The factors such as rising R&D focus on developing biotechnology-engineered anti-cancer drugs, rapid growth in the usage of pre-filled syringes for biologics, and increased outsourcing activities across the value chains expected to raise the supply of injectable drugs are boosting the market growth.
NEWARK, DE / ACCESSWIRE / July 23, 2024 / As per Future Market Insights' latest analysis, the North America Injectable Drug Market value is set to total USD 209.2 billion in 2024. Sales in the region are forecast to soar at a healthy CAGR of 6.9%, resulting in a staggering valuation of USD 407.2 billion by 2034.
Several factors are expected to boost growth of the injectable drug industry in North America through 2034. These include growing prevalence of chronic diseases like cancer & diabetes, rising interest in injectable drug delivery due to its benefits, and surging popularity of generic injectable.
There is a spike in chronic diseases like diabetes and cancer in North America due to changing lifestyles, bad eating habits, and other factors. These diseases often require injectable medication for treatment, propelling demand for injectable drugs.
New injectable drugs, especially generic ones, are being continuously launched and approved in the region. For instance, in 2022, more than 100 injectable drugs were approved by the U.S. Food and Drug Administration (FDA). Also, as per the US FDA, around 91% of all prescriptions are generic drugs in the United States.
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Generic injectable drugs are available at lower cost without any compromise on quality. The surge in the approval of generic drugs is leading to increased accessibility and affordability of pharmaceuticals, thereby fostering industry growth.
The approval of generic injectable has a two-fold effect. Firstly, it results in healthy competition within industry, and secondly, it drives the prices down. This provides a wide range of options for patients and healthcare providers.
Which Factors are Driving Demand for Injectable Drugs?
The proportion of drugs in the pipeline requiring injectable administration has increased. This is primarily due to the rise in the production and availability of biological drugs in the global healthcare market.
The intravenous route provides easy absorption of the drugs into the blood, thus enhancing patient satisfaction. This is expected to spur demand for injectable drugs over the forecast period.
What is Restraining the Growth in the Injectable Drugs Market?
Injectable drugs require complex equipment for manufacturing, each of which needs proper certification and sterilization before production. This leads to high operating costs as well as a high level of debts due to the purchase/ rent-to-lease of the capital equipment.
Additionally, the regulatory cost burden is high owing to the FDA mandates for maintaining an appropriate degree of care, not only in manufacturing, but also in packaging, storage, and distribution processes.
Maintenance of sterility against bacterial and fungal contamination, stability difficulties (crystallization), separation of extractable and leachable compounds from packing materials such as glass, metal, or fibers in vials, and transportation and logistics, are some examples of high-cost consumption.
Key Takeaways from the North America Injectable Drug Market Report:
The injectable drug industry in North America is forecast to total USD 407.2 billion by 2034.
In drug class, the analgesics segment will record a CAGR of 8.8% through 2034.
By route of administration, intravenous (IV) injections segment is set to dominate the industry, holding a share of 47.9% in 2024
By therapeutic area, the cancer segment is forecast to exhibit a CAGR of 9.8% through 2034.
Revenue in the United States is forecast to total USD 202.88 billion in 2024.
Canada will emerge as a lucrative pocket for manufacturers, exhibiting a CAGR of 8.7%.
"Growing preference for injectable drug delivery due to its quick action and effectiveness is providing impetus for the growth of injectable drug industry in North America." Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Who is Winning?
Expansion of product portfolio through new product launches and approvals is the key strategy of the leading manufacturers to boost their revenue. Top companies are also employing strategies like partnerships, mergers, collaborations, acquisitions, and distribution agreements to strengthen their presence.
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North America Injectable Drug Market Recent Developments:
In December 2021, GlaxoSmithKline plc and the University of Oxford announced five years of collaboration to increase drug discovery and development activities on the complex disease.
In January 2022, Hikma launched the Diazepam Injection, USP, in a single dose prefilled syringe.
Want More Insights?
Future Market Insights (FMI) brings a comprehensive research report on projected revenue growth in North America and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. The North America injectable drug industry is segmented in detail to cover every aspect of the business and present a complete intelligence approach to the reader.
The latest report is segmented in detail to cover every aspect of the business and present a complete market intelligence approach to the reader. The study provides compelling insights into the North America injectable drug industry segment based on drug class, route of administration, therapeutic area, molecule type, and distribution channel.
Key Companies Profiled from the North America Injectable Drug Market
Pfizer Inc.
GlaxoSmithKline Plc.
Sanofi
Merck & Co., Inc.
Eli Lilly and Company
Boehringer Ingelheim International GmbH
Johnson & Johnson (Janssen Pharmaceuticals, Inc.)
Bayer AG
Amgen Inc.
Novo Nordisk A/S
Takeda Pharmaceutical Company Limited
Eisai Co., Ltd.
North America Injectable Drug Industry Segmentation
By Drug Class:
Antibiotics
Antivirals
Antifungal
Antibacterial
Analgesics
Antipsychotic
Opioids
Local and General Anesthetics
Anticoagulants
Anticovasculants
Muscle Relaxant
Antihistamines
Corticosteroids
Calcium
Cardiotonic
Sympathomimetic
Hormonal Contraceptive
Intravenous Infusion
Vasodilator
Beta-blockers
Vitamins
Antiemetic
Proton-Pump Inhibitors (PPIs)
Chemotherapy Drugs
Others
By Route of Administration:
Intravenous (IV) Injections
Intramuscular (IM) Injections
Subcutaneous (SC) Injections
By Therapeutic Area:
Pain Management
Cardiovascular Disease
Infectious Disease
Allergy
Gastrointestinal Disease
Nutrition Deficiency
Hematology Disorders
Gynecology
Cancer
By Molecule Type:
Small Molecules
Large Molecules
By Distribution Channel:
Hospitals
Clinics
Ambulatory Surgical Centers
Long Term Care Facilities
Retail Pharmacy Chains
Online Pharmacies/Mail Order Pharmacies
By Country:
United States
Canada
Author by
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Healthcare Division at Future Market Insights (FMI)
Future Market Insights (FMI) facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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