by The global Generic Sterile Injectables Market is estimated to be valued at US$ 287.03 Mn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Generic sterile injectables are injectable dosage forms of commercially available drugs used in various therapeutic fields including anesthesia, analgesia, oncology, and cardiology. These injectables are sterile versions of generic drugs, available in ready-to-use forms such as pre-filled syringes and vials. Generic sterile injectables have multiple advantages over their branded counterparts such as lower price and increasing accessibility to treatment. They account for a significant portion of healthcare spending worldwide.
Market key trends:
One of the major trends in the generic sterile injectables market is the increasing adoption of biosimilars. Biosimilars are biologic medical products highly similar to an already FDA approved biological drug (known as reference product). Unlike generic versions of traditional small-molecule drugs, biosimilars are more complex to develop due to factors such as size, structural complexity, and manufacturing processes. However, biosimilars are more affordable than innovator biologics and offer comparable clinical benefits. Due to their lower price, biosimilars are gaining more acceptance especially in developing regions. This is expected to fuel growth of the overall generic sterile injectables market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as sterile injectables market requires high capital investments and rigid regulatory requirements for manufacturing facilities and products.
Bargaining power of buyers: The bargaining power of buyers is high as the market has the presence of many domestic and global players providing a wide range of generic sterile injectables. This creates competitive rivalry in pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have limited control over pricing due to the availability of substitutes.
Threat of new substitutes: The threat of new substitutes is low as sterile injectable drugs have limited substitutes and switching costs are very high for patients and healthcare providers.
Competitive rivalry: High due to the presence of numerous global and domestic players competing on the basis of product offerings, pricing, & quality.
Key Takeaways
The Global Generic Sterile Injectables Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases and rising geriatric population globally.
The market size for 2023 is US$ 287.03 Mn. North America dominates the global generic sterile injectables market due to the increasing prevalence of chronic diseases, rapidly growing geriatric population, and presence of major players in the region.
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., and Sun Pharmaceutical Industries Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
