Middle East and Asia Injectable Drugs Market to Surpass US$ 7,23,164 Mn by 2028
Middle East and Asia Injectable Drugs Market, by Product Type (Pre-filled Syringes, Auto-injectors, Pre-filled Pens, Pre-mixed IV Bags, and Others), by Drug Class (Anesthesia, Antibiotics, Antidotes, Antiemetic, Anti-infective, Anti-thrombolytic, Muscle Relaxant, Non Opioids, Opioids, Sedatives, and Others), by Route of Administration (Intramuscular (IM), Intravenous (IV), Subcutaneous (SC), and Others (Epidural and Intrathecal)), and by End Users (Hospitals, Clinics, and Ambulatory Surgery Centers) is estimated to be valued at US$ 4,15,000 in 2021 and is expected to exhibit a CAGR of 8.2% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Key players operating in the market are focusing on receiving product approvals from regulatory authorities and this is expected to drive the market growth over the forecast period.
For instance, in August 2020, Novartis, a global healthcare company based in Switzerland, announced that the U.S. Food and Drug Administration (FDA) approved Kesimpta (precisely dosed and delivered B-cell therapy), injection for subcutaneous utilization for the treatment of multiple sclerosis, and active secondary progressive disease, in adults.
Middle East and Asia Injectable Drugs Market – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019, in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 260 million cases and 5.2 million deaths due to Coronavirus (COVID-19) were reported up till November 29, 2021, across the globe.
Drug shortage has been frequently noticed over the past few years in Saudi Arabia due to various reasons. Both locally and globally, this pandemic has exacerbated each and every situation. Saudi Arabia’s drug shortage is described and characterized by few of the studies before pandemic. The local manufacturers only covered 20-26% of domestic drug imports in which the different healthcare entities failed to inform the Saudi Food and Drug Authority (SFDA) regarding the drug shortages.
The main reason behind frequently noticed drug shortages is some old and essential drugs low profit margin and unadaptable traditional public procurement policy.
Browse 30 Market Data Tables and 35 Figures spread through 190 Pages and in-depth TOC on “Middle East and Asia Injectable Drugs Market”- Forecast to 2028, by Product Type (Pre-filled Syringes, Auto-injectors, Pre-filled Pens, Pre-mixed IV Bags, and Others), by Drug Class (Anesthesia, Antibiotics, Antidotes, Antiemetic, Anti-infective, Anti-rhrombolytic, Muscle Relaxant, Non Opioids, Opioids, Sedatives, and Others), by Route of Administration (Intramuscular (IM), Intravenous (IV), Subcutaneous (SC), and Others (Epidural and Intrathecal)), and by End Users (Hospitals, Clinics, and Ambulatory Surgery Centers)
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Key players operating in the market are focusing on adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, in order to strengthen their position in the global market. For instance, in November 2021, BioMarin Pharmaceutical Inc., a world leader in developing and commercializing innovative biopharmaceuticals, announced that the U.S. FDA had approved VOXZOGO injection, which is used in increasing the linear growth in pediatric patients.
Key Takeaways of the Middle East and Asia Injectable Drugs Market
- Middle East and Asia injectable drugs market is expected to exhibit a CAGR of 8.2% over the forecast period, owing to rising launches, agreement and regulatory approvals of products. For instance, in July 2017, GlaxoSmithKline plc, a British multinational pharmaceutical company headquartered in London, England, announced that the U.S. FDA had approved new subcutaneous formulation of Benlysta for the therapy of adult patients who are obtaining standard treatment.
- Among product type, pre-filled syringes is expected to account for largest market share during the forecast period, owing to product approvals by key players to meet demand for prefilled syringes with safety features and technological improvements. For instance, pre-filled syringes segment in Middle East and Asia injectable drugs market is estimated to be valued at US$ 415,000 Mn in 2021, and is projected to increase to US$ 7,23,164 Mn by 2028, witnessing a CAGR of 8.2% during the forecast period.
- Major players operating in the Middle East and Asia injectable drugs market include Kalbe Farma, Takeda pharmaceuticals Co. Ltd., Livzon Pharmaceutical Group, Inc., Sun Pharmaceutical Industries, Ltd., Pfizer, Inc., Sanofi, Novartis, Tabuk, Novo Nordisk, GlaxoSmithKline plc, AstraZeneca, and Gerresheimer AG
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