Popularity of Intravenous Drug Administration Module Fuelling Generic Injectable Market Demand: FMI
Growing demand for prompt and effective treatment for chronic diseases along with constant innovation in generic injectable drives the market sales.
Dubai, United Arab Emirates – May 26, 2021 /MarketersMedia/ —
: The global generic injectable market is anticipated to grow at 11.6 % CAGR by the end of 2031. Expiration of branded product patents fueled the development of generic injectables and influenced the market growth.
Increase in chronic and lifestyle based diseases such as obesity and high blood pressure across the world has surged the medical and treatment cost of the diseases. Growing government assistance towards development of generic medication will boost the market sales, finds ESOMAR-certified consulting firm Future Market Insights in this study.
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According to World Health Organization [WHO], Number of diabetic patients across the globe is anticipated to increase to 422 Million in 2030. With surge in demand for intramuscular delivery of insulin and growing inclination towards injectable drug delivery, promising growth is on the cards for the market.
“Consistent research towards scaling of biologics and its integration with conventional injectable market along with demand for broad range of products will positively influence market growth,” remarks the FMI analyst.
Key Takeaways
Increased government and private funding on research and development of new treatment using large molecules and discovery of new molecules will provide lucrative market expansion opportunities in US.
Constant innovation in drug development pipelines enhancement of production facilities of leading market players are driving the market growth in UK
China is expected to be a lucrative market for the forecast period of 2020-2030. Growing awareness campaign related to hypertension and diabetes and increasing government initiative towards development of generic injectables for cancer are major market drivers in China.
Reduced new product launches by branded companies coupled with lapse of patents has surged the generic injectables market demand in India.
High effectiveness of intravenous injectibles in treating life threatening diseases drives the market sales of IV-generic injectables.
Prominent Drivers
Low cost of generic injectable along with its easy handling features is accelerating the generic injectable market growth.
Use of modern injectables facilitating quick recovery of patients by boosting immunity of the patient is expected to fuel the market growth.
Rising prevalence of diabetes among urban population of emerging economies will intensify the market demand.
Key Restraints
Limited clinical statistics regarding the efficacy of generic injectables hamper the market growth.
Insufficient understanding of side effects and other safety concerns associated with use of generic injectables during chronic diseases treatment restrict the market growth.
High regulatory cost to follow FDA mandated guidelines during manufacturing as well as during distribution will negatively affects the market sales.
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Competitive Landscape
Their main area of focus for the market players is performing merger, acquisition and strategic collaboration to expand their market foothold. They are also employing aggressive marketing techniques and promotional activities to increase brand awareness in prescription market.
For instance:
Pfizer Inc. and Eli Lilly and Company launched U.S. FDA approved tanezumab in March 2021, for treating osteoartities Pain.
Merck strategically collaborated with Taiho Pharmaceutical Co, Ltd. And Taiho Pharmaceutical Co. Ltd in 2020, with sole aim to boost their cancer research on small molecule in injection inhibitors.
Sanofi S.A acquired Biogen Spin-Off for US$ 11.6 Bn in January 2019.
Some of the leading companies operating in the market are:
Samsung Biologics Co Ltd
Aurobindo Pharma Limited
Sun Pharmaceutical Industries Ltd.
Novartis AG
Merck & Co. Inc.
Cipla Ltd
Pfizer Inc
Fresenius Kabi
Sanofi S.A
AstraZeneca Plc
Teva Pharmaceuticals.
Mylan N.A
Baxter International
Reddy’s Laboratories Ltd
More Insights on FMI’s Generic injectable Market
The latest market study on global generic injectable market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of various segments. These are:
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Product type
Monoclonal Antibodies Generic injectable
Immunoglobulin Generic injectable
Cytokines Generic injectable
Insulin Generic injectable
Peptide Hormones Generic injectable
Blood Factors Generic injectable
Peptide Antibiotics Generic injectable
Vaccines Generic injectable
Small Molecule Antibiotics Generic injectable
Chemotherapy Agents Generic injectable
Molecule Type
Small Molecule Generic injectable
Large Molecule Generic injectable
Application
Oncology Generic injectable
Infectious Diseases Generic injectable
Diabetes Generic injectable
Blood Disorders Generic injectable
Hormonal Disorders Generic injectable
Musculoskeletal Disorders Generic injectable
CNS Diseases Generic injectable
Pain Management Generic injectable
Cardiovascular Diseases Generic injectable
Route of Administration
Intravenous (IV) Generic injectable
Intramuscular (IM) Generic injectable
Subcutaneous (SC) Generic injectable
Distribution channel
Hospital Pharmacies
Retail Pharmacies
Drug Stores
Online Pharmacies
Region
North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa (MEA)
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/generic-injectable-market
Source: MarketersMedia
Release ID: 89019768
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