by The global Sterile Injectables Market is estimated to be valued at US$ 213 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sterile injectables refer to medicinal products administered parenterally in their final container which have undergone a manufacturing process so as to be sterile. They offer advantages like direct administration into body tissues and immediate therapeutic effect as compared to oral drugs. The growing prevalence of chronic diseases and focus on parenteral route of drug administration drives the growth of this market.
Market key trends:
The increasing demand for biologics and biosimilars are significantly fuelling the sterile injectables market growth. Biologics are large, complex molecules derived from living cells and have revolutionized the treatment of various critical diseases. Due to their large size and fragility, biologics drugs are predominantly administered through injections for desired pharmacological effects. Further, the introduction of biosimilars which are comparable to reference biologics but more affordable than latter are gaining widespread acceptance globally. This is propelling pharmaceutical companies to invest heavily in biosimilars thereby contributing to market expansion.
SWOT Analysis
Strength: Sterile injectables have wide applications in therapeutics and are crucial for treating chronic and life-threatening diseases. The market is witnessing increased R&D activities for development of novel biologics and biosimilars.
Weakness: High costs involved in manufacturing sterile injectables due to stringent quality and regulatory standards. Challenges in supply chain management and risk of contamination.
Opportunity: Growing prevalence of cancer and autoimmune diseases worldwide is spurring demand for sterile injectables. Increasing health insurance coverage and adoption of value-based healthcare models also present opportunities.
Threats: Price control regulations and healthcare reforms in several countries can impact revenue streams. Stringent regulations delay product approvals.
Key Takeaways
The global Sterile Injectables Market Analysis is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of chronic diseases. The sterile injectables market size for 2023 is US$ 213 Bn.
Regional analysis: North America dominates the sterile injectables market currently due to growing cancer burden and favorable reimbursement policies. However, Asia Pacific is expected to emerge as the fastest growing regional market owing to rising healthcare expenditure and a huge patient population.
Key players operating in the sterile injectables market are GlaxoSmithKline PLC, Baxter International Inc., and Amgen Inc. Other prominent players include Novartis AG, Pfizer Inc., AstraZeneca, Gilead SciencesInc., Merck & Co., Inc., Johnson & Johnson, and Others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
