Increasing prevalence of life-threatening diseases and development of smart wearable devices is driving injectable drug delivery market revenue growth.
Increasing prevalence of life-threatening diseases and development of smart wearable devices is driving injectable drug delivery market revenue growth
The global injectable drug delivery market size is expected to reach USD 81.46 Billion in 2030 and register a revenue CAGR of 8.9% over the forecast period, according to the latest report by Reports and Data. Rising trend of pre-filled syringes coupled with technological advancements is driving injectable drug delivery market revenue growth.
Initially, tablets, pills, or capsules were the only forms of medication. However, drugs are now delivered using more technologically advanced and intelligent systems. These systems are designed to deliver drugs to the targeted area, allowing them to be more localized than would otherwise be possible to reach through the blood stream. Patients who rely on medications on a daily basis prefer advanced injection devices compared to traditional ones. Given this, increasing need for effective and convenient drug delivery systems presents lucrative growth opportunity for manufacturers to develop sophisticated, user-friendly, and effective drug delivery devices.
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Rising prevalence of chronic ailments and other life-threatening diseases underlines the need for novel and effective drugs in a variety of therapeutic areas. Injectable drugs’ convenience and at-home accessibilities are compelling manufacturers and pharmaceutical companies to develop efficient devices for treatment of a variety of illnesses. In recent years, for example, the use of injectable contraceptives has increased significantly. This is towing to high efficacy and convenience provided by these injectables. These contraceptives do not have to be taken on a daily basis; they can be given once a month or every three months. As a result of this factor, revenue of these injectables is growing rapidly. In addition, timely drug approvals from regulatory bodies such as the Food and Drug Administration (FDA) and Medicines and Healthcare Products Regulatory Agency (MHRA) have expanded the scope for injectable drug delivery. Furthermore, collaborations between pharmaceutical companies and research organizations for drug research and development are expected to drive market growth during the forecast period.
Some Key Highlights from the Report
In November 2021, Becton, Dickinson and Company, based in Franklin Lake, New Jersey, US, launched BD Ultrasafe Plus 2.25 ml Passive Needle Guard for use in drug-device combo products by pharmaceutical companies. BD UltraSafe PlusTM 2.25 mL’s innovative design compliments biopharmaceutical companies’ to combine effective product strategy by enabling patient-controlled injection for complex and high-viscosity medicines.
Conventional injectables segment accounted for largest revenue share in 2020, owing to higher sales of traditional syringes due to rising prevalence of infectious diseases required in hospital and increasing number of surgeries worldwide. Furthermore, rapid immunization programs have also contributed to the growth of the segment.
Injectable sterile products segment is expected to register high growth rate during the forecast period. Increased demand for injectable sterile products can be attributed to improved quality assurance and storability. Additionally, injectable sterile products are pathogen-free and thus pose a lower risk of infection, which aids in segment revenue growth.
Market in North America accounted for largest revenue share in 2020. In the US, rising prevalence of chronic diseases such as cancer and diabetes is increasing demand for smart and effective drug delivery options for better treatment. This in turn is spurring product development by manufacturers and research institutes in the region. Furthermore, presence of a robust healthcare sector, public healthcare reimbursements, and online delivery of medical devices and medications is expected to continue to boost market growth in this region.
Companies profiled in the global market report includes Vetter Pharma, Akorn Operating Company LLC, Catalent, Inc., Pfizer Inc., Gerresheimer AG, Elcam Medical, Schott, SHL Medical AG, Becton, Dickinson & Company, and West Pharmaceutical Services, Inc.
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For the purpose of this report, Reports and Data has segmented injectable drug delivery market based on device type, product type, end-use, and region:
Device Type Outlook (Revenue, USD Billion; 2018–2030)
Conventional Injectables
Pre-Filled Syringes
Auto-Injectors
Pen-Injectors
Product Type Outlook (Revenue, USD Billion; 2018–2030)
Freeze-dried Products
Injectable Sterile Products
End-use Outlook (Revenue, USD Billion; 2018–2030)
Hospitals
Homecare Settings
Clinics
Others
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Regional Outlook (Revenue, USD Billion; 2018–2030)
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Sweden
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
Rest of MEA
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The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
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The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
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