The Global Specialty Injectable Market, by Drug Type (Small Molecule Drugs and Biologics), by Application (Oncology, Cardiovascular Diseases, Central Nervous System Diseases, Infectious Diseases, Auto-immune Disorders, and Others), by Distribution Channel (Hospital Pharmacies, Specialty Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 43.6 billion in 2021 and is expected to exhibit a CAGR of 10.2% during the forecast period (2021-2028).
Market players are focusing on receiving approvals from regulatory authorities for their products, which is expected to drive the global specialty injectable market growth over the forecast period. For instance, on September 1, 2021, Aurobindo Pharma Ltd. an pharmaceutical manufacturing company has received approval from the U.S. Food and Drug administration (FDA) for the manufacturing and marketing of Cyclophosphamide Injection 500 mg/2.5 mL and 1 g/5 mL vials, which is indicated for Leukemia, breast cancer, multiple myeloma, malignant lymphomas, and retinoblastoma. This product will be ready-to-use injection and it will be manufactured in Eugia Pharma Specialties manufacturing unit in India.
Increasing product approvals by regulatory authorities is expected to drive the global specialty injectable market growth over the forecast period. For instance, on June 4, 2021, the U.S. FDA approved Wegovy (semaglutide) injection (2.4 mg) once weekly dose for chronic weight management in adults with obesity, overweight, or weight-related condition such as type 2 diabetes, high blood pressure, or high cholesterol.
Global Specialty Injectable Market - Impact of Coronavirus (COVID-19) Pandemic
The coronavirus disease (COVID-19) pandemic is expected to drive the global specialty injectable market growth over the forecast period. The COVID-19 is the recent pandemic outbreak which was first reported on December 31, 2019 in Wuhan, China. The World Health Organization (WHO) declared coronavirus disease (COVID-19) a pandemic on March 11, 2020. According to the WHO Weekly epidemiological update on COVID-19, the number of new cases and deaths continued to increase and nearly 271 million cases of COVID-19 and 5,331,019 deaths were reported till December 15, 2021.
Increasing research and development activities by the market players is expected to drive the global specialty injectable market growth over the forecast period. For instance, in May 17, 2021, the Sanofi and GSK adjuvant recombinant COVID-19 vaccine candidate achieved strong rates of neutralizing antibody responses, as compared to patients who recovered from COVID-19 and have antibody to respond against SARS-CoV virus, in all adult age groups in a Phase 2 study among 722 volunteers, and a pivotal Phase 3 study at global level is expected to start on the basis of phase 2 results.
Browse 35 Market Data Tables and 42 Figures spread through 176 Pages and in-depth TOC on Global Specialty Injectable Market, by Drug Type (Small Molecule Drugs and Biologics), by Application (Oncology, Cardiovascular Diseases, Central Nervous System Diseases, Infectious Diseases, Auto-immune Disorders, and Others), by Distribution Channel (Hospital Pharmacies, Specialty Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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The increasing prevalence of chronic diseases globally is expected to drive the global specialty injectable market growth over the forecast period. For instance, on September 21, 2021, according to a fact sheet published by the World Health Organization (WHO), cancer was reported to be the leading cause of death worldwide. In 2020, nearly 10 million deaths were caused by cancer. For diabetes, a fact sheet published on November 10, 2021 stated that in 2019, diabetes was the ninth leading cause of death with the number reaching 1.5 million. The following pie chart shows worldwide prevalence percentage of cancer and diabetes in millions in year 2020.
Key Takeaways of the Specialty Injectable Market:
- The global specialty injectable market is expected to exhibit a CAGR of 10.2% over the forecast period (2021-2028), owing to significant growth in potential markets, especially in Europe while North America accounted for the major market share in year 2020.
- Market players are involved in presenting their research at conferences. For instance, Smi Group Ltd, a global organizers of business to business conference, has arranged an upcoming conference on January 13-14, 2022 for the market players involved in manufacturing pre filled syringes and injectable drug devices are invited at Imperial College of London, U.K.
- Some of the major players operating in the global specialty injectable market include Pfizer Inc., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Novartis AG, Baxter International Inc., Mylan N.V., Merck & Co. Inc., Fresenius SE & Co. KGaA, Endo International Plc., AstraZeneca, Hikma Pharmaceuticals PLC, Lupin Ltd., Genentech USA Inc., Sagent Pharmaceuticals Inc., Cipla Limited, Sun Pharmaceutical Industries Limited, Genzyme Corporation, Dr. Reddy's Laboratories, Biogen, Alnylam Pharmaceuticals Inc., and Amgen Inc.
