Injectable Drugs Market

Injectable Drugs Market Size (2023 to 2028)

The Injectable Drugs Market size was valued at USD 510.32 Billion in the current year and is expected to reach USD 804.43 Billion by 2028. The market size is projected to grow at a CAGR of 7.88 % during the forecast period 2023-2028.

Injectable Drugs Market Share Insights:

• Based on product type, the convention injectable segment had the major share of the global market in 2022.
• Based on Drug class, the monoclonal antibodies device display led the market in 2022.
• Based on molecule type, the large molecule segment accounted for the largest share of the global market in 2022.
• Based on application, the Oncology segment was the biggest in the global market in 2022.
• Based on region, North America dominated the Injectable Drugs Market in 2022.

Impact of Covid-19 on the Injectable Drugs Market:

The COVID-19 pandemic has significantly reduced the sales of injectable drugs and hampered market growth negatively. The need for medicines that are used in critical care went up due to the increasing number of COVID-19 cases and people needed to get injections of sedatives, painkillers, blood thinners, and medicines. The pandemic changed how vaccines were made and how they were given out. Several COVID-19 vaccines are given through an IV, and pharmaceutical companies and study centers all over the world are working on more. This has made it harder to build the infrastructure for making, storing, and distributing vaccines, influencing the market of injectable drugs. But the COVID-19 spread has changed the way that injectable drugs are distributed. Lockdowns, transportation restrictions and manufacturing problems have messed up supply chains and this has caused production delays and shortages of injectable drugs. These problems have shown where the global supply chain is weak and how the pharmaceutical industry needs to better plan for the unexpected.

MARKET DRIVERS:

The growing prevalence of chronic diseases such as diabetes, cancer, cardiovascular disease, and autoimmune disorders is one of the main factors driving the demand for injectable drugs and driving the market growth. According to the World Health Organisation (WHO), noncommunicable diseases account for approximately 71% of global deaths, and the burden of these diseases is anticipated to increase over the next few years. The growing aging population worldwide further boosts the injection drug market growth. Since the elderly are more susceptible to chronic diseases and frequently require long-term treatment, the rapidly growing geriatric population will further contribute to increasing the demand for injectable drugs globally.

Technological advancements contribute to the growth of the injectable drugs market. The advancements in innovative delivery methods such as autoinjectors, prefilled syringes, and wearable injectors have improved the patient experience while lowering healthcare-associated infections. These developments have made injectable medicine self-administration easier while driving the demand for injectable drugs. The growing investments in healthcare infrastructure and increasing demand for innovative therapies propel the growth of the injectable drugs market. Governments all across the world are working to improve healthcare infrastructure and increase the accessibility of essential drugs.

MARKET RESTRAINTS:

High costs associated with developing and manufacturing injectable drugs are a major factor hampering market growth. Complex manufacturing procedures, stringent regulatory requirements, and specialized facilities and equipment requirements all contribute to the high initial investment and ongoing operational expenses. The stringent regulatory compliance required for injectable drugs adds an additional layer of complexity. The FDA and EMA have established stringent guidelines and approval procedures for injectable pharmaceuticals to ensure their safety, efficacy, and quality. Complying with these demands can be time-consuming, resource-intensive, and expensive. Noncompliance may cause product approval delays or market withdrawals. The risk of adverse events and infections associated with injectable drugs further impedes market growth. Injections are generally safe and effective when administered properly, but medication errors, improper handling, and contamination during manufacturing are possible.

REPORT COVERAGE:

This research report on the Injectable Drug Market has been segmented and sub-segmented based on the product type, drug class, molecule type, application, and region.

Injectable Drugs Market - By Product Type:

• Convention Injectables
• Pre-filled syringes
• Auto-Injectors
• Pen-Injectables
• Wearable

Based on product type, the convention injectables segment is expected to account for the leading share of the global market during the forecast period. The availability of wide range of convention injectables, established manufacturing processes, cost-effectiveness, familiarity and experience of healthcare providers and compatibility with existing syringes majorly drive the usage and demand for convention injectables and propel the segmental growth in the injectable drugs market.

The prefilled syringes segment is anticipated to witness a healthy CAGR during the forecast period owing to the rising preference for ready-to-use and pre-dosed medications, eliminating the need for manual preparation, advantages such as reduced medication errors, improved patient compliance, and ease of administration for healthcare professionals and growing demand for self-administration and home healthcare, where pre-filled syringes offer convenience and precise dosing.

Injectable Drugs Market - By Drug Class:

• Blood factors
• Cytokines
• Peptide Hormone
• Immunoglobins
• Monoclonal Antibodies
• Insulin

Based on drug class, the monoclonal antibodies segment is expected to hold the leading share of the global market during the forecast period. Factors such as the advancements in biotechnology and the development of targeted therapies using monoclonal antibodies and growing recognition of the efficacy and safety of monoclonal antibodies in treating specific diseases propel the growth of the monoclonal antibodies segment in the worldwide market. The growing investments in research and development and the expansion of the monoclonal antibody pipeline further boost the global market's growth rate of the monoclonal antibodies segment.

