Global Generic Injectables Market Is To Be Driven By The Growing Prevalence
The new report by Expert Market Research titled, ‘Global Generic Injectables Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global generic injectables market, assessing the market based on its segments like applications, containers, distribution channel and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 32 billion
- Forecast CAGR (2021-2026): 9.0%
- Forecast Market Size (2026): USD 54 billion
The global generic injectables market is being driven by the rising prevalence of cancer, cardiovascular disease, and other diseases around the world, as well as increased demand for drugs to help patients undergoing chemotherapy manage side effects like pain. The oncology sector, among other applications, dominates the market, accounting for a large portion of the total. Hospitals have the largest market share among the different distribution networks.
North America is the most important region, accounting for more than half of the global share. The availability of advanced technologies and strengthened healthcare infrastructure in the region has led to the it’s growth in the global generic injectables market. The Asia Pacific, on the other hand, is projected to be one of the emerging markets due to increased government spending in the healthcare sector and the emergence of a massive population.
Industry Definition and Major Segments
Generic injectables are non-patentable injectables that are bioequivalent to their branded equivalents. They are safe and reliable, and they are close to the original drugs. They have the same active ingredients, dose, consistency, and strength as their original counterparts, and thus perform similarly in terms of performance, intended usage, quality, shape, and route of administration to their original counterparts.
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On the basis of applications, the industry is bifurcated into:
- Parenteral Nutrition
Based on containers, the industry is segmented into:
- Prefilled Syringes
Basis distribution channel, the industry can be further divided into:
- Retail Pharmacy
The regional markets for Ghee include:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The rising prevalence of chronic, deadly, and lifestyle diseases around the world, as well as the high costs associated with their cure, are driving the global generic injectables market. These medications are bioequivalent to brand-name medicines and are used as a substitute for them in the treatment of different diseases, having similar pharmacological results. When the number of patients increase, so does the use of generic injectables. They save time and offer instant relief as they are directly injected into the bloodstream.
While generic injectables are more difficult to produce, their research and development costs are lower and take less time. Unlike branded drug firms, generic drug companies do not have to spend significantly in product creation and marketing. The demand for these injectables has risen as overall healthcare costs have risen sharply. Furthermore, the global generic injectables market is benefiting from the increasing preference for generic oncology drugs for treating cancer patients. The industry is being aided even more by the increasing geriatric population and growing demand for cost-effective treatment procedures, especially in emerging regions.
Also, an increase in drug shortages, especially in the United States, as well as the patent expiration of several useful and well-known drugs, is boosting the global generic injectables sector. The market’s growth is being aided by increased research and development activities. To meet increasing customer demand, the market’s leading players are innovating and releasing improved products. Over the forecast period, manufacturers’ production of new formulations is expected to have a positive impact on the global generic injectables market.
Key Market Players
The major players in the market are Fresenius Kabi, Hikma Pharmaceuticals PLC, Sagent Pharmaceuticals Inc., Sanofi, Sandoz (Novartis) and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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