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The recent past saw a global generic injectable market in a nascent stage for commercial purposes. But, as players got into the proactive mode to plug-in supply-demand gaps, the market is showing signs of sturdy growth. Additionally, it is worth mentioning here that capital allocation is done by the government for the development of biologics, and oncology research is also set to contribute massively to the growth of the global generic injectable market. Another significant factor of growth in the market is the growing preference for self-administration of drugs among patients. This is creating a conducive environment for growth in over the next few years. As per extensive research done on the market’s growth dynamics, the market will record a stellar growth rate from 2020 to 2025. The growth rate over the period is set to be 13.3%, taking the market worth to a value of USD 1.5 billion. One of the most significant factors of growth in the market is the low costs associated with the development of generics. While branded formulations take a very long time to reach the marketing phase, thanks to a large number of clinical trials and a large amount of money required – around USD 5-8 billion, the generic ones have it easy as a number of trials and study requirements are not needed. Asia Pacific to be a Lucrative Region in the Global Generic Injectable Market over the Forecast Period
Experts claim that the Asia Pacific (APAC) region will be the kingpin with a great number of growth avenues ready to emerge in the landscape over the forecast period. One of the biggest reasons that support growth in the regional market is the growing prevalence of chronic illnesses and infectious diseases such as cholera, diarrhea, and typhoid. Additionally, a large number of people in the market landscape are cancer patients. While the economies in the region are doing well on the economic front, rising disposable income levels, it is worth noting here that most of the expenditure is out of pocket, due to poor insurance cover, making people look out for generic variants. Governments too are quite active in promoting the development of generic drugs and injectables. As per the study, a CAGR of 16.1% would be recorded by the region over the period. It is also quite significant to note that the North American Market would also account for a massive share of the global generic injectable market and is set to grow at a rate of 11.4%, compounded annually. Lifestyle diseases are contributing positively to this growth of this region. Besides, the demand for inexpensive biosimilars is also growing, pushing the market upward and forward. Applications for ANDA are also witnessing the increase in approvals to help the region stay buoyant over the forecast period. Competitive Vendor Landscape to Witness Players Focusing On New Product Development In order to stay ahead of the curve, the global generic injectable market players will rely heavily on a robust pipeline of injectables. Technology is said to play a massive role in determining the share of individual players. Some of the most notable players in the market are set to tap into emerging opportunities in the developing region of the world. Prominent players in the global generic injectables market are Pfizer, Inc., Novartis AG (Sandoz International GmbH), Baxter, Fresenius SE & Co., KGaA, Mylan N.V., Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC., Lupin Ltd., Sanofi, and Biocon, among others.
| Create Date : 12 พฤษภาคม 2563 |
| Last Update : 12 พฤษภาคม 2563 15:27:12 น. |
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