Sterile Injectable Drugs market Size Future Growth, Demands and Projected Industry Growths to 2024
“The global sterile injectable drugs market will potentially achieve the revenues worth US$ 657 Bn by the end of 2024. With a compound annual growth rate of more than 7%, the market is expected to experience promising growth prospects over an eight-year forecast period, 2016-2024.”
- Persistence Market Research
In a recently published report outlook titled “Sterile Injectable Drugs Market: Global Industry Analysis and Forecast, 2016-2024,” Persistence market Research projects the global market for sterile injectable drugs to witness healthy growth throughout the next eight years. Preponderance of chronic diseases, coupled with several technological advancement in novel drug delivery systems, will continue to generate the demand for sterile injectable drugs within the assessment period.
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The report highlights a growing trend of small molecule injectable drugs gaining immense popularity. Moreover, fast-track FDA approvals for injectable drugs, increasing demand for injectable drug delivery, and rapid expansion of contract manufacturing facility, especially in European countries, will create attractive opportunities in near future.
The global sterile injectable drugs market is broken down on the basis of drug type, molecule type, application type, route of administration, and distribution channel.
By molecule type, among the two key segments viz. small molecule and large molecule, large molecule segment will continue to dominate – despite facing a slight drop in terms of BPS through 2024. This segment will account for over 53% share of the market value in 2024. However, overall growth of both the segments will remain promising throughout the forecast period.
Based on drug type, ‘others’ segment including drugs used to treat mental health, autoimmune diseases, and respiratory disease, will retain dominance during the forecast period. This segment will witness a robust CAGR of over 8%. Monoclonal antibodies, vaccines, and insulin will be the next key segments. Insulin segment will experience the fastest growth through 2024, followed by vaccines segment.
On the basis of application type, ‘others’ segment that includes several chronic diseases, is expected to remain dominant by the end of 2024, crossing a value of US$ 200 Bn. CVDs, cancer, and diabetes are anticipated to be the next major segments, among which CVDs segment is slated for the fastest growth at a CAGR of 10%.
By route of administration, intravenous (IV) segment currently dominates with roughly 43% share of the market value. This segment will continue to dominate but subcutaneous, the second largest segment, will possibly witness the highest CAGR of 10%.
Depending on the distribution channel, hospital pharmacies are likely to continue their dominance over the period of forecast, accounting for the revenues beyond US$ 378 Bn in 2024. Online pharmacies will possibly gain the highest popularity, witnessing the fastest growth at a CAGR of over 9%.
Regional analysis reaffirms dominance of North America
According to regional analysis, North America, Europe, and Asia Pacific will be the top three markets over 2016-2024. The highest growth will be observed in APAC, crossing US$ 150 Bn by 2024 end, followed by Europe. The Asian market will be led by China, Japan, and India.
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Key player analysis indicates a number of M&A, collaborations, and partnerships
Among all the key players competing in the global sterile injectable drugs market, Sanofi recently swapped its animal health business (Merial) with Boehringer Ingelheim’s consumer healthcare (CHC) business, in January 2017. Earlier in October 2016, the company had announced its collaboration with Oswaldo Cruz Foundation and Walter Reed Army Institute of research (WRAIR) for a development of a vaccine against Zika virus.
Pfizer Inc. acquired development and commercialization rights of AstraZeneca’s late-stage small molecule anti-infective business recently in December 2016. Whereas, GlaxoSmithKline plc opened a new global vaccine R&D center in the U.S., in December 2016.
While GILEAD SCIENCES, INC. entered into a partnership with WHO for diagnosis and treatment of Visceral Leishmaniasis, Novo Nordisk A/S received an approval from the European Commission for Fiasp, a fast-acting insulin aspart especially for treating adult diabetes.
Other key companies operating in the global sterile injectable drugs marketplace, include Baxter International Inc., AstraCeneca plc, Merck & Co., Inc., Novartis AG, and Johnson & Johnson Services, Inc.