Generic Injectable Market to Top US$ 85 Bn by 2031, Growing Burden of Lifestyle Diseases to Accelerate the Sales: FMI
Future Market Insight's (FMI's) recent survey provides insights into factors favoring the growth of the generic injectable market. It studies the market across various segment based on product type, molecular type, application, route of administration, and distribution channel. The survey also forecasts the scope for market expansion over the forthcoming decade
DUBAI, UAE, Nov. 24, 2021 /PRNewswire/ -- As per FMI, the global Generic Injectable Market is estimated to reach US$ 85 Bn in 2021. Rising demand for generic Injectables in applications such as pain management, cardiovascular diseases, oncology, and blood-related disorders is facilitating the growth in the market. On account of this, the market is projected to expand at a robust 11% CAGR from 2021 to 2031.
Rise in prevalence of lifestyle disorders such as obesity, diabetes, and others are resulting in surging demand for the management of such conditions. According to the World Health Organization (WHO), around 422 million people across the world are reported to have diabetes 2021. As generic injectables such as insulin injections offer immediate solutions for such ailments, growing burden of lifestyle diseases will create lucrative opportunities for growth of the market.
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Rising popularity of intramuscular (IM) and intravenous (IV) routes of drug administration owing to better patient outcomes also will remain a chief growth driver. In addition to this, increasing demand for immediate and cost-effective treatment of various ailments such as infectious diseases, hormonal disorders, and musculoskeletal ailments among others is anticipated to propel the demand for generic injectable in the coming years.
Among the product types, the monoclonal antibodies segment is projected to hold the largest revenue share in the market, accounting for around 44% of the sales between 2021 and 2031. Increasing adoption of these generic injectables for immunity boosting during the treatment of various chronic diseases is a primary factor favoring the growth in the market.
"Increasing research and development (R&D) activities for improving the effectiveness of biologic drugs for the treatment of chronic diseases and rising patient inclination towards injectable drug delivery solutions are expected to augment the growth in the market," says a FMI analyst.
Key Takeaways from Generic Injectable Market Study
- The U.S. is estimated to emerge as a highly attractive market, accounting for more than 29% of the overall sales during the assessment period.
- France is projected to hold a significant share in the Europe market, exhibiting sales growth at 12% year-over-year growth in 2021.
- The sales in the U.K. are anticipated to rise at 11% year-on-year, owing to the increasing prevalence of lifestyle diseases such as diabetes in the country.
- On the basis of molecule type, the large molecule type segment is forecast to dominate the market, accounting for nearly 57% of the value share through 2031.
- In terms of application, the diabetes segment is projected to register the fastest growth in the segment, expanding at a massive CAGR of 12% over the forecast period.
- Increasing prevalence of chronic diseases such as cancer in countries such as the U.S., China, India, Germany, Japan, and others is propelling the demand for generic injectable in the chemotherapy agent segment.
- Rising adoption of intravenous injections by doctors owing to their ease of operations, lower cost, and better results on the treatment of number of life treating diseases and associated therapeutics are increasing the sales across in the intravenous segment.
- Need for complex equipment, appropriate certification, and sterilization standards for manufacturing generic injectables is hampering the growth in the market.
- Stringent regulatory approvals policies and mandates of maintaining high degrees of care while manufacturing, packaging, storage, and distribution are restricting the growth of the market.
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Leading players in the global generic injectable market are focusing on strengthening their market footprint by adopting strategies such as partnership, strategic collaboration, merger, and acquisition with various other organization. For instance,
- In January 2020, Merck, an American multinational pharmaceutical company, announced entering into a strategic collaboration with a Japanese pharmaceutical company, Taiho Pharmaceutical Co, Ltd, to emphasize on the development of small molecule injection inhibitors in cancer research for oncology platform.
- In March 2021, a leading pharmaceutical company, Pfizer Inc. and Eli Lilly and Company, an American pharmaceutical company, announced receiving an U.S. Food and Drug Administration (FDA) approved for their new product tanezumab, for treating osteoartities pain.
Some of the key players operating in the market profiled by FMI are:
- Samsung Biologics Co Ltd
- Aurobindo Pharma Limited
- Sun Pharmaceutical Industries Ltd.
- Novartis AG
- Merck & Co. Inc.
- Cipla Ltd
- Pfizer Inc
- Fresenius Kabi
- Sanofi S.A
- AstraZeneca Plc
- Teva Pharmaceuticals.
- Mylan N.A
- Baxter International
- Dr. Reddy's Laboratories Ltd
More Valuable Insights on Generic Injectable Market
A detailed report published by FMI offers an unbiased analysis of the global generic injectable market, forecasting sales and demand statistics through 2021 and beyond. The survey reveals growth projections on in generic injectable market with detailed segmentation:
By Product type
- Monoclonal Antibodies Generic injectable
- Immunoglobulin Generic injectable
- Cytokines Generic injectable
- Insulin Generic injectable
- Peptide Hormones Generic injectable
- Blood Factors Generic injectable
- Peptide Antibiotics Generic injectable
- Vaccines Generic injectable
- Small Molecule Antibiotics Generic injectable
- Chemotherapy Agents Generic injectable
By Molecule Type
- Small Molecule Generic injectable
- Large Molecule Generic injectable
- Oncology Generic injectable
- Infectious Diseases Generic injectable
- Diabetes Generic injectable
- Blood Disorders Generic injectable
- Hormonal Disorders Generic injectable
- Musculoskeletal Disorders Generic injectable
- CNS Diseases Generic injectable
- Pain Management Generic injectable
- Cardiovascular Diseases Generic injectable
By Route of Administration
- Intravenous (IV) Generic injectable
- Intramuscular (IM) Generic injectable
- Subcutaneous (SC) Generic injectable
By Distribution channel
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
- North America
- Latin America
- East Asia
- South Asia
- The Middle East and Africa (MEA)
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Key Questions Covered in the Report
- The report offers insight into generic injectable market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for generic injectable market between 2021 and 2031
- Generic injectable market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Generic injectable market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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