Market Research Report
GCC Generic Injectables Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
|Published by||IMARC Services Private Limited||Product code||693007|
|Published||Content info||73 Pages
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|GCC Generic Injectables Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023|
|Published: April 9, 2018||Content info: 73 Pages||
The GCC generic injectables market was worth US$ 392 Million in 2017. The market is further projected to reach a value of US$ 776 Million by 2023, exhibiting a CAGR of 12.1% over the forecast period.
Generic injectables are equivalents of brand-name injectables with respect to quality, dosage, route of administration, performance, strength and intended use. They are used for treating a wide array of life-threatening and chronic diseases including diabetes, cancer, cardiovascular diseases, rheumatoid arthritis, respiratory diseases, osteoporosis, etc. In the GCC region, a rise in the prevalence of various lifestyle diseases has catalysed the uptake of generic injectables. The lower cost of these drugs compared to their branded equivalents further helps in providing substantial savings for the patients and healthcare providers.
An increase in the emigrant population along with a rise in both acute and chronic diseases has challenged the capability of the existing healthcare resources in the region. The consequent surge in the overall healthcare costs has boosted the demand for generic injectables.
Upcoming patent expiry of a number of blockbuster drugs prescribed in key therapeutic areas is expected to help in expanding the product portfolio of generic injectable manufacturers.
The total number of manufacturers in the generic injectables market is limited as compared to oral generics. This results in lower price erosion and significantly higher margins.
Some of the other factors driving the generic injectables market in the region include a rising ageing population, development of the private healthcare market, improving standards of living, better awareness of health issues, etc.
Region-wise, Saudi Arabia represents the leading market, holding the largest market share. Other major regions include the UAE, Kuwait, Qatar, Oman and Bahrain.
Based on the therapeutic area, oncology holds the largest market share. A rise in the number of cancer diagnoses coupled with improved access to treatment is currently driving the growth of this segment. Other major segments include anaesthesia, anti-infectives, cardiovascular and parenteral nutrition.
The market has also been divided on the basis of distribution channel as hospitals, clinics and retail pharmacy stores. Generic injectables are majorly distributed through hospitals.
On the basis of container type, the market has been segmented into vials, prefilled syringes, ampoules and premix. Currently, vials represent the major container type, accounting for the majority of the total market share.