Global injectable drugs market is estimated to witness high growth, due to rising demand for biosimilar drugs & growing geriatric population
Global injectable drugs market is estimated to be valued at USD 570.11 Bn in 2024, exhibiting a CAGR of 7.5% over the forecast period (2024-2031). There has been huge demand for injectable drugs due to increasing prevalence of chronic diseases such as cancer, diabetes and infectious diseases. Furthermore, growing geriatric population worldwide who are prone to various diseases can drive the injectable drugs market growth.
Market Dynamics:
Global injectable drugs market growth is primarily driven by two factors:
Rising demand for biosimilar drugs: Biosimilar drugs provide significant cost savings as compared to their branded counterparts. These can drive the injectable drugs market growth due to its rising adoption across both developed and developing nations. According to IQVIA Institute, biosimilars could produce US$ 100 billion in global savings from 2019 to 2023.
Growing geriatric population: The risk of chronic diseases increases with age. The proportion of global population over 60 years is estimated to nearly double from 12% to 22% between 2015 and 2050. The aging population prone to diseases like cancer, cardiac disorders can boost demand for injectable drugs globally.
Increasing prevalence of chronic diseases worldwide
Global injectable drugs market growth is driven by rising prevalence of chronic diseases across the world. Chronic diseases such as cancer, diabetes, cardiovascular diseases are becoming more common due to changing lifestyle habits and increasing life expectancy. Injectable drugs play a vital role in the treatment of many chronic conditions. For example, insulin injections are essential for managing diabetes. Similarly, chemotherapy drugs are often administered through injections to treat various types of cancer. Growing patient pool of chronic diseases boosts demand for innovative injectable drug therapies.
Advancements in drug delivery technologies
Technological advancements in drug delivery mechanisms have significantly expanded the applications of injectable drugs. Traditionally, injections were used only for acute therapies requiring rapid onset of action. However, recent developments such as controlled release formulations, targeted drug delivery and biologics have enabled delivering complex molecules through injections for long-term chronic therapies. For instance, long-acting injectables that require administration once every month or few months have made compliance easier for chronic conditions. These advancements offers new opportunities for various disease segments to be addressed through optimized injectable drug therapies.
Stringent regulatory approvals
Regulatory frameworks for approval of new drug formulations are quite stringent and time-consuming, and this can hamper the growth of injectable drugs market. Injectable drugs are considered as medical devices, and hence, have to undergo a rigorous approval process to ensure safety, efficacy and product quality. Clinical trials involving human subjects are mandatory, which increases the cost and timeline for drug development. Even minor changes to approved drug formulations require additional regulatory scrutiny. The complex regulatory compliance increases the risks involved in drug development deterring pharmaceutical companies especially smaller players from venturing into injectable drugs.
Reimbursement challenges
Reimbursement policies for expensive injectable drug therapies can pose a significant challenge especially in the developing world. High list prices and limited public funding for healthcare make many innovative and life-saving injectable drugs unaffordable for a large patient population. While regulatory approval is in place, market access remains restricted without appropriate reimbursement schemes. Pharmaceutical companies also hesitate to invest huge amount in developing niche injectable drugs, where volumes may remain low due to lack of reimbursement. This creates a barrier for patients to receive optimal medical care and curbs research in this field.
Biosimilars provide cost-effective options
The expiry of patents for many blockbuster biologics offers opportunities for biosimilars to emerge as more affordable alternatives. Biosimilars, which are similar to original biologic products, offer significant cost savings as compared to their reference products. Regulatory pathways for approval of biosimilars have also been established globally. Increased uptake of low-cost biosimilars can expand access to biologic therapies which are often administered through injections.
Home healthcare trend
The trend of shifting healthcare delivery from hospitals to home settings offers opportunity for injectable drugs market. Home-based care allows for improved management of chronic diseases through self-administered injectable drugs with technologies like pre-filled syringes, auto-injectors and wearable drug delivery devices. It offers advantages like convenience, affordable costs and avoids hospital exposure risk especially during pandemics. The COVID-19 crisis has accelerated this shift towards home healthcare, further,, expanding the potential patient base for self-injectable drugs. Companies are actively developing user-friendly products tailored for self-administration.
Link: https://www.coherentmarketinsights.com/market-insight/injectable-drugs-market-5378
Key Developments:
- In March 2024, Regeneron Pharmaceuticals, Inc. announced that the FDA had expanded the approval of Praluent (alirocumab) to include use as an adjunct to diet and other LDL-C-lowering therapies for pediatric patients aged 8 yearsand older with heterozygous familial hypercholesterolemia (HeFH). This approval provides an additional option for children with HeFH whose LDL-C levels remain dangerously high despite existing treatments.
- In November 2023, the FDA had approved Zepbound (tirzepatide) injection for chronic weight management in adults with obesity or overweight who have at least one weight-related condition. Tirzepatide, already approved as Mounjaro for type 2 diabetes management, is now authorized for use alongside a reduced-calorie diet and increased physical activity. John Sharretts, M.D., highlighted the significance of this approval in addressing the rising rates of obesity and overweight in the U.S., which are linked to major health risks like heart disease, stroke, and diabetes.
- In November 2022, the Food and Drug Administration granted approval for tremelimumab, in combination with durvalumab and platinum-based chemotherapy, for the treatment of adult patients with metastatic non-small cell lung cancer (NSCLC)
- In May 2022, the U.S. Food and Drug Administration approved Eli Lilly's Mounjaro (tirzepatide) injection, a new once-weekly dual GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist. It is designed to enhance glycemic control in adults with type 2 diabetes.
Key Player:
Pfizer Inc., Teva Pharmaceutical Industries Ltd., Sanofi S.A., Sun Pharmaceutical Industries Ltd., AstraZeneca Plc, Merck & Co., Inc., Viatris + Mylan N.V, Cipla Inc., Dr Reddy’s Laboratories Ltd., Samsung Biologics, Abbott Laboratories, Amgen Incorporated, Baxter International Incorporated, Becton Dickinson and Company, Bristol-Myers Squibb Company, GlaxoSmithKline Plc, Roche Holding Limited
