New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Generic Injectables Global Market Report 2023" - https://www.reportlinker.com/p06486656/?utm_source=GNW
Reddy’s Laboratories, Teva Pharmaceutical Industries Ltd., Cipla Limited, Aurobindo Pharma Ltd., Samsung Biologics Co Ltd., Piramal Pharma Limited (PPL), Amgen Inc., and Bristol-Myers Squibb Company.
The global generic injectables market is expected to grow from $94.86 billion in 2022 to $109.42 billion in 2023 at a compound annual growth rate (CAGR) of 15.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The generic injectables market is expected to reach $184.41 billion in 2027 at a CAGR of 13.9%.
The generic injectables market consists of sales of drug solutions, dry solid injectables, drug solids suspended in a liquid medium, drug suspension for injection, drug emulsions, and biological injectables.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Generic injectables are drugs or sterile injectables that are bioequivalent in terms of dosage, potency, performance, intended use, adverse effects, and route of administration to branded injectables. These injectables demonstrate bioequivalence, which signifies that a generic medicine operates in the same way as a brand-name medicine and delivers the same therapeutic benefit.
North America was the largest region in the generic injectable market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in generic injectables report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of generic injectables are monoclonal antibodies, cytokines, insulin, vaccines, and others.Monoclonal antibodies are commonly lab-made proteins that function in human bodies similarly to antibodies and these injectables are utilized as a medicinal agent to treat disorders such as breast cancer, leukemia, asthma, macular degeneration, arthritis, Crohn’s disease, and transplants.
The various containers that are used for packaging are vials, ampoules, premix, prefilled syringes, and others and these are administered by using different routes of administration such as intravenous, intramuscular, subcutaneous, others that are sold via various distribution channels such as hospital pharmacy, retail pharmacy, drug stores, online prescription stores and applied in different conditions such as oncology, diabetes, infectious diseases, blood disorders, musculoskeletal disorders, hormonal disorders, pain management, CNS diseases, and cardiovascular diseases.
The rising prevalence of cancer and cardiovascular diseases is expected to propel the growth of the generic injectable market going forward.Cardiovascular diseases refer to a group of disorders of the heart and blood vessels, and cancer is a disease in which some of the body’s cells grow uncontrollably and spread to other parts of the body.
Generic injectables are used in cancer and cardiac diseases to offer similar pharmaceutical equivalence or bioequivalence to brand-drugs and enhanced drug availability and accessibility to provide more affordable treatment. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by noncommunicable diseases (NCDs) or chronic diseases every year globally were 17.9 million deaths are from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths are from diabetes. Therefore, the rising prevalence of cancer and cardiovascular diseases is driving the growth of the generic injectable market.
Product innovations are a key trend gaining popularity in the generic injectables market.Major companies operating in the generic injectables market are advancing generic injectables to sustain their position in the market.
For instance, in April 2022, Dr. Reddy’s Laboratories, an India-based pharmaceutical company, launched Treprostinil Injection in the U.S. market. This drug is a therapeutic equivalent generic version of Remodulin (treprostinil) Injection approved by the U. S. Food and Drug Administration (USFDA), a US-based agency. This drug is applicable for patients requiring a transition from epoprostenol to reduce the rate of clinical deterioration.
In April 2022, Hikma Pharmaceuticals PLC (Hikma), a US-based biopharmaceutical company, acquired Custopharm Inc for $425 million.With this acquisition, Hikma aims to expand its injectable medications with enhanced R&D capabilities.
Custopharm is a US-based company operating in generic pharmaceutical products, including generic injectable.
The countries covered in the generic injectables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The generic injectables market research report is one of a series of new reports that provides generic injectables market statistics, including generic injectables industry global market size, regional shares, competitors with a generic injectables market share, detailed generic injectables market segments, market trends and opportunities, and any further data you may need to thrive in the generic injectables industry. This generic injectables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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