Generic sterile injectables are essential biopharmaceuticals that are administered directly into the bloodstream or muscles and treat various chronic and acute diseases. They are widely used in therapeutic areas like oncology, autoimmune diseases, infectious diseases and cardiovascular diseases due to their vital benefits like effectiveness, affordability, and availability. The global Generic Sterile Injectables Market is estimated to be valued at US$ 38,706.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The widespread adoption of generic sterile injectables over their branded counterparts has accelerated the growth of the market in recent years. Generic sterile injectables offer significant cost-savings for patients as well as healthcare systems compared to branded biologics. As healthcare expenditures continue to rise globally, there has been an increased focus on developing affordable treatment options. This has boosted the demand for high quality yet inexpensive generic sterile injectables across hospitals and healthcare facilities for treatment of various diseases. Furthermore, increasing prevalence of chronic disorders and growing geriatric population that is more prone to developing health issues have also contributed to the growth of the generic sterile injectables market over the forecast period.
Segment Analysis
The generic sterile injectables market is segmented based on drug class, therapeutic application, and distribution channel. The antibiotic/anti-infective segment dominates the market as these are most widely prescribed drugs for treatment of various infectious diseases. Antibiotics provide economical treatment options and are majorly consumed globally.
Key Takeaways
The global generic sterile injectables market is expected to witness high growth over the forecast period. Factors such as rising prevalence of chronic diseases, increasing healthcare expenditure, growing geriatric population susceptible to various diseases, and patent expiry of major blockbuster drugs will support the growth.
Regional analysis: North America is expected to be the fastest growing region in the generic sterile injectables market due to rising prevalence of chronic diseases, increasing healthcare spending, favourable reimbursement policies, and presence of major players in the region. Asia Pacific is projected to witness significant growth due to improving healthcare infrastructure, increasing healthcare awareness and expenditure, and rising generic market in China and India.
Key players operating in the Generic Sterile Injectables market are Baxter International Inc., AstraZeneca plc, Merck & Co., Inc., Pfizer Inc., Fresenius Kabi, Novartis International AG, Teva Pharmaceuticals, Hikma Pharmaceuticals, Dr. Reddy’s Laboratory, Mylan N.V., Sun Pharmaceutical Industries Ltd. Baxter International Inc. dominates the market owing to its wide product portfolio and strong global presence across North America and Europe. Merck & Co., Inc., Pfizer Inc., and Novartis International AG also hold considerable market share.
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