Among all the approved drugs by Food & Drug Administration (FDA) available in U.S., 97% of medications & vaccines are administered through injections. Top injectable drugs are remicade, avastin neulasta, rituxan, etc. which are commonly used across the globe. Acquisition and collaboration plays an important role in enabling business opportunities for injectable drugs. For instance, In July 2016, Lupin pharmaceutical acquired two medical companies of New Jersey worth USD 900 million.
The global injectable drugs market is anticipated to reach the valuation of USD 513.5 billion by 2024 from value USD 272.7 billion in 2016, growing at a CAGR of 8.23% during the forecast period of 2016 to 2024 owing to rising number of chronic health issues and increasing number of partnership between medical companies to provide high quality affordable drugs.
The injectable drugs industry is segmented on the basis of product type. On the basis of product type segment is further categorized into vaccines, insulin, conventional therapeutics and complex biologics. Based on segmentation, complex biologics dominated the injectable drugs market with 60.0% market share in 2016. Increase in number of new drugs rising demand for license approval for biologics and new drugs is accelerating the market of complex biologics segment. Vaccines and insulin segment are projected to witness notable growth, in addition with 20.0% and 10.0% share of total injectable drugs market over the forecast period.
Major players of the global injectable drugs market include Pfizer Inc., Johnson & Johnson, Novartis AG, Merck & Co. Inc., Baxter International Inc., Sanofi, GlaxoSmithKline Plc., AstraZeneca, GILEAD SCIENCES, Inc., Nova Nordisk A/S, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical. Strategic partnerships and acquisitions are few of the major strategies followed by key players to enter emerging market and expand their geographical presence.
Geographically, North America dominated global injectable drugs market in 2016 with rising number of chronic health issues and increasing number of partnership between medical companies to provide high quality affordable drugs is boosting the demand of injectable drugs in U.S. and Canada. North America valued 109.1 billion in 2016 and is expected to reach USD 184.9 billion by 2024. Asia-Pacific region is the fastest growing region in injectable drug market and is anticipated to reach the value of USD 133.5 billion by the end of 2024, growing at a CAGR of 10.51 % over the forecast period. Europe is the second largest market for injectable drugs in 2016 due to the popularity of self-injectable drug technology in the region. Europe is the leading geography in self-injection technology due to low rate of penetration of pen injectors in North America region. Europe is projected to reach value of USD 159.2 billion by 2024 from valued 87.3 billion in 2016. Latin America & Middle East & Africa together held 7.0% market share in global injectable drug market in 2016. Saudi Arabia, Israel, Mexico, Brazil & Argentina are estimated to gain favorable opportunities for injectable drugs in the forecast years.