Generic sterile injectable products refer to drugs that are injected into the body through various routes of administration and do not have patent protections. They are therapeutically equivalent to their branded counterparts. There has been a rise in chronic diseases such as cancer, cardiac diseases, diabetes and autoimmune diseases which require injectable drug delivery systems. Generic sterile injectable products offer cost-effective treatment options for chronic conditions. The global generic sterile injectable market is witnessing significant growth due to rising geriatric population, patent expiries of blockbuster drugs and increasing acceptance of biosimilars. The global generic sterile injectables market is estimated to be valued at US$ 38,706.5 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising healthcare costs have burdened governments and individuals across the globe. Generic sterile injectables present an opportunity to significantly lower treatment costs for chronic conditions requiring lifelong therapies. Their adoption is expected to save billions of dollars in healthcare spending every year. Replacement of branded products with low-cost generic alternatives can help expand access to life-saving medications. This factor is expected to drive increased demand and adoption of generic sterile injectables over the forecast period.
Porter’s Analysis
Threat of new entrants: The generic sterile injectables market requires significant investments in facilities, equipment and compliance with stringent regulations which increase entry barriers. Bargaining power of buyers: Large buyers like generic pharmaceutical distributors, pharmacy chains and hospitals can negotiate lower prices from established suppliers. Bargaining power of suppliers: A few large suppliers dominate the generic sterile injectables market, allowing them to influence prices. Threat of new substitutes: There are limited substitutes available for sterile injectable drugs requiring consistent treatment to be administered via intravenous or intramuscular routes of administration. Competitive rivalry: The market is highly competitive with the presence of many large and small players operating globally. Companies focus on expanding their product portfolios and geographic reach through mergers & acquisitions.
SWOT Analysis
Strengths: Strong demand for generic sterile injectables due to their low-cost and ability to effectively treat chronic conditions. Weaknesses: High capital investment requirement and stringent regulatory norms increase risks and costs of development and production. Opportunities: Growth in chronic disease prevalence, rise of biosimilars, and increasing access in emerging markets. Threats: Price erosion and competition from existing and new market players. Regulatory issues and product recalls can negatively impact revenues.
Key Takeaways
The global generic sterile injectables market is expected to witness high growth during the forecast period of 2023-2030.
Regionally, North America dominates the market currently due to favourable regulations and a large patient pool being treated for chronic diseases which require sterile injectables. Europe is the second largest market globally owing to growing prevalence of chronic illnesses amongst an aging population. Asia Pacific is poised to register the fastest growth rate over the coming years led by China, India and other Southeast Asian countries where investments in healthcare infrastructure are rising rapidly.
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. These companies primarily focus on expanding their product portfolios through acquisitions and internal R&D to consolidate market share. Regional expansion into high-growth emerging markets also remains an important business strategy.
