Sterile Injectable Drugs Market size was valued at USD 605.34 billion in 2023 and is expected to cross USD 1.15 trillion by the end of 2036, expanding at more than 5.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of sterile injectable drugs is estimated at USD 630.04 billion.
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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.1% |
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Base Year Market Size (2023) |
USD 605.34 billion |
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Forecast Year Market Size (2036) |
USD 1.15 trillion |
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Regional Scope |
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The 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.
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.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Drug Class |
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By Application |
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By Distribution Channel |
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Regionally, the 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 industry is anticipated to dominate majority revenue share by 2036, led by high investment in healthcare sector, along with increasing medical R&D activities in the region. 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.
· July 07, 2020: GlaxoSmithKline plc (GSK) and Medicago announced their collaboration to develop vaccine for COVID-19
Author Credits: Radhika Pawar
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