Sterile injectables are injectable medications that avoid contamination from disease-causing microorganisms. Sterile injectables are used to treat various diseases such as cancer, diabetes, blood disorders, and other chronic conditions. They provide effective delivery of active pharmaceutical ingredients (APIs) to patients. The increasing demand for novel biologics and biosimilars has heightened the need for sterile injectables for their delivery.
The global Sterile Injectables Market is estimated to be valued at US$ 213 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing research and development efforts in biologics and biosimilars present a major market opportunity for the growth of the sterile injectables market. Biologics including monoclonal antibodies, recombinant proteins, and vaccines require sterile injectables for their delivery. The development of biosimilars also relies on sterile injectable drug delivery systems. As per estimates, biologics are expected to account for over 50% of the pharmaceutical market by 2024. This rise in biologics and biosimilars is expected to drive significant demand for various types of sterile injectables such as prefilled syringes, vials, and cartridges to address the delivery needs of these novel large molecule drugs. The sterile injectables market players can leverage this opportunity by expanding their product portfolios to cater to the specific requirements of biologics and biosimilar injectables.
Porter's Analysis
Threat of new entrants: The sterile injectables market requires high capital investment due to stringent regulatory requirements and infrastructure needed for manufacturing sterile injectables which acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for sterile injectables is inelastic in nature due to life saving applications. However, presence of generic players increases competition.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of large number of raw material suppliers and less differentiation in raw materials.
Threat of new substitutes: There are limited substitutes for sterile injectables as they are used for critical therapies however non-injectable drug delivery formats pose competition.
Competitive rivalry: The market is highly competitive due to presence of global as well as local players.
SWOT Analysis
Strength: High entry barriers, established supply chain and distribution network. Growing chronic disease prevalence and geriatric population.
Weakness: High capital requirements and stringent regulatory norms. Dependency on few manufacturing facilities increases supply risk.
Opportunity: Emerging markets growth, novel biologics driving complexity, self-injection demand.
Threats: Price erosion due to patent expiries and generic competition. Supply chain disruptions and quality issues raise concern.
Key Takeaways
The global Sterile Injectables Market Share is expected to witness high growth over the forecast period driven by increasing incidence of chronic diseases and complex biologics. The global Sterile Injectables Market is estimated to be valued at US$ 213 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030.
The North America region currently dominates the market owing to developed healthcare infrastructure and growing healthcare spending in the US. The Asia Pacific region is expected fastest growing market for sterile injectables attributing to rising medical tourism, healthcare infrastructure development and increasing affordability in major countries like India and China.
Key players operating in the sterile injectables market are Beyond Meat, Impossible Foods, Maple Leaf Foods, The Veggie Co., and Sunfed Foods. These players are engaged in new product launches, collaborations and capacity expansions to cater to the rising demand.
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