Several illnesses and disorders are treated with injectable medications. Injections are used to administer medications for both immunisation and curative care. This type of drug delivery method increases the efficiency and speed with which drugs reach their target. Drugs that are administered orally but are ineffective or poorly absorbed can be delivered via injection. As a result, the demand for injectable drugs is increasing globally.
“Injectable Drugs Market is expected to reach US$ 782.7 million by 2030 from US$ 922.55 in 2022; it is estimated to grow at a CAGR of 12.6%from 2023 to 2030. The report highlights trends prevailing in the global Injectable Drugs market, and drivers and hindrances pertaining to the market growth.
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Drivers
During the forecast period, an increase in demand for injectable medications is anticipated to fuel the market’s expansion. For instance, the demand for safe and effective injectable drugs is rising quickly along with the prevalence of chronic and neurological disorders around the world. Rilpivirine and cabotegravir (Cabenuva) were given FDA approval in February 2022 for a 2-month dosing schedule in adults with HIV-1 infection. The Food and Drug Administration first approved injectable complete antiretroviral therapy with Cabenuva (FDA).
Opportunities
The market for injectable drugs is anticipated to present significant growth opportunities due to the high prevalence of chronic and neurological disorders worldwide. For instance, injectable medications can be used to treat a number of long-term and neurological conditions, including cancer. As a result, the demand for injectable medications is rising globally. In the United States, it is anticipated that 1.9 million new cancer cases and 609,360 cancer-related deaths will take place in 2022.
Restraints
Over the forecast period, the high risk of needle-stick injuries and the availability of alternative drug delivery methods are anticipated to restrain the growth of the global market for injectable drugs. For instance, because of things like trypanophobia and the pain and swelling at the injection site, people prefer other drug delivery methods. Alternative drug delivery techniques include vaginal, transdermal, oral, buccal, rectal, sublingual, nasal, oral, and buccal. The market’s expansion may be hampered by these alternative drug delivery methods.
Impact
The global pandemic of COVID-19 has increased demand for injectable drugs, which has positively impacted the growth of the market for these medications. For instance, remdesivir injection is used to treat COVID-19 infection brought on by the SARS-CoV-2 virus in adults and children 28 days of age and older who weigh at least 6.6 pounds, whether they are hospitalised or not (3 kg). In addition, there is a rise in demand for the secure and efficient COVID-19 vaccine. For instance, the US Health Department’s Biomedical Advanced Research and Development Authority awarded AstraZeneca more than US$ 1 billion in May 2020 for the creation, production, and distribution of the University of Oxford’s COVID-19 vaccine.
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Key Takeaways
The market for injectable drugs was valued at US$ 458.5 Mn in 2022 and is anticipated to grow at a CAGR of 7.9% from 2023 to 2030 to reach US$ 782.7 Mn.
The market for injectable drugs was dominated by the large molecule segment among molecule types in 2021, accounting for 78.7% of the market’s value share. Increasing product approval and launches are anticipated to drive segment growth during the forecast period.
Market Trends
The need for innovative cancer therapies is growing quickly along with the burden of cancer. In order to meet the rising demand, market players are concentrating on creating and releasing novel therapies. Phesgo, a fixed-dose combination of Perjeta (pertuzumab) and Herceptin (trastuzumab) with hyaluronidase for the treatment of early and metastatic HER2-positive breast cancer, was approved by the FDA in June 2020. Over the forecast period, this trend is anticipated to persist, fueling the market’s expansion.
Competitive Landscape
Amgen Inc., Johnson & Johnson, Novo Nordisk AS, Merck & Co. Inc., Sanofi SA, Novartis AG, Pfizer Inc., GlaxoSmithKline PLC, Gilead Sciences Inc., and Baxter International Inc. are major companies that compete in the global market for injectable drugs.
Recent Developments
A novel next-generation immuno-oncology combination called EOS-448, an anti-TIGIT monoclonal antibody, was developed and commercialised by GSK and iTeos Therapeutics in June 2021.
Inclunox and Inclunox HP, which were approved for sale in Canada by Health Canada, were introduced by Sandoz Canada Inc. in May 2021. There are various pre-filled syringe formats available for Inclunox, a solution for either intravenous administration or subcutaneous injection of enoxaparin sodium.
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