INJECTABLE DRUGS MARKET ANALYSIS

The global injectable drugs market was valued at US$ 458.5 Mn in 2021 and is forecast to reach a value of US$ 782.7 Mn by 2028 at a CAGR of 7.9% between 2022 and 2028. The global injectable drugs market is experiencing strong growth due to the increasing prevalence of chronic disorders, such as cancer, and increase in demand for biologics or growth in the biologics market across the globe. Moreover, increase in adoption of injectable drugs across the world is expected to boost growth of the market. However, factors such as availability of or preference for alternative drug delivery methods and high risk of needle-stick injuries are expected to hamper growth of the global injectable drugs market.

Global Injectable Drugs Market: Regional Insights

Based on geography, the global injectable drugs market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increasing prevalence of chronic disorders, such as cancer, and rise in adoption of injectable drugs to treat wide variety of cancer. For instance, according to the American Cancer Society (ACS), cancer continues to be the 2^nd most common cause of death in the U.S., after heart disease. A total of 1.9 million new cancer cases and 609,360 deaths from cancer are expected to occur in the U.S. in 2022, which is about 1,670 deaths a day. Thus, with the increasing prevalence of chronic diseases, demand for injectable drugs is also increasing rapidly.

Asia Pacific is also expected to witness robust growth in the global injectable drugs market due to the increasing adoption of injectable drugs, increasing prevalence of chronic disorders, and huge investments in research and development in the region. For instance, in India, an estimated number of 177,000 adults are injection drug users (IDUs), defined as those with ever use of injecting drugs in their lifetime. Furthermore, Injecting Drug Use (IDU) has emerged as an important route in HIV transmission dynamics in India. Thus in turn is expected to propel growth of the global injectable drugs market during the forecast period.

Figure 1. Global Injectable Drugs Market Share (%), by Region, 2021

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Global Injectable Drugs Market Drivers:

Increasing incidence of chronic disorders, such as cancer, across the globe is expected to augment growth of the global injectable drugs market over the forecast period. Injectable drugs can be used to treat a variety of cancer. Many types of chemo are given as an infusion or injection. For instance, Ramucirumab injection can be used alone and in combination with another chemotherapy drug to treat stomach cancer. According to International Agency for Research on Cancer (IARC), one in five people around the world develop cancer during their lifetime, and one in 8 men and one in 11 women die from the disease.

Increase in demand for biologics or growth in the biologics market is expected to boost the growth of the global injectable drugs market during the forecast period. For instance, in November 2022, Juvena Therapeutics, Inc. raised US$ 41 million in an oversubscribed Series A, bringing its total funding to US$ 50 million. The new funding will power the expansion of Juvena’s drug discovery platform and advance the company’s biologics pipeline targeting chronic and age-related diseases. This in turn is driving the injectable drugs market growth.

Global Injectable Drugs Market Opportunities:

Increase in adoption of injectable drugs across the globe is expected to provide significant growth opportunities for players in the global injectable drugs market. For instance, with the increase in prevalence of chronic disorders across the world, the demand for injectable drugs is also increasing with a rapid pace. In July 2020, Piramal Critical Care collaborated with Medivant Healthcare, the United States-based pharmaceutical outsourcing facility, to address a severe shortage of injectable drugs in hospitals across the United States.

Increase in focus on the development of injectable drugs is expected to provide significant growth opportunities for players in the global injectable drugs market. For instance, in October 2022, Eisai completed the construction of US$ 69 million injectable drug delivery facility. Eisai highlighted several initiatives it will implement at the new EMITS facility. The list includes the installation of equipment to manufacture injectable drugs in-house as well as with external partners. Eisai also decided to invest in a new facility to support injectable drug delivery.

Global Injectable Drugs Market Trends:

With the rise in burden of cancer, the demand for novel cancer therapies is also increasing with a rapid pace, and thus cancer therapies must be modified according to both national and/or regional priorities. As a result, players in the market are focusing on developing and launching novel cancer therapies in the market to meet increasing demand, as cancer is one of the leading cause of death worldwide. This trend is expected to continue over the forecast period.

