The vendor landscape of the global sterile injectable drugs market is highly consolidated. There are only a handful of players that are operating in the market and each player is striving to gain competitive advantage over their rivals. Some of the names in the sterile injectable drugs market include Gilead, GalxoSmithKline Plc., Science Inc., Pfizer Inc., and AstraZeneca among others. These companies are investing heavily in developing new and innovative drugs that will cater to the increasing demand.
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For instance, in September 2019, AstraZeneca announced that the company is planning to publish a series of breakthrough data across the variety of cancer types in its mission to fight against the disease. In the same month, the company also announced that has amended its agreement collaboration with Ironwood Pharmaceuticals Inc., in China. The new agreement will see provide AstraZeneca with sole responsibility of manufacturing, developing, and marketing Linzess drug in China. Moreover, mergers, joint ventures, and acquisitions are also commonly used strategies by these companies to stay ahead of the competitive curve.
Faster Approvals are Boosting Market Growth
The growth of the global sterile injectable drugs market is projected to grow at a considerable rate over the course of the given forecast period. The growth of the market is primarily attributed to the quicker approval timelines for the newly developed drugs for the treatment of highly prevalent diseases such as cancer. The US Food and Drug Administration (FDA) is seen to give quicker approvals to sterile injectable drugs. While this could be a great push to the overall growth of the global sterile injectable drugs market, there are several other factors that are influencing its development. A significant driving factor for the market has been the increasing investments in the research and development activities for producing new anti-cancer drugs. Moreover, prevalence of cardiovascular and chronic diseases are also projected to help in developing the sterile injectable drugs market even further.
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With such considerable growth factors, it is natural to expect a stellar valuation of the global sterile injectable drugs market. The recent research report by Transparency Market Research predicts that the market will reach a massive valuation of US$901.3 bn by 2025. It was initially valued at US$387.1 bn in 2017. Such impressive growth in terms of market valuation is projected to be achieved with an equally impressive CAGR of 11.1% over the course of the given forecast period of 2017 to 2025.
North America to Continue Leading Global Market
There are five key regional segments of the global sterile injectable drugs market viz. Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. Of these, the regional market of Europe and North America have been dominating the global market in recent years. However, in 2016, North America leaped forward and accounted for around 89.1% of the overall market share. During the given forecast period, North America will continue to be the leading contributor. The growth of the region can be attributed to the increasing research and development activities, huge funding for research, early and easy access to latest technological developments, and the growing awareness to tackle these chronic diseases.
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On the other hand, Asia Pacific is expected to show a higher rate of growth during the forecast period. The growth of the market is mainly due to the presence of emerging economies such as India and China that are spending heavily for the development of their healthcare infrastructure.
The information presented in this review is based on a TMR report, titled “Sterile Injectable Drugs Market (Type - Small Molecule and Large Molecule; Drug Class - Monoclonal Antibodies, Cytokines, Insulin, Peptide Hormones, Vaccines, Immunoglobulins, Blood Factors, and Peptide Antibiotics; Indication - Cardiology and Metabolic Disorders, Neurology, Oncology, Autoimmune, Gastroenterology, Hematology, Pain, and Infectious Diseases; Distribution Channel - Hospital Pharmacy, Retail Pharmacy, and Ecommerce) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
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