|International News: Generic Injectables Market: Global Industry Trends, Share, Size, Growth, 2017-2022
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The global generic injectables market has experienced a significant growth over the past several years. This can be accredited to the government support to the manufacturers in the form of easy approvals and less stringent manufacturing procedures.
The latest report published by IMARC Group ti tled “Generic Injectables Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022” finds that the global generic injectables market exhibited a CAGR of around 9% during 2009-2016, reaching a value of more than US$ 23 Billion in 2016. Generic injectables are important for the treatment of various life threatening and chronic diseases. These drugs are also significantly cheaper than their branded counterparts with the same level of efficiency. As a result, they help in lowering the overall cost of treatment for both the healthcare providers and the patients. Besides, the generic injectable manufacturers enjoy considerably greater profit margins and lesser price erosions as compared to oral generic drugs owing to the low competition in the industry.
Highlights of the global generic injectables market:
Rising cases of chronic and lifest yle diseases remain the one of the major demand driving factors.
Oncology segment dominates the market, accounting for the majority of the total share.
North America holds more than a half of the global share, representing the largest market.
The generic injectables industry has been characterised by the presence of high entry barriers in the form of strict quality control regulations and a relatively complex manufacturing process. This has been the primary reason for the low competition in the industry, particularly in the US which is the largest market for generic injectables. However, the governments of various countries are supporting the manufacture of these drugs in the form of easy approvals and less stringent manufacturing procedures. These regulatory changes, coupled with the high profitability in the market, have encouraged a large number of pharmaceutical giants to enter it. Another major factor is the rising cases of chronic health problems on account of sedentary lifest yles and various environmental factors. This has created a huge demand for affordable pharmaceutical products. As a result of these factors, the global generic injectables market is projected to witness a strong growth over the next five years, reaching a value of US$ 43 Billion by 2022.
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On the basis of therapeutic area, the market has been segmented as oncology, anaesthesia, anti-infectives, parenteral nutrition, cardiovascular, etc. Among these, the oncology segment dominates the market, holding the majority of the market share. The market has also been analysed on the basis of distribution channels covering hospitals and retail pharmacy stores. Currently, hospitals account for the largest market share. Region-wise, North America represents the leading market, accounting for more than a half of the total share. The other major markets include Europe, Asia, Latin America, and Middle East and Africa. Some of the key pla yers operating in the market include Hospira (Pfizer), Fresenius Kabi, Hikma, Sandoz (Novartis), Sagent, Sanofi and Baxter.
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The report by IMARC Group has examined the global generic injectables market on the basis of:
Retail Pharmacy Stores
Middle East and Africa
Key Pla yers:
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