Moreover, there is an increase in demand for biosimilar and generic injectables across the globe, and thus, players in the market are focusing on developing and launching novel injectables in the market. The U.S. Food and Drug Administration (USFDA) has approved biosimilar injectables to treat conditions such as cancer, diabetes, colitis, Crohn’s disease, psoriasis, rheumatoid arthritis, and more. This trend is expected to continue during the forecast period, driving the growth of the global injectable drugs market.

Global Injectable Drugs Market Restraints:

Availability of or preference for alternative drug delivery methods is expected to hamper growth of the injectable drugs market during the forecast period. For instance, patients prefer other mode of drug delivery, due to factors, such as pain and swelling at the injection site and trypanophobia. There are various alternative drug delivery methods, such as nasal, oral, buccal, rectal, sublingual, vaginal, transdermal, and cutaneous. Hence, these alternative modes of drug delivery may hinder growth of the injectable drugs market.

High risk of needle-stick injuries is expected to hinder growth of the injectable drugs market. For instance, needle-stick injuries can lead to serious or fatal infections with blood borne pathogens, such as HIV, hepatitis B, or hepatitis C. It is estimated that 600 000 to 800 000 needlestick injuries occur per year in the United States. This in turn is restraining the market growth.

Figure 2. Global Injectable Drugs Market Share (%), by Molecule Type, 2021

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Global Injectable Drugs Market Segmentation:

The global injectable drugs market report is segmented into Molecule Type, Drug Class, Application, and Geography.

Based on Molecule Type, the market is segmented into Small Molecule and Large Molecule. Out of which, Large Molecule Segment is expected to dominate the injectable drugs market over the forecast period and this is attributed to the rise in demand for biologics around the world. Large molecules, or biologics, are classified as proteins having a therapeutic effect.

Based on Drug Class, the market is segmented into Blood Factors, Cytokines, Peptide Hormone, Immunoglobulin, Monoclonal Antibodies (mAbs), Insulin, and Other Drug Classes. Out of which, Blood Factors Segment is expected to dominate the market over the forecast period and this is attributed to the increase in prevalence of chronic and hereditary blood disorders worldwide.

Cytokines Segment is also expected to witness significant growth in the near future and this is owing to the increase in usage of cytokines. Cytokines affect the growth of all blood cells and other cells that help the body's immune and inflammation responses. Cytokine therapy has been taken as a natural alternative for disease control.

Based on Application, the global injectable drugs market is segmented into Oncology, Neurology, Cardiovascular Diseases, Autoimmune Diseases, Infectious Diseases, Pain, and Others. Out of which, Oncology Segment is expected to dominate the market over the forecast period and this is attributed to the increase in prevalence of cancer.

Neurology Segment is also expected to witness significant growth in the near future and this is owing to the growing demand for the treatment of the neurological disorders.  

Global Injectable Drugs Market: Key Developments

In August 2021, Kite and Appia Bio Inc. announced a collaboration and license agreement to research and develop HSC-derived cell therapies directed toward hematological malignancies.

In July 2021, Loxo Oncology, which operates under the Lilly Research Group of Eli Lilly, applied Kumquat Biosciences’ small-molecule immuno-oncology (I/O) platform to discover, develop, and commercialize potential novel drugs against cancer. The collaboration intends to yield new small-molecule drugs that stimulate tumor-specific immune responses.

In May 2021, Amgen Canada announced the launch of its adalimumab biosimilar, AMGEVITA, for the treatment of 11 chronic inflammatory conditions. AMGEVITA is available as a prefilled syringe and a prefilled pen.

Global Injectable Drugs Market: Key Companies Insights

The global injectable drugs market is highly competitive. This is attributed to the rise demand for injectable drugs across the world, as a result, players in the market are focusing on launching novel injectables in the market.

Some of the key players in the global injectable drugs market are Amgen Inc., Novo Nordisk AS, Sanofi SA, Pfizer Inc., Novartis AG, Merck and Co. Inc., Johnson and Johnson, GlaxoSmithKline PLC, Gilead Sciences Inc., Baxter International Inc., among others.

*Definition: Drug injection is a method of introducing a drug into the bloodstream via a syringe and needle. Injectable drugs are used to treat a variety of diseases and disorders. The method improves the speed and effectiveness of drugs to the target.