New York, March 25, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Generic Injectables Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Large Molecule Injectables and Small Molecule Injectables), Container Type (Vials, Premix, Prefilled Syringes, Ampoules, and Others), Application (Oncology, Infectious Diseases, Cardiology, Diabetes, Immunology, and Others), and Route of Administration (Intravenous, Intramuscular, Subcutaneous, and Others), and Geography”, the global generic injectables market growth is driven by low R&D, marketing, and manufacturing costs, the rising prevalence of chronic illness cases and high demand for affordable drugs. However, critical inspection systems for prefilled injection and supply chain-related challenges hinder the market growth.
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| Report Coverage | Details |
| Market Size Value in | US$ 74.74 billion in 2021 |
| Market Size Value by | US$ 150.65 billion by 2028 |
| Growth rate | CAGR of 10.5% from 2021 to 2028 |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 217 |
| No. Tables | 110 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Type, Container Type, Application, and Route of Administration, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Generic Injectables Market: Competitive Landscape and Key Developments
AstraZeneca; Baxter International Inc.; Biocon; Fresenius SE & Co. KGaA; GlaxoSmithKline plc; Hikma Pharmaceuticals PLC; Johnson and Johnson Services, Inc.; Lupin; Merck & Co., Inc.; Viatris Inc.; Pfizer Inc. are among the leading companies in the generic injectables market. The market is anticipated to flourish with the development of new innovative products by market players.
In January 2022, Hikma Pharmaceuticals launched Hikma 503B, a new outsourced sterile compounding business. The unit would focus on providing high-quality, ready-to-administer injectables, customized medications for the US market.
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In March 2022, Midatech Pharma, a drug delivery technology business focused on bio delivery and biodistribution of pharmaceuticals, announced the extension of its R&D collaboration with Johnson & Johnson’s Janssen Pharmaceuticals; the company began this collaboration in July 2020.
Asia Pacific is the largest market for generic injectables, and China holds the largest share of the regional market, followed by India. The generic injectables market growth in China is ascribed to the increasing adoption of advanced technologies, coupled with the rising population, and the enactment of favorable government regulations. According to National Health Commission (NHC), China has been relying largely on generic medicines; out of ~170,000 drug approvals issued by the China FDA, over 95% of are generics.
Generic injectables are as safe and effective as innovator molecules because they are bioequivalent to their branded counterparts, but they are not patented for many reasons. These medications can be produced for commercial usage only after the patent expiration of the branded drug. As the drug molecules are similar in branded and generic formulation, no or minimal R&D cost is associated with generic injectables. The low upfront R&D costs allow drug manufacturers to sell generic injectables at prices. As stated by the US FDA, a single generic competitor can lead to price reductions of 30%, while five generics competing could lead to price drops of ~85%. Additionally, generic injectables saved US$ 2.2 trillion for the US healthcare system during 2009–2019. As mentioned in a report by Congressional Budget Office, the pharmaceutical industry spent US$ 83 billion on R&D in 2019. However, with generic injectables, the repetition of clinical studies is not required to demonstrate their effectiveness and safety, which contributes to their low prices.
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Further, the approval process of generic medicines is faster than branded ones. As reported by the United States Food and Drug Administration (USFDA), in 2019, 107 first generic drugs and 110 complex generic drugs were approved, totaling 11% of the generic drug product approvals. Overall, in 2019, the generic drug program approved or tentatively approved 1,014 generic drug applications. Additionally, the development of a new chemical entity takes almost a decade on average, which is bypassed in the development of generic injectables. Thus, the low cost associated with generic injectables is one of the major factors attracting new players to enter the market and driving the generic injectables market.
Generic Injectables Market: Segmental Overview
Product Type-Based Insights
The generic injectables market, based on product type, has been bifurcated into large molecule injectables and small molecule injectables. The large molecule injectable segment held a larger generic injectables market share in 2021. However, the small molecule injectable segment is expected to register a higher CAGR in the generic injectables market during 2021–2028.
Container Type-Based Insights
The generic injectables market, based on container type, is segmented into vials, premix, prefilled syringes, ampoules, and others. The vials segment held the largest generic injectables market share in 2021 and is anticipated to continue to be the largest shareholder in 2028.
Application-Based Insights
The generic injectables market, by application, is segmented into oncology, infectious diseases, cardiology, diabetes, immunology, and others. In 2021, the oncology segment held the largest share of the market. However, the generic injectables market for the diabetes segment is expected to grow at the fastest CAGR during 2021–2028.
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Route of Administration-Based Insights
The generic injectables market, by the route of administration, is segmented into intravenous, intramuscular, subcutaneous, and others. In 2021, the intravenous segment held the largest share of the market. However, the intramuscular segment is expected to register the highest CAGR in the generic injectables market from 2021 to 2028.
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