The global Sterile Injectables Market is estimated to be valued at US$ 213 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Sterile injectables are pharmaceutical dosage forms administered parenterally without microbial contamination. They include formulations such as vials, ampoules, prefilled syringes, and ready-to-use small volume bags. Sterile injectables find wide application in treatment of chronic diseases such as cancer, diabetes, cardiovascular diseases and for pain management. They offer advantages such as accurate dosing and fast action over oral formulations. Growing prevalence of chronic diseases globally along with benefits offered by sterile injectables over alternative modes of drug delivery are major factors driving demand.
Market key trends:
A key trend spurring growth is the technological advancements in sterile filling and packaging equipment leading to improvements in productivity and product quality. Emergence of advanced production techniques such as prefilled syringes eliminates risks of contamination during administration and improves patient convenience and compliance. Another notable trend is the patent expiries of blockbuster biologics providing opportunities for biosimilar development and commercialization especially in oncology and diabetes therapeutic areas. This is expected to make sterile injectables more affordable and accessible to larger patient pools worldwide.
Threat of new entrants: Low entry barriers and excess capacity in the industry may attract new entrants. However, stringent regulatory requirements and established distribution channels make entry difficult.
Bargaining power of buyers: Large pharmaceutical manufacturers and healthcare facilities have strong bargaining power due to their consolidated purchasing abilities. They can negotiate for lower prices and demand higher quality standards.
Bargaining power of suppliers: A few major players dominate the active pharmaceutical ingredients supply side. This gives them control over pricing, which may increase production costs for sterile injectable drug makers.
Threat of new substitutes: Risk of new substitutes is low as sterile injectables have few therapeutic alternatives for parenteral drug delivery. However, continued R&D can lead to development of new drug delivery methods.
Competitive rivalry: The sterile injectables market is highly competitive due to presence of numerous global and regional players. Players compete based on product portfolios, pricing, quality, reliability of supply, and customer relationships.
The global Sterile Injectables Market Share size is expected to reach US$ 213 Bn by 2023, exhibiting CAGR of 9.1% over the forecast period, due to increasing prevalence of chronic diseases and rising patient awareness. The increasing adoption of biologics and biosimilars is also expected to drive market growth during the forecast period.
On the regional front, North America is projected to dominate the sterile injectables market, accounting for over 40% of global revenues by 2030, led by an aging population, high healthcare spending, and rapid uptake of biologics in the US. Asia Pacific is poised to emerge as the fastest growing market, fueled by improving access to healthcare in China and India, rising medical tourism, and lower manufacturing costs.
Key players operating in the sterile injectables market are Sun Pharmaceutical Industries Ltd, Aspen Holdings, LUPIN, Cipla Inc., Fresenius Kabi AG, AuroMedics Pharma LLC, Bausch Health Companies Inc., CSC Pharmaceuticals, Dr. Reddy’s Laboratories Ltd., Baxter, AstraZeneca, Merck Sharp & Dohme Corp., Novartis AG, Johnson & Johnson Services, Inc., Gilead Sciences, Inc., Pfizer Inc., CordenPharma International, Hikma Pharmaceuticals PLC, Endo International plc. Major players are focusing on capacity expansions, M&A, and new product development to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it