Injectable drugs are used to treat a variety of diseases and disorders. Drug delivery using injections are used for curative care and immunization. Such a drug delivery method improves the speed and effectiveness of drugs to the target. Injectable drug delivery is a promising alternative for drugs, which are poorly absorbed or ineffective, when administer orally. Thus, there is a rising demand for injectable drugs across the world.
Market Statistics:
The Global Injectable Drugs Market is estimated to account for US$ 494.6 Mn in terms of value by the end of 2022.
Drivers:
Increase in demand for injectable drugs around the world is expected to propel the growth of the injectable drugs market during the forecast period. For instance, with the increasing prevalence of chronic and neurological disorders worldwide, the demand for safe and effective injectable drugs is also increasing with the rapid pace. In February 2022, The U.S. Food and Drug Administration (FDA) approved rilpivirine and cabotegravir (Cabenuva) to 2-month dosing for adults living with HIV-1 infection. Cabenuva was the first injectable complete antiretroviral regimen approved by the Food and Drug Administration (FDA).
Opportunities:
High prevalence of chronic and neurological disorders worldwide is expected to offer significant growth opportunities for players in the injectable drugs market. For instance, injectable drugs can be used to treat a variety of chronic and neurological disorders, such as cancer, and thus, there is an increasing demand for injectable drugs worldwide. According to the American Cancer Society, cancer is the second most common cause of death in the U.S. Around 1.9 million new cancer cases and 609,360 deaths from cancer are expected to occur in the U.S. in 2022.
Restraints:
High risk of needle-stick injuries and availability of alternative drug delivery methods is expected to hinder growth of the global injectable drugs market over the forecast period. For instance, people prefer other mode of drug delivery, due to factors, such as pain and swelling at injection site and trypanophobia. There are various alternative drug delivery methods, such as nasal, oral, buccal, rectal, sublingual, vaginal, transdermal, and cutaneous. These alternative modes of drug delivery may hamper the growth of the market.
Global Injectable Drugs Market - Impact of Coronavirus (Covid-19) Pandemic:
The Outbreak of COVID-19 has had a positive impact on the growth of the injectable drugs market, as demand for injectable drugs has increased during the global pandemic. For instance, remdesivir injection is used to treat COVID-19 infection caused by SARS-CoV-2 virus in both hospitalized and non-hospitalized adults and children 28 days of age and older who weigh at least 6.6 pounds (3 kg). Furthermore, there is an increase in demand for safe and effective COVID-19 vaccine. For instance, in May 2020, AstraZeneca received more than US$ 1 billion the US Health Department's Biomedical Advanced Research and Development Authority for the development, production, and delivery of the University of Oxford's COVID-19 vaccine.
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Global Injectable Drugs Market Key Takeaways:
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.
Among molecule type large molecule segment held dominant position in the global injectable drugs market in 2021, accounting for 78.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
With the rise in burden of cancer, the demand for novel cancer therapies is also increasing with a rapid pace. Thus, market players are focusing on developing and launching novel therapies in the market to meet increasing demand. In June 2020, Roche received the FDA’s approval for Phesgo, a fixed-dose combination of Perjeta (pertuzumab) and Herceptin (trastuzumab) with hyaluronidase for the treatment of early and metastatic HER2-positive breast cancer. This trend is expected to continue over the forecast period, driving the growth of the market.
Competitive Landscape:
Major players operating in the global injectable drugs market include Amgen Inc., Novo Nordisk AS, Sanofi SA, Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Gilead Sciences Inc., Baxter International Inc., among others.
Recent Developments:
In June 2021, GSK and iTeos Therapeutics collaborated to develop and commercialize EOS-448, an anti-TIGIT monoclonal antibody, which enables novel next-generation immuno-oncology combinations.
In May 2021, Sandoz Canada Inc. announced the launch of Inclunox and Inclunox HP, which were authorized for sale in Canada by Health Canada. Inclunox is a solution for either the intravenous administration or the subcutaneous injection of enoxaparin sodium and is offered in multiple pre-filled syringe formats.