The growing frequency of chronic disorders like cancer and growth in the biologics market or rise in demand for biologics globally, causing the world injectable drugs market’s robust growth. Furthermore, growth in acceptance of injectable drugs worldwide is estimated to drive the growth of the market. However, the growth of the world injectable drugs market is expected to be hampered due to certain factors like high risk of needle-stick injuries and availability and preference for alternative drug delivery methods.
The world market of injectable drugs was valued to be of US$ 458.5 million. It is projected to be valued at US$ 782.7 million by 2030 at a 7.9% CAGR between the year 2023 and 2030.
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During the forecast period, growth of the global injectable drugs market is expected to be raised due to the rising incidence of chronic disorders like cancer, worldwide. Different types of cancer can be treated using injectable drugs. Infusion or injection are used to give different kinds of chemo. For example, to treat stomach cancer, Ramucirumab injection can be utilized individually and as a combination with other chemotherapy drugs as well. One person out of five people, globally develop cancer in their lifetime as per International Agency for Research on Cancer. Also, one man out of 8 men and one woman out of 11 women die due to this disease.
Over the forecast period, the growth of the global injectable drugs market is expected to be boosted rise in the biologics market or by the growth in demand for biologics. For example, in an oversubscribed Series A, Juvena Therapeutics, Inc. raised US$ 41 million and brought its total funding to US$ 50 million, in November 2022. Juvena’s drug discovery platform will be expanded and its biologics pipeline targeting age-related and chronic diseases, will be promoted due to the new funding. As a result, the growth of the injectable drugs market is driven.
Considerable growth opportunities for players of the world market of injectable drugs is expected to be provided due to rise in acceptance of injectable drugs across globally. For example, the demand for injectable drugs is also growing with a fast pace due to the increase in frequency of chronic disorders globally. In July 2020, the U.S. based pharmaceutical outsourcing facility named Medivant Healthcare collaborated with Piramal Critical Care in order to respond a severe dearth of injectable drugs in hospitals throughout the United States.
Considerable growth opportunities for the players in the world injectable drugs market is expected to be provided by rise in concentration on the development of injectable drugs. For example, the construction of an injectable drug delivery facility worth US$ 69 million was completed by Eisai in October 2022.Various initiatives will be implemented at the new EMITS facility which Eisai highlighted. The equipment installation to manufacture injectable drugs with external partners as well as in-house, are included in this list. To support delivery of injectable drug, an investment in a new facility was also decided by Eisai.
The demand for new cancer therapies is also growing with a steady pace due to the rising load of cancer. So, the cancer therapies need to be altered as per both regional and/or national priorities. Hence, to meet the rising demand the market players are concentrating on developing and launching novel cancer therapies in the market, since cancer is one of the dominant causes of death worldwide.
Moreover, the market players are concentrating on developing and launching newl injectables in the market as there is a rise in demand for biosimilar and generic injectables globally. For the treatment of conditions like rheumatoid arthritis, colitis, cancer, psoriasis, diabetes, Crohn’s disease and many others, biosimilar injectables have been approved by the U.S. Food and Drug Administration. The growth of the world injectable drugs market is driven due to this continuous trend over the forecast period.
Over the forecast period, the preference for or availability of other drug delivery methods is estimated to hinder the growth of the injectable drugs market. For example, due to reasons like trypanophobia and pain and swelling at the injection site, patients prefer alternative mode of drug delivery. There are different other methods of drug delivery like oral, nasal, rectal, buccal, cutaneous, vaginal, sublingual and transdermal. Hence, the injectable drugs market growth may be hampered due to these other modes to deliver the drug.
The growth of injectable drugs market is expected to be hampered due to the great risk of needle-stick injuries. For example, fatal or grave infections with blood borne pathogens like HIV, hepatitis C or hepatitis B can occur due to needle-stick injuries. As per estimation, 600 000 to 800 000 cases of needle-stick injuries occur every year in the U.S. which as a result is restricting the market growth.
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In August 2021, for research and development of HSC-derived cell therapies directed toward hematological malignancies, a license agreement and collaboration was announced between Appia Bio Inc. and Kite.
In July 2021, to discover, develop, and commercialize potential new drugs to combat cancer, Loxo Oncology operating under the Lilly Research Group of Eli Lilly, applied Kumquat Biosciences’ small-molecule immuno-oncology (I/O) platform. To produce novel small-molecule drugs that stimulate tumor-specific immune responses, this collaboration was done.
To treat 11 chronic inflammatory conditions, in May 2021, the launch of its adalimumab biosimilar named AMGEVITA, was announced by Amgen Canada. AMGEVITA is available as a prefilled pen and a prefilled syringe.
Key Companies Insights
The world market of injectable drugs is extremely competitive due to the increase in demand for injectable drugs worldwide and therefore the market players are concentrating on launching new injectables in the market.
Few of the prime operators in the world injectable drugs market are Baxter International Inc., Gilead Sciences Inc., GlaxoSmithKline PLC, Johnson and Johnson, Merck and Co. Inc., Novartis AG, Pfizer Inc., Sanofi SA, Novo Nordisk AS, Amgen Inc. among others.
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The research was compiled based on the synthesis, analysis, and interpretation of data gathered from numerous sources on the parent market. Furthermore, the economic conditions and other economic indicators and determinants have been studied in order to analyse their respective impact on the Injectable Drugs Market, as well as the current impact, in order to generate strategic and informed forecasts regarding the market scenarios. This is mostly due to the developing world’s unmet potential in terms of product pricing and income creation.
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