Water for Injection Market Introduction
Water for injection is an important component in several pharmaceutical and life sciences operations. Sterile water for injection USP is a colorless, odorless liquid that is clear. Controlling bacteriostatic water quality during manufacturing, storage, and distribution processes, including microbiological and chemical quality, is a major concern. Water for injection is sterile, hypotonic, and non-pyrogenic, with no bacteriostatic or antimicrobial agents. It is used as a diluent or solvent suitable for intravascular injection. Water for injection is a form of sterile water used to deliver medications or drugs to patients intravenously. Besides making solutions, it is also used as a cleaning agent.
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Rise in Demand for Generic Medicines to Drive Global Water for Injection Market
Demand for medicines such as vaccines, proteins, antibodies, plasma, enzymes, biologics, and peptides is rising. The biopharmaceuticals market has witnessed strong growth in the past few years, and the trend is expected to continue during the forecast period. The market is anticipated to grow at a high CAGR, nearly twice as fast as the market for conventional pharmaceuticals, in the near future. The biopharmaceutical industry is driven by significant unmet medical needs in the treatment of chronic illnesses, patent expiration of branded biologic drugs that have opened the door for biosimilars, and the prolific production of clinically effective drugs.
Development and expansion of manufacturing facilities suitable for generic formulations is expected to garner more attention from leading companies during the forecast period. This is likely to result in an increase in production of specialty generic injectable products. Demand for sterile water for injection is anticipated to rise due to the growth of biopharmaceutical and generic injectable industries, as bacteriostatic water for injection is an essential component of these industries.
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Increase in Prevalence of Cardiovascular Diseases and Cancer Augmenting Global Market
Majority of medications used to treat diabetes, cardiovascular diseases, and cancer are in the injectable dosage form. New drug formulation, increase in demand for cancer treatment, and rise in access to healthcare facilities in emerging economies are the key factors likely to propel the market during the forecast period. Cardiovascular diseases (CVDs) are disorders of the heart and blood vessels. Changing lifestyles and rapidly rising obesity rates are the major contributors to the increase in the number of people suffering from CVDs. According to the WHO, CVDs are the leading cause of death globally, accounting for an estimated 17.9 million deaths each year. Water for injection market manufacturers are making use of these findings to capitalize on incremental opportunities.
Development of Formulate Parenteral Drugs to Benefit Market Stakeholders
The formulate parenteral drugs segment is projected to dominate the global market, with 60% share by 2031. Development of generic parenteral formulations is a more rapid process compared to branded ones, as these products are exempt from the requirement to conduct clinical trials and toxicity studies. Large numbers of players are entering the global generic injectable market with cost-effective alternatives to branded products. This is leading to the development of parenteral formulations. Need for bacteriostatic water for injection is expected to rise in sync with the growth of biopharmaceutical and generic injectable industries during the forecast period.
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High Demand for Water for Injection in North America
Demand for biopharmaceuticals such as vaccines, proteins, antibodies, plasma, enzymes, biologics, and peptides is increasing for the treatment of chronic diseases such as cancer, neurological diseases, and chronic kidney diseases in North America. Thus, the water for injection market demand is growing in the region due to the rise in development of plasma fractionation and specialty enzymes. Key players are making strategic investments in North America. This is likely to boost the water for injection market size in the region during the forecast period. The water for injection market in North America is also anticipated to be driven by well-established healthcare infrastructure, increase in production of distilled water, and high healthcare spending in the region.
Analysis of Key Players in Global Water for Injection Market
The global water for injection market is fragmented, with the presence of a large number of prominent players. Most of the companies are investing significantly in the expansion of product portfolios and mergers & acquisitions. Merck KGaA, Baxter International, Inc., Johnson & Jonson Services, Inc., Abbott, Thermo Fisher Scientific, Pfizer, Inc., Sun Pharmaceutical Ltd., Serum Institute of India, and Novartis are the prominent players operating in the global water for injection market.
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