Generic Injectable Sales Set to Grow Three-fold Between 2019 and 2029; ‘Biologics over Drugs’ Trend Assists Market Growth, Concludes Future Market Insights
Continued supply-demand imbalance in the drug sector is alarming, and pushing key manufacturers to emphasize expansion of manufacturing and distribution capabilities.
Currently at a nascent stage, the global generic injectable market is projected to witness exponential growth in sales at around 12% CAGR during 2019 – 2029. Over the course of forecast period, generic injectable sales will experience 3X growth, as indicated by a new Future Market Insights (FMI) study. Increasing patient preference for self-administration of drugs is primarily developing a fertile ground for the generic injectable market, says the report.
“The generic pharmaceuticals sector is gaining a boost from frequent FDA approvals. Launch of low-cost injectables through investments in consolidations and mergers has been a major highlight,” states the FMI report.
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Key Takeaways: Generic Injectable Market
- Demand for monoclonal antibodies (mAbs) would remain significant; vaccines are gaining traction.
- Generic injectable market continues to see emergence of high-value opportunities in North America and Europe.
- Asian markets would capture investors’ attention, owing to solid growth in pharma production capacities and technology penetration.
- High preference for small molecule drugs will prevail
- Generic injectables continue to witness significant adoption in pain management.
- Large molecule injectables are set to outperform their small counterparts by 2022.
Key Market Growth Drivers
- Expansion of orphan drug and parenteral products spaces remains a strong factor driving generic injectable sales.
- Increasing preference for cost-efficient biologics such as mAbs and vaccines over drugs is in favor of market growth.
- Reduced development time and increasing manufacturers’ investments in consolidation are bolstering demand for generic injectables.
- Hefty operational costs will remain the key constraint facing generic injectable manufacturers.
- Tightening competition from low-cost manufacturers continues to challenge large-scale players in generic injectable market.
Competition Analysis: Generic Injectable Market
This FMI study has covered some of the most prominent companies active in the generic injectable market, which include, but are not limited to, Pfizer Inc., Hospira Inc., Hikma, and Mylan. Key market players continue to maintain their strategic focus on expansion of business through mergers. Entering strategic distribution agreements will be a preferred move of market leaders in an effort to capture the untapped growth potential of generic injectable market.
Development of new development pipelines and extension of product portfolios continue to be the key strategies of players that look forward to unlock opportunities in the US generic injectable market. Increasing competition to penetrate developed regional markets is attracting investments towards introduction of patented complex biologics. Association with CMOs and CDMOs will be a profitable developmental strategy in terms of productivity and operational costs, says the report.
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More About the Report
This Future Market Insights study of 239 pages offers actionable insights on the generic injectable market. The market analysis is based on product (monoclonal antibodies, immunoglobulin, cytokines, insulin, peptide hormones, blood factors, peptide antibiotics, vaccines, small molecule antibiotics, chemotherapy agents, and others), molecule type (small molecule and large molecule), application (oncology, infectious diseases, diabetes, blood disorders, hormonal disorders, musculoskeletal disorders, CNS diseases, pain management, and cardiovascular diseases), route of administration (IV, IM, and SC), and distribution channels (hospital pharmacies, retail pharmacies, drug stores, and online pharmacies) across seven regions (Latin America, North America, Europe, South Asia, East Asia, Oceania, and MEA).