Generic Injectable Market to rise at 11.6 % CAGR through the end of the forecast period 2021-2031
Generic injectable are cost friendly and display faster treatment efficacy in a safe and effective manner for chronic ailments including cancer, diabetes, and cardiovascular diseases. According to Future Market Insights (FMI), the demand for generic injectables is expected to rise considerably, enabling the market to surpass US$ 85.0 Bn by the end of 2021. In coming years, the rising cases of chronic disease will support the expansion of the market.
Generic injectable substitutes branded products offers various advantages to patient in terms of prices without affecting treatments. Cancer treatments are often fraught with drug shortages with supplies in countries falling short owing to low access to payers and reimbursement. Increasing technological advancements in the production of generic injectables for the treatment of chronic diseases have led to the higher adoption of generic injectables in clinical practices associated with improved outcomes.
Increasing investments in research and development projects and favorable regulatory policies are some factors enabling growth in the generic injectable market. Also, growth in healthcare spending and medical tourism is supporting growth in market. As of 2020, the global healthcare industry is the second largest industry in terms of R&D spending, ranked after computing and electronics. Moreover, the rapidly expanding healthcare R&D expenditure is expected to overtake the expenditure of the computing and electronics industry in 2020. The healthcare industry spent approximately US$ 48 billion on R&D in 2015, which rose to around US$ 159.0 billion during 2020.
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The impact of the COVID-19 pandemic on the generic injectable market has been marginal. The generic Injectable market is expected to experience short-term negative growth owing to a sharp reduction in research activities and reduced resources available to meet the unprecedented requirements of the industry.
As a result of the continuing spread of COVID-19, various service providers are focusing on novel approaches to the treat pneumonia associated with COVID-19 using generic injectables. Thus, scientists are focusing on injections effective for covid-19 treatment. This provides niche opportunities for generic injectable market to grow.
Key Takeaways from Generic Injectable Services Market Study
- Despite restricted growth amid COVID-19, the demand for generic injectable is expected to rise at nearly 5% through 2021
- Sales of monoclonal antibody injectables will account for nearly One-fourth of the market, driven by increasing prevalence of autoimmune diseases
- Increasing focus on early diagnosis will enable France to register 12.6% Y-o-Y growth in 2021
- Germany and France are expected to exhibit increasing demand to tackle concerns pertaining to rising incidence of cancer
- United States will account for more than 29% of the global market through the end of 2031 owing to R&D investments
- The U.K. will exhibit a double-digit y-o-y growth at above 11% in 2021, as demand from hospital pharmacies continues to grow
Increase in Funding For Research Activities Offers Growth Opportunities
Leading manufacturers in the generic injectable market are strengthening their market position through collaboration with various other organization. Governments in developed and developing countries are actively taking initiatives to encourage research activities for the development of generic injectable offerings.
For instance, In January 2020, Merck announced its Strategic Collaboration for Oncology Platform with Taiho Pharmaceutical Co, Ltd. to expand its focus on small molecule offerings in injection inhibitors for cancer research.
Big drug manufacturers are also expected to benefit from globalization of labor, i.e. employment of a skilled local labor force at cheaper rates in order to derive large cost savings. Further, this would also allow larger room for R&D investments into net sales. As per data from EFPIA and PhRMA, annual pharmaceutical R&D expenditures are rising at 2.5% p.a. in Europe as compared to 3.3% p.a. in U.S. over the latest measurable period 2016-2020.
Who is winning?
The global market is set to expand in the forecast period, due to the rising prevalence of chronic diseases globally and the adoption of generic injectables. Leading organizations within the market are set to focus on research and development to offer early and precise diagnosis of the ailment, besides offering effective patient care.
Leading manufacturers in the global generic injectable market include Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Sanofi S.A., Sun Pharmaceutical Industries Ltd., AstraZeneca Plc, Merck & Co. Inc., Mylan N.V., Cipla Inc., Dr.Reddy’s Laboratories Ltd., Samsung Biologics, Aurobindo Pharma Ltd., Fresenius SE & Co. KGaA, and Baxter International Inc.
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