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The latest report by IMARC Group, titled “Generic Injectables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” finds that the global generic injectables market size reached US$ 31.7 Billion in 2019. Generic injectables yield the same therapeutic effects as their innovator counterparts since they have similar active ingredients, strength, quality, performance, intended use and dosage. They allow the transportation of drugs directly into the body, in the liquid form, thereby reducing the frequency of dosage administration, without compromising on the effectiveness of the treatment. A high degree of quality and care in the manufacturing, packaging, storage and distribution of injectables is obligatory as they can be toxic and are vulnerable to contamination. Generic injectables are more effective than their oral counterparts and are preferred when the patients are unable to take medicines by mouth or have poor intestinal absorption.
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Global Generic Injectables Market Trends:
The production of generic injectables is time- and cost-efficient as they do not require extensive marketing, testing and research due to the established safety and efficacy profile of their branded counterparts. The governments of various countries are also supporting the manufacturing of generic injectables as they help in reducing the overall costs for patients, as well as healthcare providers. Apart from this, the rising prevalence of various chronic diseases, such as diabetes, cardiovascular disorders and Alzheimer’s disease, has increased the sales of generic injectables. They help in maximizing patient compliance without compromising the effectiveness of the treatment. Moreover, the leading generic drug companies are bolstering research and development (R&D) activities, engaging in acquisitions, or building their capabilities to develop complex and differentiated products. For instance, Mylan Inc. acquired the Agila injectables business from Strides Arcolab Limited to expand and strengthen its existing injectables portfolio. Some of the other factors fueling the growth of the market are the growing geriatric population, increasing drug shortages and rising patent expiry of several drugs. Looking forward, the market value is projected to reach US$ 53.7 Billion by 2025, growing at a CAGR of 9.2% over the forecast period.
Market Breakup by Therapeutic Area:
- Parenteral Nutrition
Oncology currently represents the largest therapeutic area, accounting for the majority of the global market share.
Market Breakup by Container
- Prefilled Syringes
Market Breakup by Distribution Channel
- Retail Pharmacy
At present, generic injectables are majorly distributed through hospitals.
Region-wise, the leading position is hold the US generic injectables market. Other major regions include North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. The competitive landscape of the market has been examined, with some of the key players being:
- Hospira (Pfizer)
- Fresenius Kabi
- Sandoz (Novartis)
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