by The Sterile Injectables Market is estimated to be valued at US$ 213 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sterile injectables are pharmaceutical formulations that can be administered directly into the body through different routes such as intramuscular, intravenous, intrathecal etc. These sterile injectables include monoclonal antibodies, vaccines, insulin, anesthetics and other drugs used for critical care. They offer advantages such as rapid onset of action and accurate dosing. The sterile injectables market is dominated by generic drugs, which account for around 80% of the total market share globally. However, the sterile injectables market has high entry barriers due to complex manufacturing requirements and stringent regulatory approvals.
Market Dynamics:
Increasing prevalence of chronic diseases is a major driver of the sterile injectables market. Chronic diseases such as cancer, diabetes and cardiovascular diseases require long term or lifelong treatment with sterile injectable drugs. According to WHO, chronic diseases accounted for around 60% of total reported deaths in 2020. Secondly, the growing geriatric population also boosts the demand for sterile injectables. Older adults are more prone to develop chronic diseases and require regular administration of sterile injectable drugs and vaccines. Between 2015 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%.
Segment Analysis
The sterile injectables market can be segmented into large molecule injectables and small molecule injectables. The small molecule injectables segment currently dominates the market, accounting for over 60% share. This is because majority of drugs available in injectable forms belong to the small molecule category such as pain management drugs, anti-infective drugs, anesthetics, immunosuppressants etc. which have high demand.
PEST Analysis
Political:Government policies play a major role in drug approval and pricing which impacts the market. Regulations regarding sterile manufacturing are also important.
Economic: Economic growth leads to increased healthcare spending which drives the market. Healthcare reforms also affect pricing and demand.
Social:Rising incidence of chronic diseases, growing geriatric population and increased adoption of biologics are key social factors augmenting the market.
Technological: advancements in large molecule drugs, enhancements in sterile production technologies and digital connectivity aid market growth.
Key Takeaways
The global Sterile Injectables Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis: North America dominates the market currently due to growing usage of large molecule drugs. Asia Pacific is anticipated to exhibit fastest growth over the forecast period supported by expansion of healthcare infrastructures, rising medical tourism and growing generic drug markets in the region.
Key players operating in the sterile injectables market include Sun Pharmaceutical Industries Ltd, Aspen Holdings, LUPIN, Cipla Inc., Fresenius Kabi AG, AuroMedics Pharma LLC, Bausch Health Companies Inc., CSC Pharmaceuticals, Dr. Reddy’s Laboratories Ltd., Baxter, AstraZeneca, Merck Sharp & Dohme Corp., Novartis AG, Johnson & Johnson Services, Inc., Gilead Sciences, Inc., Pfizer Inc., CordenPharma International, Hikma Pharmaceuticals PLC, Endo International plc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
