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Sterile Injectable Drugs Market is Projected to reach US$ 657 Bn by 2024 - Persistence Market Research

Global Market Study on Sterile Injectable Drugs: Cardiovascular Diseases Application Segment to Register a CAGR of 10.0% During 2016 - 2024

New York City, NY , Dec. 18, 2017 (GLOBE NEWSWIRE) -- Availability of wider treatment options and rising prevalence of cancer is expected to fuel the market demand for injectable anti-cancer drugs over the forecast period. Considering the BPS analysis, the cancer segment was estimated to account for more than 10% revenue share of the global sterile injectable drugs market by the end of 2016 and is expected to lose more than 100 BPS in market share by 2024 over 2016. Considering the Y-o-Y growth and absolute $ opportunity, the cancer segment is anticipated to create an absolute $ opportunity of more than US$ 4 Bn in 2017 over 2016. By the end of 2024, the cancer segment is projected to reach close to US$ 100 Bn in value, expanding at a CAGR of 6.5% over the forecast period. Revenue from the cancer segment in the global sterile injectable drugs market is expected to increase 1.7X by 2024 end as compared to that in 2016.

Rising prevalence of chronic illnesses – especially cancer – across the globe is anticipated to boost the demand for sterile injectable drugs over the forecast period. The market for sterile injectable drugs is also spurred by an increasing number of drug manufacturers focusing on the production of drugs to treat cancer. Rapid FDA approvals of sterile injectable drugs along with shortened approval times for new drug development in cancer cure is helping accelerate drug supplies and is eventually boosting demand in the global sterile injectable drugs market.

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High operational costs and discontinuation of injectable drugs for cancer treatment are hampering the growth of revenue across the globe.  Sterile drugs require complex equipment for manufacturing. Each sterile drug needs proper certification and sterilization before production. This leads to high operating costs and high debt levels. Moreover, the regulatory cost burden is also high due to FDA rules regarding maintaining a high degree of care in the manufacturing, packaging, storage and distribution of sterile injectable drugs. This factor is hindering revenue growth of the global sterile injectable drugs market. Competition from low-cost manufacturers has led to a discontinuation of many products in the cancer segment. Further, consolidation of the supply chain by large pharmaceutical companies has led to shutting down of their existing manufacturing sites. This particular factor is creating a negative impact on the cancer segment and subsequently the global sterile injectable drugs market.

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By application type, the cancer segment dominated the North America sterile injectable drugs market in revenue terms in 2015 and is projected to continue to do so throughout the forecast period. The cancer segment is expected to be the most attractive market segment, with an attractiveness index of 1.2 during the forecast period. The use of injectable drugs in oncology is expected to grow at high rates in North America. Demand for drugs administered in injectable format is fueling the growth of sterile injectable drugs for cancer in Europe. Poor access to essential medicines and vaccines, low-quality healthcare, malnutrition, poverty and a tropical (warm) climate are factors promoting the demand for essential medicines in sterile injectable format for faster action against cancer in Africa.

Companies operating in the global sterile injectable drugs market are striving to consolidate their market position by means of acquiring small and large injectable firms in the market. Companies are also focusing on increasing their manufacturing capacities to achieve greater economies of scale and are concentrating on diverse global markets to improve their geographic foothold in the global sterile injectable drugs market.

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