According to the latest report by IMARC Group, titled "US Generic Injectables Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the US generic injectables market reached a value of US$ 16.3 Billion in 2021. Injectables refer to medication delivery tools that are generally used by healthcare professionals for drug administration into the body. They are widely used as a preferred alternative to oral drugs since injectables are quick in delivering drugs selectively to a specific body part while improving the efficacy of the dosage. Generic injectables are bioequivalent of branded injectables that are manufactured after the expiration of the patent of proprietary injectables. The demand for generic injectables is rising in the US since they are identical in terms of dosage, same active ingredients, side effects, route of administration, strength and quality.
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.
US Generic Injectables Market Trends:
The market in the US is primarily driven by the augmenting demand for affordable injectables among the masses. This is supported by the rising prevalence of lifestyle disorders due to the sedentary lifestyles led by individuals. Moreover, the increasing funding activities by major players in extensive research and development (R&D) activities for the development of differentiated generic injectables are further creating a positive market outlook. Along with this, several initiatives undertaken by the US government for providing support to key manufacturers and sellers are positively influencing the market. Additionally, the widespread adoption of advanced technologies in the manufacturing process is acting as a major growth-inducing factor across the country. Other factors, including the easy availability of generic injectables via online and offline pharmacies, patent expiration of several blockbuster injectables and the widespread awareness regarding the cost-efficiency of these injectables, are also favorably impacting the market growth. On account of the aforementioned factors,the market is anticipated to reach a value of US$ 29.6 Billion by 2027, growing at a CAGR of 10.21% during 2022-2027.
- On the basis of the therapeutic area, the market has been segmented into oncology, anesthesia, anti-infectives, parenteral nutrition and cardiovascular.
- Based on containers, the market has been segregated into vials, ampoules, premix and prefilled syringes.
- On the basis of the distribution channel, the market has been classified into hospitals and retail pharmacies.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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