The injectable drug market is expected to be valued at USD 5,97,980.6 million in 2024. The sheer rise observed in the number of patients being admitted to hospitals is seeing injectable drugs become indispensable. The positive reputation of the treatment is also responsible for the market’s nascent growth.
The market is set to register a CAGR of 5.8% over the period from 2024 to 2034. Approvals being received from authority bodies like the FDA and EMA timely for injectable drugs is set to bolster the market over the forecast period. With modern doctors preferring fast-acting treatments, injectable drugs have the seal of approval from medical professionals, which is set to increase the profile of the drugs.
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The market’s value is forecasted to jump up to USD 9,91,631.3 million by 2034. Amplifying demand for minimally invasive procedures is set to pay off for the injectable drug market. The use of biotechnology to develop new drugs is also penned in to add value to the market.
There are however factors that slow down the growth of the market. The fear of needles, most commonly seen in children, is keeping a subset of patients away from injectable drugs unless necessary. The fear of side effects is also established as a severe restraining factor for the market.
“As newer drugs make their way into the market, stakeholders are receiving a jolt of enthusiasm. While cognizant of the drawbacks inherent in the market, companies are expanding production facilities to take advantage of the opportunities. Thus, the market has numerous avenues for growth,” says an analyst at FMI.
Key Takeaways from the Injectable Drug Market
- The injectable drug market is projected to be valued at USD 5,97,980.6 million in 2024.
- Monoclonal antibody is the prevailing product type in the market. Monoclonal antibodies are expected to account for 10.8% of the market share in 2024.
- Intravenous (IV) injections top the route of administration segment. For 2024, Intravenous (IV) injections are anticipated to account for 48.3% of the market share.
- Spain is a promising country for the market. For the forecast period, the CAGR for Spain is estimated to be 4.0%.
- Italy and France are pegged to be promising countries for the market. The CAGR for France and Italy over the forecast period is predicted to be 3.4% and 3.3% respectively.
- The market is expected to register a CAGR of 2.5% in Germany over the forecast period.
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Competition Analysis of the Injectable Drug Market
The injectable drug market is competitive in nature. Looking for private investments as well as establishing partnerships are looked at by small-scale players to compete with established multinational companies. Some of the prominent companies in the market include Pfizer Inc., Teva Pharmaceutical Industries Ltd., Sanofi S.A., and Sun Pharmaceutical Industries Ltd.
Recent Developments in the Injectable Drug Market
- In May 2023, the FDA approved a drug from MedinCell called Uzedy (risperidone).
- In August 2021, Cadila Healthcare teamed up with CHEMI SpA to expand its scope in the United States.
Key Companies in the Prescription Delivery Service Market
- Pfizer Inc.
- Teva Pharmaceutical Industries Ltd.
- Sanofi S.A.
- Sun Pharmaceutical Industries Ltd.
- AstraZeneca Plc
- Merck & Co., Inc.
- Viatris + Mylan N.V
- Cipla Inc.
- Dr Reddy’s Laboratories Ltd.
- Samsung Biologics
- Abbott Laboratories
- Amgen Incorporated
- Baxter International Incorporated
- Becton Dickinson and Company
- Bristol-Myers Squibb Company
- GlaxoSmithKline Plc
- Roche Holding Limited
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Key Segments
By Product:
- Monoclonal Antibody
- Immunoglobulin
- Cytokines
- Insulin
- Peptide Hormones
- Blood Factors
- Peptide Antibiotics
- Vaccines
- Small Molecule Antibiotics
- Chemotherapy Agents
- Others
By Application:
- Oncology
- Infectious Diseases
- Diabetes
- Blood disorders
- Hormonal Disorders
- Musculoskeletal Disorders
- CNS Diseases
- Pain Management
- Cardiovascular Diseases
By Molecule Type:
- Small Molecule
- Large Molecule
By Route of Administration:
- Intravenous (IV)
- Intramuscular (IM)
- Subcutaneous (SC)
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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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