Throughout the projected period, the market for Injectable Drug Delivery Market is anticipated to deepen its foundations at a constant CAGR of 8.9%. The market has a share of $45.3 billion in 2023 and anticipates US$106.4 billion in revenue by 2033.
Drug delivery has long been an essential component of medical services, according to the research report on the market for injectable medication delivery. People are becoming more aware of their health issues due to the rapid rise in diabetes, cardiac complications, and chronic diseases like cancer and brain tumours. As a result, the general public tries to take any measure that would aid in the treatment of their illnesses. The injectable medicine industry is changing thanks to advanced drug delivery methods with alerts, recycled material, different drug-carrying capacity, and quicker effectiveness.
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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 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.
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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.
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Key Segments:
Product Type:
- Self-Injectors
- Needle-free Injectors
- Auto-Injectors
Usage:
- Disposable Injectors
- Reusable Injectors
Distribution Channels:
- Hospital Pharmacies
- Retail Pharmacies
- E-commerce
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