Sterile injectables market is estimated to witness high growth, owing to increasing demand for biologics drugs & rising prevalence of chronic diseases
Sterile injectables market is estimated to be valued at USD 586.1 Bn in 2024, exhibiting a CAGR of 7.7% over the forecast period 2024-2031. The market growth is driven by increasing incidence of chronic diseases along with growing demand for biologics drugs. Furthermore, rising geriatric population worldwide who are more susceptible to developing chronic conditions can also drive the sterile injectables market growth.
Market Dynamics:
The Global Sterile Injectables Market is driven by increasing demand for generic drugs as well as rising adoption of biologics. With patent expiry of major blockbuster drugs, there has been substantial growth in demand for low-cost generics across both developed and emerging economies. This is expected to boost uptake of sterile injectables in the coming years. Moreover, the biologics segment is growing at a rapid pace with launch of novel biologics for treatment of cancer and other non-communicable diseases. Sterile injectables serve as an important delivery format for biologics. The technological advances and continuous investments by players to enhance large molecule injectable drug delivery technologies will propel market growth over the forecast period.
Increasing Prevalence of Chronic Diseases is Driving the Growth of Global Sterile Injectables Market
One of the major drivers propelling the growth of the global sterile injectables market is the rising prevalence of chronic diseases worldwide. Chronic diseases such as cancer, diabetes, cardiovascular diseases are increasing at an alarming rate globally. According to the World Health Organization (WHO), chronic diseases account for approximately 60% of all deaths worldwide. Sterile injectables play a crucial role in the treatment of chronic diseases as they can deliver medications directly into the bloodstream for rapid effectiveness. The growing patient pool of chronic diseases is driving higher demand for sterile injectable drugs and boosting the growth of this market.
Growth in Geriatric Population is Augmenting the Demand for Sterile Injectables
Another key factor positively impacting the sterile injectables market is the growing geriatric population globally. The elderly population aged 65 years and above is more susceptible to developing chronic diseases due to age-related health issues. As per the United Nations, the number of people aged 65 years or over is projected to grow from 703 million in 2019 to 1.5 billion in 2050 worldwide. The rising healthcare expenditure on the aging population will propel the demand for sterile injectable medications which are convenient for administration to elders. This demographic shift is expected to open new opportunities for players in the sterile injectables market.
Stringent Regulatory Guidelines Delay Product Approvals
One of the major challenges hindering the growth of the sterile injectables market is stringent regulatory requirements imposed by various government agencies on approval procedures. Regulatory bodies such as FDA rigorously examine sterile injectable drug manufacturing facilities and processes to ensure product safety and quality compliance. Obtaining the go-ahead from regulators requires extensive clinical trials and documentation which delays the approval timeframe. This causes project lag and increases costs for manufacturers. The rigid global quality standards also demand high production investments, posing financial challenges for market participants.
Risk of Product Contamination Hampers Production Process
Maintaining sterility during the filling and packaging of sterile injectables is extremely critical to avoid any microbial or particulate contamination. However, the sterile production process is complex and prone to contamination risks. Even minutest contaminants in the manufacturing environment, personnel errors or equipment failures can render the entire drug lot useless. This results in significant wastage of resources and production downtime for remediation. The high costs involved in ensuring absolute sterility and mitigating contamination issues throughout manufacturing restricts profitable operations of sterile injectable drug makers.
Outsourcing Trend Opening New Revenue Avenues
One key opportunity for growth in the sterile injectables market is the increasing outsourcing of manufacturing activities by pharmaceutical companies. Many drug makers are outsourcing sterile injectable production to contract development and manufacturing organizations (CDMOs) to focus on their core competencies. This trend provides CDMOs an opportunity to ramp up service capabilities and capacities. It also allows drug sponsors to access advanced sterile manufacturing infrastructure through a flexible, cost-effective outsourcing model. The flourishing outsourcing industry is expected to drive significant revenues in the global sterile injectables market.
Biosimilars Driving Cost Savings and Expanding Therapeutic Options
The development and approval of biosimilar injectable drugs pose another significant growth opportunity. Biosimilars are less expensive versions of patented biologic medicines and have the potential to deliver cost savings of up to 30% compared to originator biologics. Regulators worldwide are encouraging the uptake of biosimilars to make biologic therapies more affordable. Their growing accessibility is expected to enhance patient access to important biologic treatments. This will augment the demand for biosimilars in therapeutic areas like oncology and autoimmune diseases. Overall, biosimilars are expanding treatment options while benefiting payers, physicians as well as sterile injectables drug makers.
Link: https://www.coherentmarketinsights.com/market-insight/sterile-injectables-market-201
Key Development
- On July 9, 2024, Amneal Pharmaceuticals, Inc. and Steriscience launched FOCINVEZ, a new injectable product. This ready-to-use fosaprepitant injectable differs from others on the market by being free of Polysorbate 80. It comes in a single-dose vial format that requires no reconstitution or dilution, facilitating direct administration with the included vial hanger.
- In April 2023, Bridgewest Group, a renowned global private investment firm known for nurturing innovative enterprises in life sciences, software, and deep tech sectors, announced the acquisition of the Perth sterile injectable manufacturing facility from Pfizer (Perth) Pty Ltd, a subsidiary of Pfizer, Inc. This acquisition follows Bridgewest Group's earlier announcement of a definitive agreement to purchase the facility in 2022.
- In November 2022, The U.S. FDA approved the combination of tremelimumab, durvalumab, and platinum-based chemotherapy for the treatment of metastatic non-small cell lung cancer (NSCLC) in adults
- In May 2022, the U.S. FDA approved Eli Lilly's Mounjaro (tirzepatide) injection, a novel weekly treatment utilizing GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonists to enhance blood sugar management in adults with type 2 diabetes
Key Players: Pfizer Inc., Merck & Co., Inc., Johnson & Johnson, Baxter International Inc., Novartis AG , Sanofi S.A., GlaxoSmithKline plc (GSK), AstraZeneca PLC, Gilead Sciences, Inc., Amgen Inc., AbbVie Inc., Teva Pharmaceutical Industries Ltd., Bayer AG, Fresenius SE & Co. KGaA (Fresenius Kabi), Becton, Dickinson and Company (BD), F. Hoffmann-La Roche Ltd., and Eli Lilly and Company
