April 18, 2024

Generic Sterile Injectables Market Analysis: Market Dynamics and Competitive Intelligence

Generic Sterile Injectables Market

The generic sterile injectables market consists of sterile parenteral products requiring sterile packaging and administration through injection or infusion. These include aseptically filled vials and prefilled syringes of generic injectable drugs for various disease conditions such as cancer, infectious diseases, and cardiovascular disorders. The growing geriatric population and rising prevalence of chronic and life-threatening diseases have increased the demand for generic sterile injectables globally. The 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 2023 to 2030.

Key Takeaways

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. Key players are focusing on expanding their product portfolio and facilitating the availability of affordable generic injectable drugs through partnerships and collaborations. The growing geriatric population and rising incidence of chronic diseases like cancer, cardio-metabolic disorders are increasing the demand for generic injectable drugs globally. Major players are expanding their manufacturing facilities across various regions to ensure global product availability and access.

The increasing prevalence of chronic and life-threatening diseases is a major factor driving the demand for generic sterile injectables globally. According to the WHO, cardiovascular diseases are the leading cause of death worldwide, accounting for over 17.9 million deaths in 2016. The high cost burden of branded biologics and the need for affordable treatment options have increased the focus on generics. Marketing approvals and successful commercial launches of several biosimilar products by companies will further boost market revenue over the forecast period.

Major pharmaceutical companies are focusing on expanding their product portfolio and global presence through collaborations, partnerships, and mergers & acquisitions. For instance, in 2021, Mylan partnered with Biocon Biologics to commercialize a biosimilar bevacizumab in several emerging markets. In the same year, Dr. Reddy’s Laboratories partnered with U.S.-based Oakstone to commercialize and distribute generic sterile injectables.

Biosimilars are emerging as a key trend in the generic sterile injectables market. With the patent expiration of several blockbuster biologics, biosimilar versions provide more affordable treatment options. According to estimates, global biosimilars market is projected to reach $35 billion by 2028 from $5 billion in 2019. Increasing adoption of biosimilar products will likely provide significant growth opportunities for players in the generic sterile injectables market over the forecast period.
Porter’s Analysis

Threat of new entrants: The Generic Sterile Injectables industry requires high R&D investment and regulatory compliance which increases entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products. However, requirements related to safety and efficacy give some control to existing players.

Bargaining power of suppliers: A few major suppliers supply Active Pharmaceutical Ingredients (APIs) which are essential for manufacturing injectables. This concentration gives them stronger bargaining power.

Threat of new substitutes: Substitute options include alternative drug delivery modes like tablets and capsules. However, parenteral administration remains vital for certain medical conditions restricting threats of substitutes.

Competitive rivalry: The industry has many players with global presence pursuing aggressive pricing strategies to gain market share intensifying competition.

Geographical regions: North America accounts for the largest share of the global Generic Sterile Injectables Market, valued at US$ 16,045 Mn in 2024, owing to rising healthcare spending and generic drug adoption in the US.

Asia Pacific region is poised to witness the fastest growth over the forecast period thanks to increasing patient population, growing healthcare infrastructure and expanding generics industry in India and China. The region’s market is projected to rise at a CAGR of 11.8% during 2023-2030.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it