Global Generic Sterile Injectables Market Growth To Be Buoyed Beyond US$ 113 Billion By 2025 Owing To Increasing Incidence Of Chronic Diseases
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Each year, an estimated 50 million people suffer from bone chronic diseases such as Cancer, heart attack, heart stroke, diabetes and other respiratory diseases. These disease are one of the leading cause of mortality in the world accounting up to 60% of worldwide deaths according to WHO. Thanks to the availability of generic sterile injectable that are used to treat these chronic diseases with the help of which, a substantial number of people who suffer from such diseases are saved due to proper medication.
The generic sterile injectable are used for the treatment of life threatening diseases such as cardiovascular diseases, cancer and several other serious infections. These drugs are heavily in bulk demand on a constant basis due to the cost efficiency of these injectable. The generic sterile injectable bears almost 90% less cost as compared to that of the branded sterile injectable drugs. However, the ANDA filing application procedure and the process of manufacturing the generic sterile injectable in as stringent as that of the branded drugs. According to a fact sheet released by Hospira in 2013, about 70% of the hospitals in patients receives generic sterile injectable suggesting high demands.
According to WHO, the chronic diseases are the reason for more than 50% deaths worldwide, in 2015, and these diseases mainly includes cardiovascular diseases, type 2 diabetes, chronic respiratory diseases and cancer. These diseases results from living habits such as physical inactivity, poor diet as well as consumption of tobacco and alcohol. The chronic diseases has severe negative impact on health and economy of developing as well as developed countries. According to a scientific report published in Science literature, around 3 million deaths are caused due to cardiovascular diseases annually in China and India. Moreover, around 1.7 million people die due to tobacco consumption leading to cancer in China and India on an annual basis. According to WHO, 30% of these chronic diseases, mainly cancer are curable and can be treated with appropriate medication. Generic sterile injectable play a major role in treatment of such diseases. Moreover, not only the chronic diseases but it used for the treatment of damages to the central nervous system, infectious disorders and musculoskeletal diseases. Musculoskeletal is a condition that covers a huge segment of conditions such as rheumatoid arthritis, osteoarthritis, and osteoporosis and is characterized by cartilage joint damage that results in severe pain and mobility in the knees and hip joints. According to the WHO and United Nations, osteoarthritis is one of the most commonly caused musculoskeletal disorder affecting 9.6% males and 18% females age group of 60 and above, globally. In case of the infectious diseases, “Statista”- The Statistical Portal for 2014, suggests approximately 48,237,390 cases of malaria as well as 5,730,798 cases of tuberculosis worldwide. This creates highly lucrative growth opportunities for players in the global generic sterile injectable market.
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Key takeaways of the generic sterile injectable market:
The global generic sterile injectable market is expected to expand at a CAGR of 10.2% during the forecast period (2015–2025) as there exists a huge unrealized market especially in Asia Pacific, Latin America, Middle East and Africa
The constant shortage of availability and the high affordability of the generic sterile injectable, mostly for the treatment of chronic diseases drives the global generic sterile injectable market.
Cancer, diabetes type 2, cardiovascular diseases and other infectious diseases including tuberculosis and malaria are the major therapeutic applications of the generic sterile injectable market as the prevalence of these diseases is high in number, globally.
Some of the major players involved in global generic sterile injectable market Baxter Inc., Fresenius Kabi, Pfizer/Hospira, Novartis/Sandoz, Teva, Hikma, Sun Pharma, Dr. Reddy’s, Mylan, AstraZeneca Plc and Merck & Co. Inc.
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