FMI estimates that the global injectabledrug delivery market is projected at US$ 41.5 Bn in 2022 and is expected toexpand at CAGR of 8.9% over 2022–2028, to reach US$ 69.13 Bn by 2028 end. Based
on product type, the needle-free injectable drug delivery segment dominated the
global injectable drug delivery market in 2017. Moreover, the subtype,
prefilled of needle-free injectors segment is expected to have a dominant share
of the needle-free type of injectable drug delivery market due to its ease of
application. North America is expected to maintain its dominance in the global
injectable drug delivery market due to the presence of a large number of manufacturers
of injectable drug delivery devices, mostly operating from the U.S.
Increase in prevalence of chronic diseases such as diabetes,cancer and rheumatoid arthritis along with other factors such as need for
patient-controlled drug release and increased risk of needle stick injuries are
the prominent factors expected to drive the growth of the injectable drug
delivery market. Technological advancements have resulted in better product
offerings in the injectable drug delivery market. However, some factors such as
strict regulatory framework and premium pricing of products are expected to
hinder the growth of the injectable drug delivery market. The key trend of the
injectable drug delivery market is the increasing demand for point-of-care
devices. Injectable drug delivery devices are easy to self-administer and do
not require a healthcare professional for administration, which as a result
skips the need of hospital visits and relatively lowers the healthcare spending
for an individual.
The global injectable drug delivery market has beensegmented on the basis of product type, usage, end users and regions. The
disposable injectable drug delivery segment is expected to be the most
attractive usage segment. Among the three end users, the hospital pharmacies is
expected to be the dominant segment due to benefits such as favourable
reimbursement policies in most of the countries across the globe.
In terms of value, the global injectable drug delivery marketis expected to expand at 8.9% CAGR over the forecast period. With nearly 32%
market share, North America was a dominant regional market for injectable drug
delivery in 2017, due to growing number of manufacturers in the region and
early adoption of new technologies. Western Europe is expected to be the second
large market in injectable drug delivery, with Germany, the U.K. and France
occupying major shares. APEJ is expected to be third large market for
injectable drug delivery, due to requirement of low capital for manufacturing
injectable drug delivery.
- Key Research Findings
- Increase in demand for point-of-care devices and reduced reliance on healthcare
facilities are driving the growth of the global injectable drug delivery
market - North America will be the dominant regional market for injectable drug delivery
devices due to early adoption of advanced technologies - Most of the major players operate from the U.S., which makes the U.S. the
leading market for injectable drug delivery devices in North America - In Europe, a large number of diabetes patients are switching towards
needle-free injectable drug delivery devices from conventional injections
since it is a painless process and reduces the risk of needle stick
injuries - Disposable injectors are the most commonly available type of injectors since they are
user friendly and do not require special skills for administration - Prefilled needle-free injectors are the most preferred type of injectors since they
are much easier to administer than the fillable type - Price control for most of the injectable drug delivery devices is fierce. For
instance, Mylan was pressurised to launch the generic version of the
EpiPen to reduce the price of the product in the market. However, this has
declined the revenue of the company. - In developed regions, such as North America and Europe, hospitals are the
dominant distribution channel due in injectable drug delivery due to the
reimbursement policies - The growing competition in the emerging market and the rising demand for
injectable drug delivery are the future opportunities for the growth and
expansion of the injectable drug delivery market.
Information Source: https://www.futuremarketinsights.com/reports/injectable-drug-delivery-market