The global sterile injectable drugs market is estimated to grow at a considerable CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the rising prevalence of chronic diseases around the globe, along with rising health awareness among people and authorities. Government initiatives to curb spread of diseases in the form of investment in healthcare sector, and vaccination drives, among others, is estimated to boost the market growth. Moreover, the COVID-19 pandemic has emphasized the need for more efficient healthcare system, R&D activities for novel treatment methods, and quicker development and approval of drugs, on a global level, which is estimated to boost the market growth significantly in the upcoming years.
The global sterile injectable drugs market is segmented by drug class into insulin, hormones, vaccines, peptide antibiotic, cytokines, and others, out of which, the vaccines segment is anticipated to hold the largest share in the market during the forecast period on account of escalating demand for vaccines for various infectious diseases, with respect to the spread of coronavirus, and other viral and bacterial diseases, including smallpox, measles, rubella, polio, and others. The insulin segment is also anticipated to witness major market share over the forecast period, owing to the rising cases of type 1 and type 2 diabetes. According to statistics by the World Health Organization (WHO), in 2019, diabetes caused an estimated 1.5 million deaths, all over the globe. Moreover, premature mortality rate from diabetes increased 5% from 2000 to 2016. On the basis of distribution channel, the market is segmented into hospitals, pharmacy, ambulatory surgical centers, and others. Out of these, the hospitals segment is anticipated to witness highest CAGR over the forecast period on the back of higher patient pool, ease of availability, and greater credibility of hospitals over general pharmacies. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global sterile injectable drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness largest share over the forecast period on the back of high investment in healthcare sector, along with increasing medical R&D activities in the region. According to the data by the World Bank, per capita healthcare expenditure in the North America amounted to USD 10,050.279, in 2018. The market in the Asia Pacific is estimated to witness a noteworthy growth during the forecast period, owing to the improving healthcare sector backed by rising disposable income and economic development in the region.
The global sterile injectable drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global sterile injectable drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising government initiatives to curb spread of chronic diseases is one of the major factors driving the market growth.
The market is anticipated to attain a considerable CAGR over the forecast period, i.e., 2021-2029.
Delay in drugs approval is one of the factors estimated to hamper the market growth.
The market in North America is estimated to garner the largest market share owing to the health awareness among people, high investment healthcare sector, and increasing R&D activities.
The major players in the market are GlaxoSmithKline plc, Bausch Health Companies Inc., Boehringer Ingelheim International GmbH, AbbVie Inc., Amgen Inc., Novartis AG, Progenity, Inc., Johnson & Johnson Services, Inc. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, drug class, application, distribution channel, and by region.
The hospitals segment is anticipated to hold largest market share over the forecast period on the back of the increasing patient pool, along with the easy availability and authenticity of the drugs.
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