The insulin segment is estimated to register the fastest CAGR during the forecast period. The growing prevalence of diabetes worldwide, advancements in insulin formulations, delivery systems, and personalized insulin therapy and rising emphasis on diabetes management and the importance of maintaining glycemic control to prevent complications propel the growth of the insulin segment in the global market.

Injectable Drugs Market - By Molecule Type:

• Small Molecule
• Large Molecule

The large molecule segment dominates the market for injectable drugs. The large molecule category includes therapeutic proteins. The expansion of the biopharmaceutical industry is anticipated to lead to an increase in this market segment. This category includes critical molecules such as proteins, tissues, blood components, vaccines, and other compounds. Pharmaceutical companies and researchers have recently become more focused on developing small-molecule drugs. Small molecule drugs are required when there is a requirement for rapid drug delivery, an emergency, or unanticipated consequences. The intravenous infusion provides an immediate therapeutic effect since it delivers drugs straight into the bloodstream. Compact-molecule medicines are frequently developed targeting targets inside cells because these agents' low molecular weight and compact size allow them to enter cells swiftly. These compounds are primarily employed in targeted therapy for cancer and several other disorders. Small molecule medications have historically been utilized to treat illnesses of the cardiovascular system.

Injectable Drugs Market - By Application:

• Oncology
• Neurology
• Cardiovascular Diseases
• Autoimmune disease
• Infectious
• Pain
• Other applications

Based on application, the oncology segment is estimated to occupy the leading share of the global market during the forecast period. Factors such as the growing prevalence of cancer worldwide, increasing demand for injectable drugs for tumor treatment and management, advancements in oncology research and the development of new therapies, including immunotherapies and targeted therapies and rising emphasis on personalized medicine and the use of injectable drugs for targeted drug delivery to cancer cells drive the growth of the oncology segment in the global market.

The neurology segment is anticipated to hold a considerable share of the worldwide market during the forecast period. The growing awareness of neurological disorders and their impact on patient quality of life, advancements in drug delivery systems for neurological conditions, such as multiple sclerosis, Parkinson's disease, and migraine and increasing R&D efforts in neurology.

Injectable Drugs Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

North America held the major share of the global market in 2022 and the domination of the North American region is expected to continue throughout the forecast period. The strong presence of pharmaceutical companies and biotechnology firms that foster research and development of injectable drugs, the growing prevalence of chronic diseases, such as cancer and diabetes, requiring injectable therapies and stringent regulatory framework ensuring the safety and efficacy of injectable drugs are some of the major factors propelling the growth of the North American market. The U.S. dominated the market in North America in 2022 and the domination is likely to continue throughout the forecast period owing to the high healthcare spending, technological advancements, and increasing investments in biologics and advanced drug delivery systems.

Europe is another notable market for injectable drugs and is anticipated to account for a substantial share of the global market during the forecast period. Strong emphasis on evidence-based medicine, cost-effectiveness in healthcare decision-making, growing aging population, rising prevalence of chronic diseases necessitating injectable therapies and increasing number of collaborations between academic research institutions, healthcare providers and pharmaceutical companies drive the injectable drugs market in Europe. Germany, France, and the UK are expected to account for the leading share of the European market in the coming years owing to the rapid adoption of biosimilars and increasing investments in research and development.

APAC is the most lucrative regional market for injectable drugs and is predicted to witness the highest CAGR during the forecast period. The presence of large population, high prevalence of chronic diseases, increasing need for injectable treatments, a growing number of initiatives from the governments of several countries to improve healthcare access and affordability, rising investments in research and development and increasing collaborations between local and international pharmaceutical companies majorly propel the growth of the APAC market. China, Japan and India are projected to capture the leading share of the APAC market in the coming years owing to the growing number of clinical trials and outsourcing of drug manufacturing in these countries.

Key Market Players:

Some market players in the Injectable Drugs Market are GlaxoSmithKline Plc., Baxter International, Amgen Inc., Gilead Sciences Inc., Novo Nordisk A/S, Eli Lily and Company, Sandoz, Teva Pharmaceuticals, Pfizer, Schott AG, West Pharmaceutical Services, Biocon.

Recent Market Developments:

• In November 2022, the Food and Drug Administration approved tremelimumab in combination with durvalumab and platinum-based chemotherapy for adult patients with metastatic non-small cell lung cancer (NSCLC).
• In May 2022, the United States Food and Drug Administration approved Eli Lilly's Mounjaro (tripeptide) injection, a new once-weekly GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist, to improve glycemic control in adults with type 2 diabetes.