV) solution bags from exposure to rough surfaces during packaging and labelling for any microscopic punctures or holes on the surfaces of the bad, in order to prevent the microscopic defects that might lead to microbial contamination. However, branded sterile injectable is more expensive compared to its generic counterpart and thus is not affordable for common populace. Furthermore, difficulties in meeting the demands for these injectable in pharmacies, drugs stores, and hospitals are one of the major factors negatively impact growth of the market. Nevertheless, various key players are involved in acquisition of small pharmaceutical companies to create an exhaustive product portfolio of generic sterile injectable to fulfill the demand of these medications.
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Key players indulged in strategic implementation of various policies for the product portfolio expansion of the generic sterile injectable
- In 2016, Baxter acquired Claris’ Injectables, a 15 years old global generic injectable pharmaceutical company for the production of injectable medicines such as anesthesia and analgesics, anti-infective, renal, and critical care medications
- Baxter has also recently signed an agreement with Dorizoe, an India based life sciences company manufacturing generic sterile injectable. The duo is expected to develop more than 20 generic injectable products including oncolytic and cardiovascular medicines.
- According to FiercePharma, Fresenius Kabi is expected to show a revenue booster in the forecast years due to a major investment of US$ 250 million to turn a U.S. site for expanding the capabilities of the production of generic injectable and sterile injectable.
- Pfizer marked its leading share in the generic sterile injectable market through its collaboration with Hospira in 2015.
- Other landmark acquisitions for the boost of generic sterile injectable market consists Hikma acquiring the assets of the Bedford Laboratories and Sun Pharma’s acquisition of Pharmalucence in 2014 that resulted in benchmarking sales of generic sterile injectable.
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