Global Generic Injectables Market Is Forecast To Expand Impressively At A CAGR Of 13.3% By 2025
Low Investment Costs to Heighten Generic Injectables Market Growth Prospects
Global generic injectables market is forecast to expand impressively at a CAGR of 13.3% during the forecast period (2020-2025). Governments worldwide are encouraging distribution and development of generic drugs so as to make them available to a larger populace, particularly rural people in the developing countries.
Developing branded formulations is a time-consuming and expensive process. The average time required to develop a new chemical entity is a decade. A cost of US$ 5-8 Bn is incurred in the development of drug formulations, owing to stringent government regulations that ensure safety and efficacy of preclinical and clinical trials.
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In comparison, development of generic drugs is an inexpensive process. This is because they are exempted from the requirement to conduct clinical trials and toxicity studies.
It is expected to reach a value of US$ 1.5 Bn by 2025-end. Moreover, expiry of blockbuster injectable molecules patents, research and development of large molecule generic injectables and strong pipeline of products are also anticipated to boost the market.
Large Molecular Injectables to Register Stellar Growth
The large molecular injectables segment is projected to capture lion’s share in the global generic injectables market, accounting for 3/5th of the total market value. Rising demand for affordable biological products, accelerated research and development activities for biosimilar products and expected patent expiry of blockbuster molecules by 2020 are key drivers. Large molecular injectable drugs are anticipated to expand at a stellar CAGR of 34.8% during the forecast period.
At the same time, the small molecular injectables segment shall hold a little over two-fifth of the generic injectables market. Increase in incidence of infectious diseases in developing countries, greater affordability and easy availability are key growth influencers. Moreover, the small molecular injectable drugs have widespread usage in the treatment of oncology disorders, infectious diseases, blood diseases and cardiovascular diseases.
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Asia-Pacific Remains the Kingpin, North America Second-Most Lucrative Market
Asia-Pacific shows prolific growth opportunities for the global generic injectables market throughout the forecast period. High demand for injectable antibiotics in the wake of high prevalence of infectious diseases such as diarrhea, typhoid, malaria and cholera; increasing prevalence of cancer; high demand for inexpensive medicines and a large market presence by key players are anticipated to leverage the growth in the Asia-Pacific. Projections indicate a staggering CAGR of 16.1%, capturing a market share of almost two-fifths of the overall global generic injectables market.
North America is projected to be the second-most lucrative market for generic injectables. This is mostly because of increase in the number of abbreviated new drug application (ANDA) approvals, rising demand for inexpensive biosimilar products and rising prevalence of lifestyle diseases. Projections indicate a robust CAGR of 11.4% during the forecast period.
Global Generic Injectables: Market Segmentation
Fact.MR has studied the global generic injectables market with detailed segmentation on the basis of product type, container type, application and key regions.
- Large Molecule Injectables:
- Small Molecule Injectables
- Prefilled syringes
- Infectious diseases
- North America
- Asia Pacific
- Eastern Europe
- Latin America
- Middle East & Africa (MEA)
Competitors Leveraging on New Pipeline Drugs to Gain Hegemony
Pfizer Inc., dominates the global generic injectables market, holding one-tenth of the total market share. It is the leading biosimilars company in the world and has consolidated its position through the advancement of six biosimilar pipeline products.
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. Additionally, it has also developed Pfizerpen, a Penicillin G Potassium powder used as an antibiotic injection for intramuscular, continuous intravenous drip and intrathecal administration.
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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