The latest report by IMARC Group, titled “India Generic Injectables Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the India generic injectables market reached US$ 2.10 Billion in 2021. A generic injectable is a drug having the same pharmaceutical composition as its branded counterpart in safety, strength, dosage form, performance, quality, and route of administration. It is cost-effective as generic injectable does not have to undergo animal testing and clinical studies to demonstrate safety and effectiveness. As it also delivers the same amount of active ingredients to the body, the demand for generic injectables is rising across India.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Generic Injectables Market Trends:
The growing prevalence of chronic diseases, such as cancer, stroke, diabetes, septicemia, influenza and pneumonia, and respiratory and Alzheimer's disease, represents one of the key factors driving the market in India. Moreover, the Government of India is extensively investing in research and development (R&D) activities to support the introduction of innovative generic injectables and provide effective drug administration, thereby enabling faster recovery of patients. This, along with the expanding healthcare industry, is contributing to the growth of the market in the country. In addition, technological advancements in the drug delivery systems, such as the introduction of self-injection devices, are positively influencing the market. Besides this, the increasing number of health insurance companies in the country is offering lucrative growth opportunities to industry investors. Additionally, the rising awareness among the masses about the benefits of using generic injectables is propelling the growth of the market in India. Apart from this, there is a rise in the shortage of branded medicines and the expiry of patents of branded items in the country. This, coupled with the burgeoning life science industry, is catalyzing the demand for generic injectables. Furthermore, the introduction of 3D printing technology in the country that helps manufacture generic drugs with varying release dates and tastes is bolstering the growth of the market. Looking forward, IMARC Group expects the market to reach US$ 4.38 Billion by 2027, exhibiting a CAGR of 12.8% during the forecast period (2022-2027).
- Based on the therapeutic area, the market has been classified into oncology, anesthesia, anti-infectives, parenteral nutrition, and cardiovascular. At present, oncology exhibits a clear dominance in the market.
- On the basis of the container, the market has been segmented into vials, ampoules, premix, and prefilled syringes. Presently, vials hold the largest share of the market.
- Based on the distribution channel, the market has been bifurcated into hospitals and retail pharmacies. Amongst these, hospitals account for the majority of the total market share.
- Region-wise, the market has been segregated into North, South, East and West and Central India. North India dominates the market and holds the biggest share of the market.
- The competitive landscape of the market has been studied in the report.
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