The Generic Sterile Injectables Market is estimated to be valued at USD 46.33 billion in 2024 and with CAGR of 10.3% over the forecast period 2024 - 2031.The increasing demand for generic drugs owing to their affordability and supportive government policies for promoting generic consumption are driving the market growth. Furthermore, patent expiration of major biologics is expected to offer growth opportunities for generic sterile injectables.
Market Dynamics:
The Generic Sterile Injectables Market is primarily driven by the increasing demand for affordable healthcare and rising prevalence of chronic diseases. The demand for generics is growing owing to their cost-effectiveness as compared to branded drugs. According to a study, generics can cost up to 85% less than their branded counterparts. This is encouraging consumers to opt for generic sterile injectables especially in developing nations. Additionally, supportive government policies aimed at promoting generic drug consumption such as incentives for generic manufacturers is further boosting their uptake. For instance, the US FDA has introduced several regulatory guidelines to facilitate early generic drug approvals.
Growing Demand for Generic Drugs is driving the Market Growth
The rising healthcare costs have led to an increased adoption of generic drugs across the world. Generic drugs are cost-effective alternatives to branded drugs and provide significant savings to the patients as well as healthcare systems. As per various studies, generic drugs are on an average 80-85% cheaper than their branded counterparts. This price advantage of generic drugs has resulted in their higher utilization globally. The generic sterile injectables market is also witnessing increased growth due to the growing demand and shift towards generic medicines. Several blockbuster drugs are expected to go off-patent in the coming years which will further boost market opportunities in this segment.
Increasing Incidence of Chronic Diseases is Fuelling Market Growth
The rising prevalence of chronic diseases like cancer, diabetes, blood disorders etc. across both developed and developing countries is propelling the demand for generic sterile injectables. Chronic diseases require long-term treatment often involving injectable drugs for effective management of the condition. As per the WHO, chronic diseases accounted for over 70% of global deaths in 2016. The generic sterile injectables play a vital role in the treatment of chronic illnesses in a cost-effective way. The increasing patient pool of chronic diseases will augment the demand for generic sterile injectable drugs and drive the market growth over the forecast period.
Strict Regulations are Hindering Market Growth
The generic sterile injectables have to undergo a rigorous regulatory approval process before commercialization since they are intended to be administered into the body through Injection. Regulatory authorities have implemented strict norms to ensure the quality, safety and efficacy of sterile injectable medicines. Non-compliance can result in severe regulatory actions, penalties and product recalls which impact the product approvals, timelines and overall revenues of manufacturers. This stringent regulatory framework for these critical-dose drugs poses challenges for generic players to penetrate the market. The high compliance costs associated with regulations also discourage new entrants which restrains the market growth prospects.
High Manufacturing Complexities are Challenging Market Growth
The production of generic sterile injectable drugs is an extremely complex process that demands state-of-the-art manufacturing infrastructure and facilities. Maintaining exacting sterility standards throughout the intricate manufacturing and filling procedures is critically important. Even minor deviations can lead to product contaminations risking patient safety. Significant investments are required to set up facilities equipped with advanced technologies like isolators, barrier systems, cleaning validations etc. This significantly increases the overall production costs of generic sterile injectables. The complex manufacturing further means longer approval timelines for generics. These manufacturing challenges delay the availability of affordable alternatives and restrain the overall market growth.
Partnerships with Local Pharmaceutical Companies are Creating Opportunities
Establishing partnerships with regional or local pharmaceutical players in emerging markets provides significant opportunities for growth of generic sterile injectables market. Associating with local players help global generic companies to leverage their established distribution networks, understand indigenous market nuances and bypass barriers of localization. Local players also bring their experience of dealing with domestic regulatory systems. Such strategic collaborations aid faster market penetration and higher cost-optimizations. Emerging Asian and Latin American countries with growing healthcare industries are ideal for partnerships across different therapeutic segments including generic sterile injectables.
Increasing Off-Patent Drugs Provide Lucrative Opportunities
Several blockbuster biologic drugs including monoclonal antibodies are expected to lose their patents in the coming years resulting in multi-billion dollar market opportunities. For instance, patents on drugs like Rituxan, Humira and Avastin will expire during 2019-2023. This presents a massive opportunity window for generic manufacturers to commercialize biosimilar versions at much lower costs. The patent cliff will boost availability of affordable biologic injectables treating cancers, autoimmune diseases and other chronic conditions. Emergence of biosimilar sterile injectables will disrupt the current market dynamics and spearhead future growth over the next 5-10 years.
Link - https://www.coherentmarketinsights.com/market-insight/generic-sterile-injectable-market-519
Key Development
- In March 2023, Hikma Pharmaceuticals PLC, a global pharmaceutical corporation, launched four fresh sterile injectable medications in Canada. These additions offer vital treatment alternatives for patients and healthcare providers, further establishing the company's footprint in the Canadian market. Notably, each medication represents either the primary or secondary generic rendition of its respective compounds available in Canada. Covering diverse therapeutic domains, these drugs extend substantial access to treatment for patients across Canada.
- In May 2022, Endo International plc, a pharmaceutical company specializing in generics and specialty branded medications, disclosed that its subsidiary Endo Ventures Limited (EVL) has completed the acquisition of six development-stage injectable product candidates from Nevakar Injectables Inc., a subsidiary of Nevakar, Inc. These product candidates are at different stages of development, with the initial release expected in 2025. With this acquisition, Endo assumes responsibility for all remaining phases of development, regulatory approval, market introduction, and commercialization of these pharmaceutical candidates.
- In March 2022, The Irish Community Air Ambulance, the sole provider of Ireland's charity Helicopter Emergency Medical Service (HEMS), initiated a fundraising drive at the National Ploughing Championships, an outdoor agricultural event featuring a ploughing competition. The aim is to equip its ground-based Volunteer Emergency Medical Responders with advanced life-saving tools. The charity has set a fundraising goal of USD 100,171.70 to procure portable ventilators.
- In September 2020, Strides Pharma Science Limited, a renowned global pharmaceutical entity, announced its investment in SteriScience Pharma Private Limited, aiming to establish the company's specialized division for the global sterile injectables sector. SteriScience Pharma Private Limited had entered into a joint venture ('JV') with Brooks Laboratories Limited ('Brooks') to forge a robust carbapenem company equipped with integrated production capabilities.
Key Players: 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. and Sun Pharmaceutical Industries Ltd.
