Injectable Drugs Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Injectable Drugs Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The injectable drugs market is expected to be valued at USD 510.32 billion in 2022, with a CAGR of 7.88% over the forecast period.

Currently, big pharma giants are seeking collaborations and approvals to develop a vaccine for COVID-19. These vaccines are majorly given in the injectable form, driving the market growth. For instance, in May 2020, AstraZeneca received more than USD 1 billion in funding from the US Health Department's Biomedical Advanced Research and Development Authority (BARDA) for the development, production, and delivery of the University of Oxford's COVID-19 vaccine.

Due to an increasing number of chronic diseases, like cardiovascular disorders, diabetes, and cancer, the demand for injectable drugs has grown significantly in the market.

Recently, biologics have become an important aspect of therapies in various diseases, driving the pharmaceutical industry. Prefilled syringes have gained substantial acceptance as delivery systems for injectable drugs and biologics in treating chronic diseases. Their ease of administration and greater safety and efficacy increased competition among the leading companies offering injectable drugs. The market players are focusing on product launches and developing novel products. For instance, in December 2021, the US Food and Drug Administration approved Apretude (Cabotegravir extended-release injectable suspension) for adolescents weighing at least 35 kg for pre-exposure prophylaxis to reduce the risk of sexually acquired HIV.

With the need for more convenient drug-delivery methods, prefilled syringes are becoming the fastest-growing choice for unit dose medication (minimizing dosing error) to reduce the drug waste and increase the product’s life span.

Prefilled syringes have applications across many therapeutic areas, such as blood stimulants, therapeutic proteins, and vaccines. With the rapid growth of emerging markets, coupled with a surging patient pool, there is an increasing demand for patient-friendly parenteral delivery systems. Thus, a wide expansion of prefilled syringes is expected worldwide over the forecast period, which is expected to drive the injectable drugs market.

Key Market TrendsOncology Is Expected to Have Significant Market Share

The global cancer burden is increasing, and thus, cancer therapies must be modified according to regional and national priorities. As per the International Agency for Research on Cancer (IARC), in December 2020, 1 in 5 people develops cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease globally. According to the IARC, in 2020, the prevalence of cancer rose to 19.3 million cases and 10 million cancer deaths compared to 18 million cancer cases worldwide in 2018. The cancer burden differs by region. Almost half of the cancer prevalence occurs in Asia, and one-quarter of the population in Europe suffers from cancer.

As per the 2020 cancer report released by the Joint Research Centre (JRC) of the European Commission, in Europe, around 2.7 million new cancer cases and 1.3 million deaths were reported in 2020. With the increasing burden of various types of cancer, the market players are focusing on launching novel and innovative injectables. In June 2020, Roche received the US Food and Drug Administration’s approval for Phesgo, a fixed-dose combination of Perjeta (pertuzumab) and Herceptin (trastuzumab) with hyaluronidase, which is administered by subcutaneous injection in combination with intravenous (IV) chemotherapy, for the treatment of early and metastatic HER2-positive breast cancer. Thus, the increasing burden of cancer and the launch of novel products are expected to drive the market’s growth over the forecast period.

North America Holds the Largest Market Share of the Injectable Drugs Market

North America dominates the injectable drugs market due to rapid developments in healthcare infrastructure, the presence of major players in the region, the launch of novel products, huge investments in R&D, and increased adoption of injectable drugs in hospitals to treat different types of cancer. In July 2020, Piramal Critical Care partnered with the United States-based pharmaceutical outsourcing facility, Medivant Healthcare, to address the severe shortage of injectable drugs in hospitals across the United States.

There is a huge burden of various disorders in the region, which is increasing the demand for effective injectables. For instance, Alzheimer’s Association stated that, in 2020, almost 6.2 million people in the United States aged 65 years and older had Alzheimer’s. Of these, 3.8 million are women, and 2.4 million are men. Alzheimer's is a chronic disease and requires long-term medication. Therefore, this high burden of chronic diseases leads to a huge demand for injectable drugs in the region. The expansion of different companies to increase their production capacities is also driving the North American injectable drugs market.

Competitive Landscape

The injectables drugs market is moderately competitive. The key market players include GlaxoSmithKline PLC, Baxter International Inc., and Amgen Inc. Some of the major players in the market have consolidated partnerships for certain products that allow for ease of manufacturing and distribution. The expansion of different companies to increase their production capacities also helps boost the overall market.

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