Generic injectables are pharmaceutical drugs which provide therapeutic effect similar to the innovator injectables. They are introduced in the market only after the patent expiration of their branded counterparts. In contrast to branded injectables which require a huge amount of investment for research and development, generics have shorter and cheaper R&D cycle. Moreover, the generic injectables market offers higher profit margins and limited price erosion due to a smaller number of competitors in comparison to oral generics. Owing to their cost-effectiveness, the demand for generic injectables has witnessed a rise in the recent years. According to IMARC Group, the global generic injectables market size was estimated to be more than US$ 31.7 Billion in 2019, exhibiting a CAGR of around 8.3% during 2010-2019.
Government Efforts Majorly Impacting the Market Growth
Unhealthy eating habits of people coupled with various environmental factors have rapidly increased the prevalence of chronic diseases such as diabetes, cardiovascular diseases, obesity, osteoporosis, cancer and dental diseases. According to the WHO, the burden of non-communicable diseases (NCDs) is expected to increase from 46% in 2001 to 57% by 2020. In line with this, the governments of numerous countries are promoting the production of generic injectables so as to reduce their healthcare costs. Moreover, several government and non-government health organisations across the globe have initiated programs to create awareness about the benefits of the generic injectables among the consumers. Shortage of branded injectables, upcoming patent expiration, aging population and technological advancements are some of the other factors which have been proactive in maintaining the growth of the market. Owing to the aforementioned factors, the market is expected to reach a value of US$ 53.7 Billion by 2025, exhibiting a CAGR of 9.2% during 2020-2025.
Request Free Sample Report: https://www.imarcgroup.com/generic-injectables-market/requestsample
Oncology: Most Popular Therapeutic Area
Generic injectables are used in different therapeutic areas including oncology, anaesthesia, anti-infectives, parenteral nutrition and cardiovascular diseases. Currently, generic oncology injectables account for the majority share owing to a rise in the number of cancer cases which has influenced their sales. Moreover, numerous oncology drugs are going off-patent which is projected to boost the production of their generic counterparts.
Vials hold the largest market share
Generic injectables can be packed in vials, ampoules, premix bags and prefilled syringes. Amongst these, vials are the most preferred packaging solution as they are cost-effective owing to their production flexibility and easy disposal process. Although glass vials dominate the market, plastic vials are gaining traction as they are lightweight, have high impact strength and require no pre-washing by sterile water.
Hospitals exhibit a clear dominance
Generic injectables are generally distributed through two means, namely, hospitals and retail pharmacy stores, as a result of stringent laws and regulations in most of the regions. Amongst these, hospitals hold the largest share since injectables cannot be traded without a legal prescription from a certified practitioner. Moreover, injectables for anaesthesia, anti-infectives, oncology, etc. cannot be administered without medical assistance, owing to which they are majorly distributed through hospitals.
Patent Cliff Attracting Generic Players in North America
According to the generic injectables market report, North America represents the leading market for generic injectables. In the United States, these injectables play a vital role in the public healthcare system as they contribute in significant savings for both the healthcare providers and patients. Besides this, the consumption of generic injectables in North America has also been stimulated by drug shortages. Upcoming patent cliffs of million-dollar branded injectables is expected to boost the growth of the market. Other major regions include Europe, Asia, Latin America, and Middle East and Africa.
Related Report by IMARC Group: Generic Drug Market 2020-2025
The market is concentrated with the presence of handful of manufacturers. Some of the major players operating in the market include:
- Hospira (Pfizer)
- Sandoz (Novartis)
- Fresenius Kabi
Ask Analyst and Download Full Report with TOC & List of Figure:https://www.imarcgroup.com/generic-injectables-market
We deliver full report with-in 24 hours with cost modules, business structure, distribution channel, etc.