Growing Demand for Sterile Injectables Drives Global Market
The global sterile injectables market is estimated to be valued at US$ 357.4 billion in 2022 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Sterile injectables are pharmaceutical drugs that are prepared and packaged in a sterile environment to prevent contamination. They are administered directly into the body through various routes such as intravenous, intramuscular, and subcutaneous, providing a fast and effective delivery of medication. Sterile injectables are widely used in hospitals and clinics for the treatment of various diseases and medical conditions. The advantages of sterile injectables include their ability to quickly reach the bloodstream, higher bioavailability, and precise dosing. The growing prevalence of chronic diseases and increasing demand for targeted therapies are the key factors driving the demand for sterile injectables globally.
B) Market Key Trends:
One key trend in the sterile injectables market is the increasing adoption of prefilled syringes. Prefilled syringes offer several advantages such as ease of use, accurate dosage, reduced risk of medication errors, and improved patient compliance. These syringes are pre-filled with a specific volume of medication, eliminating the need for manual measurement and reducing the risk of contamination. The convenience of prefilled syringes along with their ability to enhance drug stability and minimize wastage is driving their demand in healthcare settings. Moreover, the growing emphasis on safety and infection control measures is further propelling the market growth of prefilled syringes in the sterile injectables market.
Segment Analysis:
The Sterile Injectables Market can be segmented based on type, application, and end-user. In terms of type, prefilled syringes are expected to dominate the market due to their convenience, accuracy in dosing, and increasing demand for self-administration of drugs. Prefilled syringes eliminate the need for separate vials and needles, reducing the risk of contamination and medication errors. The increasing prevalence of chronic diseases and the growing geriatric population are driving the demand for prefilled syringes.
In terms of application, the oncology segment is expected to dominate the market. The rising incidence of cancer worldwide and the increasing adoption of injectable chemotherapy drugs are the key factors contributing to the dominance of this segment. Injectable chemotherapy drugs provide targeted therapy and are rapidly absorbed by the body, making them an effective treatment option for cancer patients.
In terms of end-user, hospitals and clinics are expected to dominate the market. The infrastructure and facilities present in hospitals make them a suitable setting for the administration of sterile injectables. Additionally, the increasing number of surgeries and the need for injectable anesthesia and antibiotics in hospitals contribute to the dominance of this segment.
Key Takeaways:
The global sterile injectables market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period. The market is driven by various factors such as the increasing prevalence of chronic diseases, the growing geriatric population, and the rising demand for self-administration of drugs. The oncology segment is expected to dominate the market due to the rising incidence of cancer and the increasing adoption of injectable chemotherapy drugs. Hospitals and clinics are expected to be the major end-users of sterile injectables due to the infrastructure and facilities available in these settings.
Regional Analysis:
North America is anticipated to be the fastest-growing and dominating region in the sterile injectables market. The presence of well-established healthcare infrastructure, favorable reimbursement policies, and increasing prevalence of chronic diseases in this region contribute to its dominance. Additionally, the rising adoption of advanced healthcare technologies and the presence of key market players further drive the market growth in North America.
Key Players:
Key players operating in the sterile injectables market are Baxter International Inc., AstraZeneca plc, Merck & Co., Inc, Novartis AG, Johnson & Johnson Services, Inc., Gilead Sciences, Inc., JHP Pharmaceuticals, Pfizer Inc., Fresenius Kabi Ag, CordenPharma, and Hikma Pharmaceuticals PLC. These companies focus on strategic collaborations, mergers and acquisitions, and product innovations to strengthen their market presence. They also invest in research and development activities to develop advanced sterile injectables and expand their product portfolios.
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