Global Generic Injectables Market Forecast Report 2021-2028 - High Demand for Affordable Drugs & Low R&D, Marketing, and Manufacturing Costs Driving Growth
DUBLIN, April 28, 2022 /PRNewswire/ -- The "Generic Injectables Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Container Type, Application and Route of Administration and Geography" report has been added to ResearchAndMarkets.com's offering.
Generic Injectables Market for Vials Segment to Grow Significantly During 2021-2028
Generic Injectables Market is projected to reach US$ 150.65 billion by 2028 from US$ 74.74 billion in 2021 and is estimated to grow at a CAGR of 10.5% from 2021 to 2028
Generic injectables are counterparts of branded injectables that are not protected by drug patents. They are as effective and safe as the innovator drugs since they have equivalent quality, active ingredients, strength, dosage, form, etc. The R&D cycle of generic injectables is shorter and cheaper. Generic injectable manufacturers do not require much investment in R&D and clinical trials.
The generic injectables market growth is attributed to low R&D, marketing, and manufacturing costs, and the rising prevalence of chronic illness cases are expected to drive the growth of the market. However, critical inspection systems for prefilled injection and supply chain- related challenges may hinder the growth of market growth.
Increasing Patent Expiry of Branded Injectables Creating Opportunities for Generic Injectables Market Players
The patents of branded injectables in several regions are likely to expire in the upcoming years, offering numerous remunerative opportunities to the generic injectables manufacturers. As per a recent publication by Business Standard, patented drugs worth US$ 240 billion will lose patents globally over the coming years.
In India, the shortage of branded medicines and the expiry of branded drug patents have prompted generic injectable's manufacturers to introduce advanced drug delivery systems, including self-injection devices. Biological E Limited, an Indian biotechnology and biopharmaceutical company based in Hyderabad, Telangana, is gaining recognition for broadening its portfolio with the addition of 20 routine and injectable products.
Thus, generic injectables companies are tapping regulated markets and exploring other markets to generate incomes and establish stable revenue streams. Additionally, manufacturers in the generic injectables market are becoming future-ready by maintaining adequate supply chains to prevent vulnerabilities, such as those caused by the COVID-19 outbreak.
Zydus Cadila is significantly reducing the price of its generic version of Remdesivir, namely Remdac. Thus, the nearing expiry of patent validity of branded injectables is likely to provide significant opportunities to generic injectables manufacturers.
Product Type-Based Insights
The generic injectables market, based on product type, has been bifurcated into large molecule injectables and small molecule injectables. The large molecule injectable segment held a larger share of the market in 2021. However, the small molecule injectable segment is expected to register a higher CAGR in the generic injectables market during 2021-2028.
Container Type-Based Insights
The generic injectables market, based on container type, is segmented into vials, premix, prefilled syringes, ampoules, and others. The vials segment held the largest generic injectables market share in 2021 and is anticipated to continue to be the largest shareholder in 2028.
The generic injectables market, by application, is segmented into oncology, infectious diseases, cardiology, diabetes, immunology, and others. In 2021, the oncology segment held the largest generic injectables market share. However, the generic injectables market for the diabetes segment is expected to grow at the fastest CAGR during 2021-2028.
Route of Administration-Based Insights
The generic injectables market, by the route of administration, is segmented into intravenous, intramuscular, subcutaneous, and others. In 2021, the intravenous segment held the largest share of the market. However, the intramuscular segment is expected to register the highest CAGR in the generic injectables market from 2021 to 2028.
AstraZeneca; Baxter International Inc.; Biocon; Fresenius SE & Co. KGaA; GlaxoSmithKline plc; Hikma Pharmaceuticals PLC; Johnson and Johnson Services, Inc.; Lupin; Merck & Co., Inc.; Viatris Inc.; and Pfizer Inc. are among the leading companies operating in generic injectables market.
Key Market Dynamics
- Low R&D, Marketing, and Manufacturing Costs
- High Demand for Affordable Drugs
- Critical Inspection System for Prefilled Injection
- Increasing Patent Expiry of Drugs
- Government Support for Generic Injectables Production and Healthcare Cost Reduction
- Baxter International, Inc.
- Fresenius Se & Co. Kgaa
- GlaxoSmithKline plc
- Hikma Pharmaceuticals
- Johnson & Johnson Services, Inc.
- Lupin, Ltd.
- Merck & Co. Inc.
- Mylan N.V.
- Pfizer, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/orim8u
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