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:
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.
Our in-depth analysis of the global sterile injectable drugs market includes the following segments:
By Drug Class
By Distribution Channel
· December 19, 2018: Pfizer Inc and GlaxoSmithKline plc announced to join hands to form new consumer healthcare joint venture, on a global level.
· June 23, 2018: Amgen announced the launch of drug Repatha (evolocumab) that helps to significantly reduced cholesterol in Type 2 diabetes patients.
· July 07, 2020: GlaxoSmithKline plc (GSK) and Medicago announced their collaboration to develop vaccine for COVID-19
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Rising government initiatives to curb spread of chronic diseases is one of the major factors driving the market growth.
Ans: The market is anticipated to attain a considerable CAGR over the forecast period, i.e., 2021-2029.
Ans: Delay in drugs approval is one of the factors estimated to hamper the market growth.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by type, drug class, application, distribution channel, and by region.
Ans: 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.