Generic Injectables Market are anticipated to expand at a stellar CAGR of 34.8% during the forecast period 2020-2025
In recent years, demand for generic drugs has seen a prolific rise. High developmental and investment costs associated with branded formulations has prompted key players to invest in alternative formulae which are more affordable and accessible to people, especially in the developing world.
On the back of abovementioned factors, the global generic injectables market is projected to witness an impressive growth during the forecast period (2020-2025). Projected CAGR for the global generic injectables market is pegged at 13.3%, to reach a value pool of US$ 1.5 Bn by the end of 2025.
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However, significant challenges for growth exist for the global generic injectables market. Supply-chain disruptions occurring due to limited availability of air and water transport is a major restraint. This is anticipated to create shortages of critical drugs, particularly in the United States.
Key Takeaways of Global Generic Injectables Market Study:
- Large-molecule injectables are projected to capture an impressive market share, tantamount to 3/5th of the overall generic injectables market. Burgeoning research and development in biosimilar products and anticipated patent expiry of blockbuster molecules are projected to leverage market share.
- By container, the prefilled syringes segment shall witness rapid expansion, registering an impressive CAGR of 14.1% during the forecast period. Dose accuracy and ease of administration are key growth drivers of this segment.
- Oncology specialists are anticipated to find maximum applicability of generic injectables. Rising number of cancer patients has augmented the need to use generic formulae to develop affordable and quality drugs. The segment is projected to account for around 30% of the overall generic injectables market.
- Most of the generic drug administration is projected to take place via intravenous methods. Rapid and predictable delivery of drugs and avoidance of first-pass metabolism are key factors anticipated to leverage the intravenous administration segment.
- Asia-Pacific is set to emerge as the leader of the global generic injectables market. Accelerated demand for injectable antibiotics to treat diseases such as diarrhea, typhoid, malaria & cholera and increasing prevalence of cancers are set to uplift the region’s growth. A staggering CAGR of 16.1% is predicted for Asia-Pacific.
- North America is becoming increasingly lucrative, owing to a greater number of abbreviated new drug application (ANDA) approvals, rising demand for inexpensive biosimilar products and rising prevalence of lifestyle diseases. The region is anticipated to expand at a CAGR of 11.4% throughout the forecast period.
- Significant supply-chain disruptions may hinder growth prospects for the global generic injectables market during the forecast period. The COVID-19 outbreak has resulted in a nearly complete lockdown of the entire world, disrupting business transactions and transportation of essential commodities across the world. Limited transport facilities has generated a significant gap between the demand and supply of critical drugs.
- However, analysts project that the market shall soon experience an upsurge in pricing in the short-term. This is attributed to the fact that consumers will eventually be willing to pay a higher price for the drugs they consume as it is a necessity for them.
“The global generic injectables market shows massive growth potential in the future. Affordability of investment and comparatively lenient government regulations are propelling growth in the market. Companies are largely focused on developing new pipeline drugs to consolidate their market footprint,” concludes a Fact.MR analyst.
Developing Pipeline Drugs to Remain Forte of Market Players
The global generic injectables market include, but are not limited to, players such as Pfizer, Inc., Novartis AG (Sandoz International GmbH), Baxter, Fresenius SE & Co., KGaA, Mylan N.V., Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC., Lupin Ltd., Sanofi and Biocon.
Pfizer Inc., dominates the global generic injectables market, holding one-tenth of the total market share. Currently, the company is in the process of developing a formula titled PF-06881894, a biosimilar to Neulasta® for oncology practitioners. Likewise, it is also developing a biosimilar for Rheumatoid Arthritis titled PF-06410293. It has also developed Pfizerpen, a Penicillin G Potassium powder used as an antibiotic injection.
Sandoz Inc. is estimated to hold 1/20th of the global generic injectables market share. It also offers a strong biosimilar drugs pipeline. Its portfolio includes both blockbuster and niche products for all major therapeutic areas. Its generic drugs division includes Glatopa-based formulae such as Gilenya®, Afintor® and Glivec®. Sandoz operates globally through three franchises: retail generics, anti-infectives and biopharmaceuticals.
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The research study on the global generic injectables market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global generic injectables market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of Product (Large-molecule Injectables and Small-molecule Injectables), Container (Vials, Ampoules, Premixes, Prefilled Syringes and Others), Application (Oncology, Infectious diseases, Cardiology, Diabetes, Immunology and Others) and Route of Administration (Intravenous, Intramuscular, Subcutaneous and Others) across five major regions.
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