According to the latest report by IMARC Group titled, “US generic injectables market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, The US generic injectables market reached a value of US$ 11.7 Billion in 2018. Looking forward, the market is further projected to reach US$ 18.3 Billion by 2024, exhibiting a CAGR of 7.5% during the forecast period (2019-2024).
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Generic injectables are safe and effective bioequivalents of branded drugs, which contain similar active ingredients, dosages, strength, route of administration and form. They are made in compliance with FDA regulations and are available in vials, ampoules, premixes and prefilled syringes. At present, the demand for generic injectables is expanding in the fields of oncology, cardiology, diabetes and immunology in the US, owing to the prevalence of cancer, diabetes, rheumatoid arthritis, osteoarthritis and osteoporosis.
One of the key factors impelling the market growth is the cost-effectiveness of generic injectables as compared to their branded counterparts. This results in significant savings for patients and healthcare providers in the US. Apart from this, the US federal government is encouraging the adoption of generic injectables, as they form an essential part of the public healthcare system in the country. Furthermore, generic injectable manufacturing requires less capital investment for research and development (R&D) activities, which is contributing to the market growth in the country.
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Breakup by Therapeutic Area:
- Parenteral Nutrition
- Cardiovascular Diseases
The report finds that the oncology segment exhibits dominance in the market as injectables are used to treat different types of cancers. It is followed by anti-infectives, cardiovascular, parenteral nutrition and anesthesia.
Breakup by Containers:
- Prefilled Syringes
Currently, vials account for the majority of the total market share as they are flexible, easy to dispose of and cost-effective. They are followed by premix, prefilled syringes and ampoules.
Breakup by Distribution Channel:
- Retail Pharmacy
At present, hospitals represent the largest segment as the injectables for oncology, anesthesia, and anti-infectives cannot be administrated without medical assistance.
The market is highly concentrated in nature with the presence of only a few top manufacturers who compete against one another in terms of prices and quality.
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Competitive Structure
- Profiles of Key Players
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