According to the latest report by IMARC Group, titled “GCC Generic Injectables Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the GCC generic injectables market reached a value of US$ 392 Million in 2017. Generic injectables refer to drugs that have the same active ingredients, strength, dosage and route of administration as that of branded injectables. In the GCC countries, the demand for injectables is rising as they aim to increase patient compliance without compromising with the effectiveness of the treatment. Moreover, the lower cost of these injectables as compared to their branded equivalents helps in providing substantial savings for both the patients and healthcare providers.
In the GCC countries, the proportion of people aged 65 or more is predicted to increase due to declining fertility rates and increasing life expectancy. As a result of the subsequent increase in the prevalence of geriatric diseases and conditions, the sales of generic injectables in the region are expected to increase. Further, the pharmaceutical industry in Saudi Arabia, UAE, Kuwait and Qatar is at a nascent stage. In line with this, the governments of these countries are focusing on encouraging the domestic manufacturing and supply of these drugs to reduce costs. For instance, the Ministry of Health in the UAE is working on increasing the number of generic drug manufacturing facilities in the country. Apart from this, several domestic generic injectable manufacturers, particularly in Saudi Arabia, are collaborating with global and regional pharma players to expand their manufacturing capacity. Looking forward, the market is projected to reach a value of US$ 776 Million by 2023, expanding at a CAGR of 12.1% during 2018-2023.
- Based on the therapeutic area, oncology dominates the market, holding the largest share. Other major segments include anesthesia, anti-infectives, cardiovascular and parenteral nutrition.
- The market has also been divided on the basis of distribution channels into hospitals, clinics and retail pharmacy stores. Generic injectables are majorly distributed through hospitals.
- On the basis of container type, the market has been segmented as vials, prefilled syringes, ampoules and premix. Amongst these, vials are the preferred container type, accounting for the majority of the overall market share.
- Region-wise, Saudi Arabia enjoys the leading position in the GCC generic injectables market. Saudi Arabia is followed by the UAE, Kuwait, Qatar, Oman and Bahrain.
- The competitive landscape of the GCC generic injectables market has also been analyzed with the profiles of the key players.
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