Global Injectable Drug Delivery Market Revenue Expected to be Driven by the Rising Prevalence of Chronic Diseases Across the Globe
According to the latest report published by Future Market Insights, titled ‘Global Injectable Drug Delivery Market: Global Industry Analysis 2013–2021 and Opportunity Assessment, 2022–2028’, the Global injectable drug delivery market is expected to expand at a CAGR of 10.9% over the forecast period, 2022–2028.
Injectable Drug Delivery Market
A recent market study published by Future Market Insights on the market offers global indu...
FMI estimates that the global market for injectable drug delivery was valued at US$ 10,400.0 Mn in 2021 and is expected to expand at CAGR of 10.9% over 2022–2028, to reach US$ 32,136.9 Mn 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 been segmented 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 market is expected to expand at 10.9% 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.
Examples of some of the key players identified in the global injectable drug delivery market include Amgen Inc., Medtronic PLC, West Pharmaceutical Services, Yepsomed, Becton, and Dickinson And Company, Antares Pharma, Mylan, SHL Group, Endo International PLC, Crossject, and Consort Medical (Bespak), among others.
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About the Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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