Generic Injectables Market is Projected to Clock a CAGR of 12.3% During 2021-2031

Generic Injectables Market: Introduction

According to the report, the global generic injectables market was valued at US$ 83.09 Bn in 2020 and is projected to expand at a CAGR of 12.3% from 2021 to 2031. Generic injectables are becoming more popular in the medical field for treatment of various diseases such as cancer, diabetes, and cardiac. Key market players focus on manufacturing cost-effective generic injectables. The global generic injectables market is anticipated to be driven by increase in number of elderly patients, prevalence of diseases, number of regulatory approvals, and demand for generic injectables.

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Asia Pacific held a major share of the global generic injectables market in 2020 due to presence of large number of key players, rise in demand for generic injectables, and increase in chronic diseases. The generic injectables market in Asia Pacific is expected to expand at a high CAGR of 13.6% from 2021 to 2031, due to surge in the number of elderly patients and increase in approval from regulatory authorities

Advent of New Technology to Drive Market

The rise in the prevalence of various diseases such as cancer, diabetes, cardiac and others has fueled the demand for generic injectables. Teva Pharmaceutical Industries announced the USFDA acceptance of its BLA for the proposed biosimilar Trastuzumab for review. The biosimilar (CT-P6) is being developed by Celltrion, Inc. and Teva together for the treatment of human epidermal growth factor receptor 2 (HER2) overexpressing breast cancer and metastatic gastric cancer. Sun Pharma launched complete range of generic anti-epilepsy drugs. Brivaracetam has been approved by the Drug Controller General of India (DCGI) as an adjunctive therapy in treatment of partial-onset seizures in patients 16 years of age and older with epilepsy.

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Sanofi announced the U.S. FDA approval of once-daily Soliqua 100/33 (insulin glargine & lixisenatide injection) 100 units/mL & 33 mcg/mL for the treatment of adults with type 2 diabetes inadequately controlled on basal insulin (less than 60 Units daily).

Pfizer, Inc. focuses on the development of biosimilar formulations in key therapeutic areas, owing to its potential to improve patient care by extending access to high quality, effective, targeted treatment for multiple serious and chronic diseases.

Sandoz announced the U.S. FDA approval and launch of Glatopa 40 mg/ml, which is a fully substitutable, AP-rated generic version of Copaxone (glatiramer acetate injection) 40 mg/ml. Glatopa was developed as per a collaboration agreement between Momenta Pharmaceuticals, Inc. and Sandoz. It is produced in the U.S.

Large Molecule Injectables Dominated Generic Injectables Market

In terms of product type, the global generic injectables market can be bifurcated into large injectable molecules and small injectable molecules. The large injectable molecules segment dominated the global generic injectables market in 2020, and the trend is projected to continue during the forecast period. The increase in the demand for large injectable molecules such as monoclonal antibodies and insulin is expected to drive the segment over the next few years.

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Oncology to Offer Growth Opportunities

Based on application, the global generic injectables market can be classified into oncology, infectious diseases, diabetes, cardiology, immunology, and others. The oncology segment dominated the global generic injectables market in 2020, and the trend is projected to continue during the forecast period. The rise in prevalence of cancer is expected to drive the segment in the near future.

Vials to Lead Generic Injectables Market

In terms of container type, the global generic injectables market has been categorized into vials, premix, prefilled syringes, ampoules, and others. The vials segment accounted for a major share of the market in 2020. The segment is projected to register highest market attractiveness index by 2031.

Intravenous to be Preferred Route of Administration

In terms of route of administration, the global generic injectables market has been divided into intravenous, intramuscular, subcutaneous, and others. The intravenous segment held a major share of the global generic injectables market in 2020. Increase in the geriatric population, surge in focus on manufacturing of injectables, and rise in prevalence of chronic diseases across the globe are projected to propel the intravenous segment.

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Asia Pacific to be Lucrative Market for Generic Injectables

In terms of region, the global generic injectables market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific is projected to account for a leading share of the global generic injectables market during the forecast period, owing to the increase in the number of patients suffering from chronic diseases in hospitals. The rise in the number of approvals for new ANDA by FDA boosts the demand for generic injectables.

The generic injectables market in Asia Pacific is projected to grow at a rapid pace over the next few years. India, China, and South Korea are expected to be lucrative markets in the near future.

Growth Strategies of Key Players

Key players operating in the global generic injectables market are AstraZeneca, Baxter International, Inc., Biocon, Fresenius SE & Co. KGaA, GlaxoSmithKline plc, Hikma Pharmaceuticals plc, Johnson & Johnson Services, Inc., Lupin Ltd., Merck KGaA, Mylan N.V., Novartis AG (Sandoz International GmbH), Pfizer, Inc., Piramal Pharma Solutions, Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd.

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