COVINA, Calif., May 9, 2023 /PRNewswire/ -- According to Prophecy Market Insights "Generic Sterile Injectables Market accounted for US$ 68.7 billion in 2019 and is estimated to be US$196.2 billion by 2029 and is anticipated to register a CAGR of 11.2%"
What is the Overview of Generic Sterile Injectables Market?
Generic Sterile Injectable are referred to biologics which are used for treating various drugs and contains same active ingredients as that of branded version. An injectable compounded medication is a sterile drug to be administered into the body using a syringe and needle or an I.V. administration set and needle device.
Growing prevalence of chronic diseases has become major factor in target market growth. Growing number of drug manufacturers focusing on the production of drugs to treat cancer and rapid FDA (Food and Drug Administration) approval of sterile injectable drugs within short period of time is expected to fruitful the demand for Generic Sterile Injectables market growth.
What are the Recent Key Highlights of Generic Sterile Injectables Market?
- In August 2018, Apotex received FDA (Food and Drug Administration) approval for its generic potassium chloride injection under FDA's CGT (Competitive Generic Therapy) to treat and prevent low potassium blood levels such as hypokalemia.
- In March 2023, Hikma Pharmaceuticals PLC (Hikma), the multinational pharmaceutical company, announces the launch of four new sterile injectable medicines in Canada, providing important new treatment options for patients and health care providers, and building on the company's growing presence in the Canadian market.
- In March 2023, Milla Pharmaceuticals Inc., a subsidiary of the Alter Pharma Group, announced that its partner, Athenex Pharmaceutical Division (APD), has just started to commercialize its abbreviated new drug application (ANDA) approval from the U.S. Food and Drug Administration (FDA) for its Generic Version of Magnesium Sulfate in Water for Injection, 2 g/50 mL (40 mg/mL), 4 g/100 mL (40 mg/mL) and 4 g/50 mL (80 mg/mL), in Non-PVC, Single-Patient.
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Who are the Top Key players operating in the Generic Sterile Injectables Market?
- Sun Pharmaceutical Industries, Ltd.
- Aspen Pharmacare Holding, Ltd.
- Lupin Limited
- Cipla Pharmaceuticals, Inc.
- Fresenius Kabi
- AuroMedics Pharma LLC
- Valeant Pharmaceuticals, Inc.
- Kay Pharma
- CSC Pharmaceuticals, Inc.
- Reddys Laboratories Limited
Report Scope:
Attribute | Details |
Base year for estimation | 2019 |
Forecast period | 2019 - 2029 |
Accounted in 2019 | 68.7 billion |
Estimated to be in 2029 | US$ 196.2 billion |
CAGR | 11.2 % |
Market representation | Revenue in USD Million & CAGR from 2019 - 2029 |
Market Segmentation | By Drug type- Monoclonal Antibodies, Cytokines, Insulin, Peptide Hormones, Vaccines, Immunoglobulin, Blood Factors, Antibiotics, and Others By Therapeutic application- Cancer, Diabetes, Cardiovascular Disease, Central Nervous System, Musculoskeletal System, and Others By Distribution channel- Hospitals, Drug Stores, and Retail Pharmacies |
Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Customization Scope | Avail of customized purchase options to meet your exact research needs. https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/4277 |
What is Prophecy's Analyst View on Generic Sterile Injectables Market?
Generic Sterile Injectables has become an important segment of pharmaceutical industry due to growing demand for affordable healthcare which, in turn, facilitated the market growth. Due to its cost-effectiveness and affordable alternative the Generic Sterile Injectables market is likely to expand in coming years.
How did COVID-19 Impact on Generic Sterile Injectables Market?
The COVID-19 pandemic caused disruptions in the global supply chain, resulting in delays in the production and distribution of generic sterile injectables and shortages of some products. However, the increased demand for critical care medications, including sterile injectables, due to the surge in COVID-19 cases created opportunities for manufacturers of generic sterile injectables. Delays in clinical trials for new drugs, including sterile injectables, and a growing focus on ensuring their safety and quality were also observed. The pandemic also led to changes in the prescribing and administration of sterile injectables due to pandemic-related restrictions on hospital visits and procedures.
What are the Possibilities for Generic Sterile Injectables Market?
- Increasing Demand for Cost-Effective Treatment: With the rising cost of healthcare, patients and healthcare providers are looking for cost-effective treatment options. Generic sterile injectables offer a more affordable alternative to branded products, which is driving demand for these products.
- Expanding Applications of Sterile Injectables: Sterile injectables are used in the treatment of a wide range of diseases and conditions, and the applications of these products continue to expand. This is creating new opportunities for manufacturers of generic sterile injectables.
- Growing Number of Patent Expirations: Many patents for branded sterile injectables are set to expire in the coming years, which is creating opportunities for manufacturers of generic products to enter the market. This is expected to increase competition and drive down prices, further boosting demand for generic sterile injectables.
- Increasing Focus on Quality and Safety: As with all pharmaceutical products, quality and safety are critical concerns for sterile injectables. With growing awareness of these issues, there is an increasing focus on ensuring the quality and safety of generic sterile injectables. This is expected to further boost demand for these products.
What are the Drivers of the Generic Sterile Injectables Market?
- Increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases
- Rise in demand for cost-effective drugs due to the high cost of branded sterile injectables
- Need for a reliable supply of drugs, particularly in critical care settings
- Aging population driving demand for sterile injectables
- Advancements in drug delivery systems and new technologies creating opportunities for innovation in the generic sterile injectables market.
What are the Restrains of the Generic Sterile Injectables Market?
- Regulatory challenges: Stringent regulations regarding quality control and safety standards for sterile injectables can make it difficult for manufacturers to launch new products.
- Patent protection: The patent protection for some sterile injectables can limit the availability of generic alternatives, thereby reducing competition in the market.
- High development costs: The development of sterile injectables requires significant investment in research and development, which can be a barrier for smaller manufacturers.
- Supply chain challenges: Any disruptions in the global supply chain can lead to shortages of sterile injectables, resulting in reduced revenue and market growth.
- Manufacturing complexities: Sterile injectables require specialized manufacturing facilities and processes, which can increase the manufacturing costs and make it difficult for new entrants to compete in the market.
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Key questions answered in this report:
- What is the current size of the generic sterile injectables market, and what is the projected market growth rate?
- What are the major drivers of growth in the generic sterile injectables market, and what factors are constraining growth?
- What are the key trends and challenges in the generic sterile injectables market, and how are market participants addressing these challenges?
- What is the competitive landscape of the generic sterile injectables market, and what are the market shares of key players in the industry?
- How has the COVID-19 pandemic impacted the demand for generic sterile injectables, and what are the long-term implications for the market?
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