Nearing Patent Expiry of Many Branded Drugs Bolsters Demand
The drive for generic injectables has risen on the back of the recent fillip received by the generic pharmaceutical industry, fueled by the nearing patent expiry of several blockbuster drugs. The opportunities in the generic drug manufacturing have expanded considerably over the years, given the robust impetus it has received from governments in numerous countries. The trend is also spurring drug development in the generic injectables market.
Generic injectables market landscape has broadened stridently on the back of growing awareness about the role of generic pharmaceuticals in propelling access to quality drug products at affordable prices. The healthcare industry has been viewing growing generic drugs as a key aspect in reducing the cost of drug administration. Strides being made by biologics and consequent push toward acceptance of biosimilars for wide range of disease conditions have boosted the growth, notes a market study on generic injectables.
Drugmakers Focus on Reducing Drug Product Administration and Increasing Patient Compliance
Costs associated with drug product administration have risen considerably over the years, resulting in high healthcare costs. A number of injectable dosage forms and routes of administration have come forth, propelling the expansion of generic injectables market. In particular, drugmakers are leaning on developing long-acting injectable drug products to meet the emerging needs. Key product types in the market are generic biologics or biosimilar products, and small molecule injectables. The low cost of generics also ensures patient compliance, especially in cost-sensitive markets.
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Constant Advances in Drug Delivery Mechanisms Propel Popularity of Prefilled Syringes, Segment to Spawn Sizable Market Revenues
Major product types comprise ampoules, vials, premixes, and prefilled syringes. Of these, opportunities in the prefilled syringes segment are expect to grow at a promising pace. Clinicians and patients are increasingly benefitting from the high precision of drug dosage forms and the ease in administration. The number of benefits is expected to keep the segment lustrous over the forecast period. Research in developing and commercializing advanced drug delivery systems is expected to spur developments in the segment, expanding the revenue potential of players in the market, notes a research on generic injectables market.
The global generic injectables market is expected to advance at CAGR of nearly 13.6% during 2017–2025. The valuation is expected to cross the mark of US$ 150 billion by the end of 2025.
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High Barrier to Entry Shape the Prevailing Competitive Dynamics
Strict regulations on the development of generics have prolonged the timeline of drugs. Aside from this, the cost of development also increased due to compliance norms for the pharmaceutical industry. These factors have kept the barrier to entry high. The existing players are leaning on mergers and acquisitions in order to strengthen their position, and are relentelessly working to develop new products that meet the needs of a wide cross-sections of patients, world over. Leading players are spending sizably on meeting the key regulatory requirements pertaining to development and authorization of generics in the pharmaceutical industry.
Some of the key players in the market are Sanofi, Lupin Ltd., Biocon, Hikma Pharmaceuticals, Mylan N.V., Fresenius SE & Co. KGaA, Teva Pharmaceutical Industries Ltd., Baxter, Novartis AG, and Pfizer Inc.A.
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Oncology Attracting Extensive Advancements in Generic Injectable Market
Among the various disease segments, the oncology has been found to be replete with lucarttive avenues. The prevalence of certain cancers and the consequent burden have led oncology biosimilars’ to be a markedly attractive segment for pharmaceuticals in the generic injectables market. Stridently, oncology therapeutics will also attract new pharmaceutical companies to increase their stakes. The segment is expected to be highly lucrative one throughout the forecast period.
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