The injectable drugs market is expected to register a CAGR of nearly 11.1% during the forecast period. With an upsurge in the number of chronic diseases like diabetes and cancer, the need for drug delivery systems has risen substantially in the market.
From the past one era of healthcare, biologics are increasingly becoming the driving forces of the pharmaceutical industry, and prefilled syringes have gained increased acceptance as delivery systems for injectable drugs in the treatment of chronic diseases. Prefilled syringes are mainly sterilized via autoclaving or by ionizing radiation. Their ease of administration and the greater level of safety have increased the competition among the leading companies of injectable drugs.
With the need for more convenient drug-delivery methods, they are becoming the fastest-growing choices for unit dose medication (minimizing dosing error), in order to reduce the drug waste and increase the product life span.
The prefilled syringes have increased utilization across a wide range of therapeutic areas, such as blood stimulants, therapeutic proteins, and vaccines. With the rapid growth of the emerging markets, there is an increasing demand for patient-friendly parenteral delivery systems. Thus, over the forecast period, a wide expansion of prefilled syringes is expected across the world, This is expected to drive the demand for injectable drugs market.
Key Market Trends
Large Molecule has the Highest Share in the Molecule Type Segment
The large molecule is dominating the market due to the steady rise of biologics, orphan drugs, and precision medicines across the biopharmaceutical industry. Furthermore, in 2017, the US FDA drug approval hit a record high, in which biologics and gene therapies played a significant part. With the increasing approval rate of biologics, the demand for injectable drugs is expected to rise significantly.
North America Region Holds the Largest Market Share of Injectable Drugs Market
North America dominates the Injectable Drugs market, owing to rapid developments in healthcare infrastructure, the presence of major players in the region, huge investments made in the research and development, and increased adoption of oncology-related drugs in hospitals to treat different cancers. Furthermore, the expansion of different companies to increase their production capacities is also drive the North American injectable drugs market.
The key players in this market include Pfizer, Inc., Baxter International, Inc., Amgen Inc. among others. Some of the major players in the market have consolidated partnerships for certain products that allow for ease of manufacturing and distribution. Furthermore, the expansion of different companies to increase their production capacities helps in increasing the overall market.
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