Several top players in the
generic injectables market are focusing on mergers and acquisitions to
consolidate their shares. They are also making substantial investment in
research and development activities with an aim to develop new products, in
order to gain an edge over their competitors, notes Transparency Market
Research (TMR).
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Some of the companies holding
leading positions in the market are Biocon Limited, Sanofi, Lupin Ltd., Hikma
Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Mylan N.V., Fresenius SE
& Co. KGaA, Baxter, Novartis AG (Sandoz International GmbH), and Pfizer
Inc.A growing number of producers of generic injectables are focusing on
products that meet the highest standard of efficacy and safety as that of the
originator products.
The global generic injectables
market is projected to expand rapidly from its worth of US$ 49.0 billion in
2016 to reach a worth of over US$ 150 billion by 2025. This represents a robust
CAGR of nearly 13.6% during the forecast period of 2017–2025.
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The various product types can be
grouped into ampoules, vials, premixes, and prefilled syringes. Of all the
segments, the market for prefilled syringes is expected to rise at the most
attractive CAGR during the assessment period. The higher precision of dose,
ease of self-administration, and reduced wastage of products are some of the
compelling benefits accounting for their widespread acceptance.
Regionally, Asia Pacific led the
global market in 2016 with substantial uptake of generic injectables among
patient populations. The regional market is anticipated to rise at a rapid
pace, attributed to the widespread demand for affordable therapeutics and
sustained governmental thrust in key economies.
Demand for Affordable Quality
Therapeutics propels Demand for Generic Injectable
The continued drive for generic
injectable gains strength from the pressing need for quality therapeutics at
affordable prices among patient populations world over, amid the soaring
healthcare cost. The loss of patents for various blockbuster biological
molecules in the years to come, coupled with the broadening acceptance of
biologics, is a notable aspect propelling the demand for generic injectables.
Spiraling spending on research and development of biologics is providing a
large impetus to the growth of the market.
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Broadening Acceptance of
Prefilled Syringes as Advanced Drug Delivery System adds Sizeable Market
Revenue
Efforts to bring constant
innovation in drug delivery mechanism for injectables are catalyzing the demand
for generic injectables. In this regard, the widespread acceptance of prefilled
syringes among healthcare workers and patient populations at large is providing
a robust impetus to the market’s growth. The number of attractive benefits drug
delivery method has with the use of prefilled syringes has bolstered their
uptake in parenteral drug delivery across the globe.
Furthermore, constant
technological advances in drug delivery systems, especially in developed
countries, is notably accentuating the growth of the market. Recent advances in
the delivery mechanism of complex therapeutic molecules has imparted a
noticeable momentum to the market’s growth.
Strict Regulatory Frameworks
Hindering New Entrants, Oncology Biosimilars to open Promising Avenue
However, the market also suffers
from certain setbacks. The high cost of investment required for setting
manufacturing plants has constrained the entry of new players. Furthermore, a
stringent regulatory framework with respect to large molecule generic
injectables in developed countries, such as the U.S., is also hindering the
market’s growth.
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Nevertheless, the rapidly rising
demand for lower-cost generic versions of vital medications among clinicians
and patients will continue adding to the global revenues. A number of
manufacturers or producers are putting their focus toward the area of oncology
therapeutics. To this end, prominent players are making sizeable investment in
R&D in oncology biosimilars to be delivered in injectable form. This will
provide sustained fillip to the growth of the market over the forecast period.
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