The sterile injectables market is estimated to be valued at US$ 213 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sterile injectables refer to medical devices or drug products that are administered into the body through injection by sterile syringes and vials. They include drugs such as monoclonal antibodies, vaccines, insulin, anesthetics and others. They are used to treat chronic diseases like cancer, diabetes and autoimmune disorders. The rising prevalence of such diseases is driving the demand of sterile injectables.
Market Dynamics:
The growth of the sterile injectable market is majorly driven by increasing demand for biosimilars and rising prevalence of chronic diseases. Biosimilars are replicas of branded biologics that are set to lose their patent and come at a more affordable price than their reference biologics. As patent expiries of prominent biologics approach, they are expected to significantly fuel the demand for biosimilars. According to estimates, the global biosimilars market was valued at US$ 5.6 billion in 2020 and is expected to surpass US$ 40 billion by 2028. Furthermore, rising prevalence of chronic diseases like cancer, diabetes, and autoimmune disorders that require lifelong medication is also expected to propel the sterile injectables market growth. It is estimated that by 2030, chronic diseases will account for almost three-quarters of all deaths worldwide.
SWOT Analysis
Strengths:
Wide range of therapeutic applications across chronic and acute diseases.
Robust R&D activities and manufacturing capabilities of key players.
Increasing preference for injectables over oral drugs due to better bioavailability.
Weaknesses:
High production costs associated with sterility compliance.
Complex regulatory approvals and quality standards.
Opportunities:
Untapped markets in developing regions offer significant growth potential.
Rising demand for biosimilars and generic injectables.
Threats:
Price erosion due to patent expiries of blockbuster drugs.
Stringent regulations associated with manufacturing of sterile products.
Key Takeaways
Market size:
The global Sterile Injectables Market Share is expected to witness high growth, exhibiting a CAGR of 9.1% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis:
North America currently dominates the market and is expected to continue its dominance over the forecast period. However, Asia Pacific is expected to be the fastest growing region due to rising healthcare infrastructure, availability of generic drugs and increasing penetration of health insurance.
Key players:
Key players operating in the sterile injectables market are Sun Pharmaceutical Industries Ltd, Aspen Holdings, LUPIN, Cipla Inc., Fresenius Kabi AG, AuroMedics Pharma LLC, Bausch Health Companies Inc., CSC Pharmaceuticals, Dr. Reddy’s Laboratories Ltd., Baxter, AstraZeneca, Merck Sharp & Dohme Corp., Novartis AG, Johnson & Johnson Services, Inc., Gilead Sciences, Inc., Pfizer Inc., CordenPharma International, Hikma Pharmaceuticals PLC, Endo International plc. These players are focused on strengthening their product portfolio through acquisitions and partnerships.
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https://www.trendingwebwire.com/sterile-injectables-market-trends-size-and-share-analysis/
