Generic Injectables Market Growth, Future Prospects And Competitive Analysis (2021--2028)

The Generic Injectables Market is projected to reach US$ 150.65 billion by 2028 from US$ 74.73 billion in 2021; it is expected to grow at a CAGR of 10.5% from 2021 to 2028.

Low R&D, marketing, and manufacturing costs and high demand for affordable drugs are driving the generic injectables market growth. However, the critical inspection system for prefilled injection is hampering the generic injectables market growth.

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Analysis of the Top Market Players:

1. Astrazeneca
2. Baxter International, Inc.
3. Biocon
4. Fresenius SE & Co. KGaA
5. GlaxoSmithKline Plc
6. Hikma Pharmaceuticals
7. Johnson & Johnson Services, Inc.
8. Lupin, Ltd.
9. Merck & Co., Inc.
10. Mylan N.V.
11. Pfizer, Inc.

In this report, the market has been segmented on the basis of:

Product Type (Large Molecule Injectables and Small Molecule Injectables)
Container Type (Vials, Premix, Prefilled Syringes, Ampoules, and Others)
Application (Oncology, Infectious Diseases, Cardiology, Diabetes, Immunology, and Others)

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Generic injectables are as safe and effective as innovator molecules because they are bioequivalent to their branded counterparts, but they are not patented for many reasons. These medications can be produced for commercial usage only after the patent expiration of the branded drug. As the drug molecules are similar in branded and generic formulation, no or minimal R&D cost is associated with generic injectables. The low upfront R&D costs allow drug manufacturers to sell generic injectables at lower prices. As stated by the US FDA, a single generic competitor can lead to price reductions of 30%, while five generics competing could lead to price drops of ~85%. Additionally, generic injectables saved US$ 2.2 trillion for the US healthcare system during 2009-2019. As mentioned in a report by Congressional Budget Office, the pharmaceutical industry spent US$ 83 billion on R&D in 2019. However, with generic injectables, the repetition of clinical studies is not required to demonstrate their effectiveness and safety, which contributes to their low prices.

Further, the approval process of generic medicines is faster than branded ones. As reported by the USFDA, in 2019, 107 first generic drugs and 110 complex generic drugs were approved, totaling 11% of the generic drug product approvals. Overall, in 2019, the generic drug program approved or tentatively approved 1,014 generic drug applications. Additionally, the development of a new chemical entity takes almost a decade on average, which is bypassed in the development of generic injectables. Thus, the low cost associated with generic injectables is one of the major factors attracting new players to enter the market and driving the generic injectables market.

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