(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Global and U.S. Generic Injectables Market Report by Therapeutic Area, Container, Distribution Channel 2024-2032" report has been added to ResearchAndMarkets's offering.
The US generic injectables market has experienced a significant upsurge, achieving a value of $19.9 billion in 2023. This momentum is anticipated to continue, with projections estimating the market to expand to $44.6 billion by 2032, progressing at a CAGR of 9.38% over the forecast period. The surge in market growth is largely attributable to the escalating demand for affordable healthcare alternatives, the looming patent expiries of numerous branded medications, and the implementation of supportive government initiatives championing the use of generic drugs, which includes injectables.
Chronic conditions such as cancer, cardiovascular diseases, and diabetes necessitate enduring management strategies that often involve injectable therapeutics. The increasing incidence of these ailments is a key force propelling the demand for injectables, including generic versions, which offer cost-effectiveness in the long-term management of health conditions. Additionally, an aging US population exerts a sizeable demand on the healthcare sector for injectable treatments required for the management of age-related diseases. Industry Analysis by Segmentation
The report delineates the market into distinct segments – therapeutic area, container, and distribution channel – thus delivering a comprehensive analysis of each category. Within the therapeutic arena, oncology maintains superiority, reflecting the mounting necessity for cancer treatments. From a packaging perspective, vials command the market due to their adaptability and compliance with regulatory standards. Regarding distribution mechanisms, hospitals emerge as the leading channel, attributed to their centralized procurement and formulary management systems that emphasize generic injectables for cost efficiency.
Prominent Market Trends and Drivers
The market is witnessing several key tendencies including the push towards more affordable healthcare. Generic injectables enable healthcare systems and patients to realize substantial savings, thereby driving their adoption and utilization. Furthermore, the market is poised to benefit from the expiration of patents for branded drugs, opening the door for the advent of generic alternatives. Government-instigated initiatives aim to expedite approval processes for generic drugs, contributing positively to market dynamics.
Competitive Landscape and Key Industry Developments
Key industry participants are focusing on broadening their generic injectable assortments and heightening investment in R&D for novel offerings. Collaborations and acquisitions also form a strategic part of market expansion endeavors, with several entities actively pursuing deals to augment their market presence and operational capacities. Recent developments such as FDA approvals for generic versions of key medications and the launch of cost-effective alternatives underscore the dynamic and responsive nature of the industry.
Companies Featured
Hospira (Pfizer Inc.) Hikma Pharmaceuticals PLC Fresenius Kabi AG Sagent Pharmaceuticals Inc. Sandoz (Novartis) Henry Shein Inc.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $19.9 Billion |
| Forecasted Market Value (USD) by 2032 | $44.6 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | United States |
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