The latest report by IMARC Group, titled “Generic Injectables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global generic injectables market is witnessing moderate growth. Generic injectables consist of the same active ingredients as that of their branded counterparts. They also offer similar active therapeutic effects, strength, quality, performance, intended usage, and dosage. Injectables help in the easy transportation of drugs directly into the body in liquid form, which reduces the frequency of dosage administration without affecting the effectiveness of the treatment. They also do not require extensive investments, resulting in limited price erosion and significantly high-profit margins for manufacturers.
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Global Generic Injectables Market Trends:
The global generic injectables market is primarily driven by their growing preference over oral counterparts as they are preferred by patients who are unable to take medicines by mouth and have poor intestinal absorption. Apart from this, governments across various countries are supporting the manufacturing of generic injectables to reduce the overall cost for healthcare providers and patients. Besides this, the increasing prevalence of chronic diseases like diabetes, cardiovascular disorders, and Alzheimer’s, especially among the geriatric population, and the rising shortage of drugs are significantly contributing to the market growth. Furthermore, several key players are engaging in acquisitions and focusing on research and development (R&D) activities to develop complex and differentiated products. For instance, Agila Injectables have been acquired by Mylan Inc. from Strides Arcolab Limited to expand their existing product portfolio. On account of these factors, the market value is expected to reach US$ 445.3 Billion by 2026, exhibiting a CAGR of 7.11% during the forecast period (2021-2026).
Market Summary:
- Based on the therapeutic area, the market has been segmented into oncology, anesthesia, anti-infectives, parental nutrition, cardiovascular and others. Oncology currently accounts for the majority of the total market share.
- On the basis of the container, vials are the most preferred container for generic injectables, followed by ampoules, premix and prefilled syringes.
- The market has been bifurcated based on the distribution channel into hospitals and retail pharmacies. At present, the majority of the generic injectables are distributed through hospitals.
- Region-wise, North America exhibits a clear dominance in the market. Other major regions are Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some key players being Hospira, Inc. (Pfizer Inc.), Fresenius Kabi AG, Hikma Pharmaceuticals PLC, Sandoz (Novartis), Sagent M&C, LLC, Sanofi S.A. and Baxter International, Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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