Injectable Drugs Market Size Forecast To 2031

(MENAFN- Straits Research) Introduction

A syringe and needle are used to inject medications into the body. These medications are used to treat a range of illnesses and conditions. With an increasing number of biologics, antibody-drug conjugates, and monoclonal antibodies under development, as well as numerous injectable medications undergoing clinical trials worldwide, the market for injectable drugs is becoming more significant in hospitals and clinics. The market is also expected to boost because people with chronic conditions such as cardiovascular disease, autoimmune and inflammatory disorders, cancer, and infectious diseases use injectable drugs more frequently.

Market Dynamics Increasing R&D Focus on the Development of Biotechnology-Engineered Anti-Cancer Drugs Drives the Global Market

Bio-engineered drugs are proteins or peptides that the body cannot absorb adequately when administered normally. As a result, these drugs are constantly administered over extended periods. Rising cancer incidence, increased R&D expenditures, and rising bioengineered drug launches are projected to drive market growth. The need for cancer prevention and treatment has increased over time. More than 11 million people are given a cancer diagnosis every year. This is projected to increase to 30.2 million new cancer cases by 2040. The need for biotechnology-engineered anti-cancer medicines, which is rising along with the number of cancer cases, drives the market for injectable pharmaceuticals.

The need for prefilled syringes is a result of both the introduction of self-injecting parenteral devices and the rise in their use. Prefilled syringes are becoming more popular among patients and healthcare professionals, more biologics are available, more advanced biologic medications are being developed, and drug delivery systems like prefilled syringes are being developed to address the challenges. Parenteral drug administration has disadvantages, such as cost, lack of convenience, imprecision, sterility, safety, etc. The drawbacks of this distribution mechanism make it less appealing. Using prefilled syringes allowed for eliminating all these approaches' shortcomings. The development of biotechnology products like therapeutic proteins or vaccines in prefilled syringes (PFS) has attracted the attention of pharmaceutical and biotechnology companies in recent years.

Regional Analysis

North America is the most significant revenue contributor and is anticipated to expand at a CAGR of 7.70% over the projected period. The primary forces driving market expansion in the US are the increased incidence of chronic diseases countrywide and the speedy uptake of vaccinations for diverse illnesses. As a result of increased per capita health spending, advancements in the healthcare system, the accessibility of insurance policies, and the rise in infectious disease and chronic disease cases in the country, several patients have required hospitalization. They have used injectable drugs as a form of treatment. Another focus for the players in the business is the introduction of new products to the market. For instance, Pfenex Inc.'s commercialization partner Alvogen launched Teriparatide Injection in the United States on June 12, 2020.

Europe is anticipated to grow at a CAGR of 8.05% during the forecast period. Germany has a sizable number of foreign companies working on creating medications because of the rising prevalence of several chronic diseases and the aging population in the nation, which is expected to fuel market expansion. In the country, chronic diseases are prevalent. Cardiovascular diseases are the primary cause of death, followed by cancer and respiratory illnesses. Over 231,000 people in Germany died from cancer in 2019, including roughly 125,000 men and 106,000 women, according to a Federal Statistical Office (Destatis) report from 2021. Despite a 10% increase in cancer-related mortality since 1999, this percentage remained constant for 20 years.

Key Highlights

• The global injectable drugs market was valued at USD 464.40 billion in 2022. It is projected to reach USD 924.48 billion by 2031, growing at a CAGR of 7.95% during the forecast period (2023-2031).
• Based on molecule type, the global injectable drugs market is bifurcated into small and large molecules. The large molecule segment is the highest contributor to the market and is estimated to boost at a CAGR of 7.90% during the forecast period.
• Based on drug class, the global injectable drugs market is bifurcated into blood factors, cytokines, peptide hormones, immunoglobulin, monoclonal antibodies (MABS), insulin, and other drug classes. The monoclonal antibodies (MABS) segment is the highest contributor to the market and is estimated to boost at a CAGR of 9.40% during the forecast period.
• Based on application, the global injectable drugs market is bifurcated into oncology, neurology, cardiovascular diseases, autoimmune diseases, and infectious diseases. The infectious diseases segment is the highest contributor to the market and is estimated to boost at a CAGR of 6.70% during the forecast period.
• North America is the major revenue contributor and is expected to grow at a CAGR of 7.70% during the forecast period.