Generic injectables refer to medication which yields the same therapeutic effect as their innovator drugs since they have the similar active ingredients, strength, quality, performance, intended use and dosage. Owing to their low cost, generic injectables have gained popularity in the healthcare sector. Moreover, the number of competitors in the generic injectables market is lower in comparison to oral generics which has resulted in higher profit margins and limited price erosion. A new research report by IMARC Group, titled “Generic Injectables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the market was worth US$ 28.6 Billion in 2018. The report further anticipates the market to reach US$ 48.8 Billion by 2024, at a projected CAGR of 9.3% over the forecast period.
Global Generic Injectables Market Drivers/Constraints:
- The numerous advantages of generic injectables, including low cost, short approval time and low capital investment compared to brand name injectables are catalysing the generic injectables market across the globe.
- The governments of various countries are supporting the manufacturing of generic injectables as these drugs help to reduce the healthcare costs. This has given an impetus to the market growth.
- Some of the other factors fuelling the growth of the market are the growing geriatric population, patent expiry of a number of drugs, rising prevalence of chronic diseases and an increase in drug shortages.
- The negative perception of the consumers towards generic drugs coupled with stringent regulations laid down by the governments are some of the challenges faced by the global generic injectables market.
On the basis of therapeutic area, oncology accounts for the majority of the market share. The rising concerns over cancer coupled with oncology drugs going off-patent is projected to fuel the growth of this segment. Other major therapeutic areas include anaesthesia, cardiovascular, anti-infectives and parenteral nutrition.
Distribution Channel Insights:
Based on distribution channel, the market has been segmented into hospitals and retail pharmacy stores. Amongst these, hospitals represent the leading segment as generic injectables cannot be administered or traded without medical assistance or permission from a certified practitioner.
On a geographical front, the market has been segregated into Asia, North America, Europe, Latin America, and Middle East and Africa. Currently, North America represents the leading market on account of an increase in chronic diseases due to sedentary lifestyle and poor eating habits of the population.
The market is highly concentrated with the presence of a handful of manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Hospira (Pfizer Inc.)
- Fresenius Kabi Ag
- Hikma Pharmaceuticals PLC
- Sandoz (Novartis)
- Sagent Pharmaceuticals, Inc. (Nichi-Iko Pharmaceutical Co. Ltd.)
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