Generic Injectables Market Overview:
The global generic injectables market is expected to reach USD 39303.59 Million by 2030 at 14.1% CAGR during the forecast period 2023-2030, according to the latest research report from Market Research Future (MRFR). The global generic injectables market is mainly driven by the growing prevalence of noncommunicable diseases, which are mainly treated by injectables. The report from MRFR presents a comprehensive overview of the global generic injectables market by providing a look into the market’s historical growth trajectory. The past growth trajectory of the generic injectables market is studied in detail in the report, throwing light on the major drivers and restraints affecting the market. The key factors affecting the generic injectables market’s growth are studied in detail in the report.
Generic injectables are injectables carrying the same biologic foundation as branded injectables, but with different non-active components. The growing prevalence of infectious diseases is the major driver for the global generic injectables market. The increasing prevalence of flu and other seasonal maladies has been a major driver for the generic injectables market. The growing effects of climate change are making seasonal maladies more severe, as more severe allergens and pathogens are being thrown up into the mix due to the shakeup caused by climate change. This has been a major driver for the global generic injectables market. The increasing prevalence of cancer, AIDS, and other noncontagious diseases is also likely to be a major driver for the global generic injectables market over the forecast period. The use of generic injectables for treating cancer, in particular, is growing and is likely to play a key role in the global generic injectables market’s growth in the coming years.
Growing research and drug development initiatives from government as well as nongovernmental medical research institutions is also likely to be a major driver for the global generic injectables market over the forecast period. The increasing efforts being expended in drug research are likely to be a major driver for the global generic injectables market, as steady development of several new products is likely in the coming years. Drug development activity has picked up steam in developing countries in recent years, as it provides a strong job opportunity as well as enhancing the territory’s reputation in the highly lucrative medical research market. In an effort to lure large pharmaceutical companies, many countries have offered incentives. This is likely to be a key driver for the global generic injectables market over the forecast period.
Competitive Analysis:
Leading players in the global generic injectables market trends include Novartis AG, Baxter, Fresenius SE Co. KGaA, Mylan NV, Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals plc, Sanofi, Biocon, Reddy’s Laboratories, Aurobindo Pharma, Zydus Cadila, GSK plc, and AstraZeneca plc.
In October 2019, Indian firm Strides announced plans to reenter the field of generic injectables following the expiry of a non-compete agreement with Mylan in December. Generic injectables and biosimilar APIs will be the company’s main focus in the coming months.
Segmentation:
The global generic injectables market is segmented on the basis of product type, container, application, distribution channel, and region.
By product type, the global generic injectables market is segmented into monoclonal antibodies, cytokines, insulin, vaccines, and others.
By container, the global generic injectables market is segmented into vials, ampoules, premix, and prefilled syringes.
By application, the market is segmented into oncology, anesthesia, anti-infectives, parenteral nutrition, cardiovascular, and others.
By distribution channel, the global generic injectables market is segmented into hospital pharmacies, retail pharmacies, drug stores, online prescription stores, and others.
Regional Analysis:
The Americas hold the dominant share in the global generic injectables market, due to the leading role played by the U.S. The patent expiry of several branded drugs in the U.S. has led to a growing demand from the generic injectables market in recent years. The growing presence of generic injectable manufacturers in the U.S. is also likely to be a major driver for the generic injectables market in North America over the forecast period.
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