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The generic injectables market is projected to reach US$ 150.65 billion by 2028 from US$ 74.74 billion in 2021; it is expected to register a CAGR of 10.5% from 2021 to 2028.
Generic injectables are the bioequivalents of their branded counterparts and are not protected by patents. They are safe and effective as the innovator drugs since they have similar active ingredients, dosages, strength, qualities, form, etc.
The report offers insights and in-depth analysis of the generic injectables market, emphasizing various parameters such as market trends, technological advancements, and market dynamics; it also provides the competitive landscape analysis of leading market players and the impact of the COVID-19 pandemic on the market across all major regions. The COVID-19 pandemic has disrupted the socioeconomic conditions of various countries across the world. As per the recent WHO statistics, the US is the world's worst-affected country due to the pandemic with the highest number of cases. The high number of COVID cases has negatively impacted the economy of the US, and consequently that of North America. There has been a decline in overall business activities and growth of various industries operating in the region.
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Generic Injectables Market: Strategic Insights
Market Size Value in US$ 74.74 billion in 2021 Market Size Value by US$ 150.65 billion by 2028 Growth rate CAGR of 10.5% from 2021 to 2028 Forecast Period 2021- 2028 Base Year 2021
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Generic Injectables Market: Strategic Insights
| Market Size Value in | US$ 74.74 billion in 2021 |
| Market Size Value by | US$ 150.65 billion by 2028 |
| Growth rate | CAGR of 10.5% from 2021 to 2028 |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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However, there was an unusual demand for Remdesivir, an antiviral medicine used to treat patients, when the outbreak was at its peak. Thus, manufacturers in the generic injectables market are now prepared for the future as they focus on keeping adequate stock for keeping supply chain operations unaffected dur to any type of vulnerabilities. Gilead Sciences and other big pharma companies, for example, have reduced the prices of their generic versions of remdesivir considerably. Companies are utilizing government programs and financing schemes offered by the BFSI industries to streamline their operations. In May 2020, the US government entered into an agreement, worth US$ 812 million, with a group of American generic medicine manufacturers, with the goal of bolstering the country's drug supply amid the global COVID-19 pandemic.
Furthermore, the pandemic strained pharmaceutical industries globally, interrupting and delaying supply of various critical drugs. Many market players came to rescue with immediate actions. For instance, in January 2021, Civica Rx teamed up with the brand-new Phlow Corp. in an effort to support drug manufacturing in the US and supply critical medications to hospitals fighting the pandemic. Civica invested US$ 124.5 million in the construction of a sterile injectable manufacturing facility in Petersburg, Virginia, which rose to prominence last year owing to a large government contract to produce COVID-19-related drugs.
Based on region, the generic injectables market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Lucrative Regions for Generic Injectables Market
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Market Insights
High Demand for Affordable Drugs Drives Generic Injectables Market
High Demand for Affordable Drugs Drives Generic Injectables Market
Innovator drugs are expensive owing to high investments made in the research & development of molecules; these drugs are specifically unaffordable for a large share of the population in developing countries. However, generic drugs are affordable and provide greater access to healthcare. As published by the Association for Accessible Medicines (AAM), the average primary copay (the amount set by the insurance plans) of a generic drug is US$ 6.06 and US$ 40.30 for branded drugs. This fact indicates the falling prices of generic medicines by at least ~7%. According to the American Association of Retired Person (AARP), branded drug prices continue to increase at a pace that is 100-times greater than inflation. Moreover, as mentioned by the USFDA, 9/10 prescriptions filled in the US are for generic drugs. Additionally, the generic drug’s average manufacturer prices (AMP) are ~39% lower than the branded drug’s AMP. For instance, as published by Association for Accessible Medicines (AAM), 93% of generic prescriptions are filled for US$ 20 or less. The facts mentioned above boost the demand and availability of generic injectables, thus driving the entry of more players into the generic injectables market.
Further, low prices of generic injectables contribute to greater and effective chronic illness treatments. As per the World Health Organization (WHO), ~422 million people worldwide were diabetic in 2021. Generic injectables such as insulin injections offer immediate solutions for such ailments, alongside ensuring affordable treatments in developing countries.
Product Type-Based Insights
Based on product type, the generic injectables market is segmented into large molecule injectables and small molecule injectables. In 2021, the large molecule injectables segment accounted for a greater market share. The market position of this segment is credited to a surge in the adoption of biologics in the healthcare sector, and the progress of monoclonal antibody and antibody-drug conjugates (ADCs) into the drug development.
Generic Injectables Market, by Product Type – 2020 and 2028
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Container Type-Based Insights
Based on container type, the generic injectables market is segmented into vials, premix, prefilled syringes, ampoules, and others. The vials segment is likely to dominate the market in 2021.
Application-Based Insights
The generic injectables market, based on application, has been categorized into oncology, infectious diseases, cardiology, diabetes, immunology, and others. The oncology segment is likely to hold the largest share of the market in 2021. An increase in cancer incidences and rise in the launch of drugs is anticipated drives the growth of the oncology market segment.
Route of Administration-Based Insights
Based on the route of administration, the generic injectables market has been categorized into intravenous, intramuscular, subcutaneous, and others. The intravenous segment held the largest market share in 2021.
The generic injectables market players adopt organic strategies such as product launch and expansion to expand their footprint and product portfolio worldwide.
By Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Astrazeneca
- Baxter International, Inc.
- Biocon
- Fresenius SE & Co. KGaA
- GlaxoSmithKline Plc
- Hikma Pharmaceuticals
- Johnson & Johnson Services, Inc.
- Lupin, Ltd.
- Merck & Co., Inc.
- Mylan N.V.
- Pfizer, Inc
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Container Type, Application, and Route of Administration, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Generic Injectables are safe and effective innovator bio-equivalent drugs of their branded counterparts which are not protected by drug patents. They have a similar ingredient, dosage, strength, quality, form, etc.
High demand for affordable drugs is one of the most significant factors responsible for the overall market growth.
Based on product type, large molecule injectables took the forefront leaders in the worldwide market by accounting largest share in 2020 and is expected to continue to do so till the forecast period.
The oncology segment dominated the global generic injectables market and accounted for the largest revenue of 21.62 Bn in 2021.
Astrazeneca, Baxter International, Inc., Biocon, Fresenius SE & Co., KGaA, GlaxoSmithKline Plc, Hikma Pharmaceuticals, Johnson & Johnson Services, Inc., Lupin, Ltd., Merck & Co., Inc., Mylan N.V., Pfizer, Inc. are among the leading companies operating in the global generic injectables market
Global generic injectables market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In North America, the U.S. is the largest market for generic injectables market. The US is estimated to hold the largest share in the generic injectables market during the forecast period. The presence of top players and favorable regulations related to product approvals coupled with commercializing new products are the contributing factors for the regional growth. Additionally, the increasing number of technological advancements is the key factor responsible for the Asia-Pacific regional growth for generic injectables accounting fastest growth of the region during the coming years.
The List of Companies - Generic Injectables Market
- Astrazeneca
- Baxter International, Inc.
- Biocon
- Fresenius SE & Co. KGaA
- GlaxoSmithKline Plc
- Hikma Pharmaceuticals
- Johnson & Johnson Services, Inc.
- Lupin, Ltd.
- Merck & Co., Inc.
- Mylan N.V.
- Pfizer, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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