The procedure for the administration of drugs has changed rapidly over the years, giving way to more efficient forms for administration of drugs. Reports that assess the medical device industry have been presented by Market Research Future, which creates reports on numerous industry verticals that examine the market progress and forecasts. The market is predicted to accomplish a CAGR of 11.5% while making revenues worth USD 31,900 Mn by the end of the forecast period by 2023.
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The elevated levels of chronic diseases being diagnosed globally are motivating the injectable drug delivery devices market. A significant rise in the number of vaccination campaigns being conducted by private and government bodies is also substantially aiding the development of the market. Moreover, increased demand for patient-controlled drug release is expected to inspire the development of the market in the forecast period.
Segmental Analysis
The segmentation of the injectable drug delivery devices market has been conducted on the basis of devices, the facility of use, therapeutic application, usage pattern, site of delivery, and distribution channel. On the basis of devices, the injectable drug delivery devices market consists of self-injection devices and conventional injection devices. Based on the therapeutic application, the injectable drug delivery devices market comprises of hormonal disorders, autoimmune diseases, cancer, and others. By usage pattern, the market for injectable drug delivery devices has been segmented into immunization and curative. On the basis of the site of delivery, the injectable drug delivery devices market has been segmented into subcutaneous, intramuscular, and intradermal. The segmentation of the injectable drug delivery devices market based on the distribution channel comprises of online platforms and hospital & retail pharmacies. On the basis of the facility of use, the injectable drug delivery devices market has been segmented into home care settings, hospitals and clinics, and others.
Detailed Regional Analysis
The segmentation of the injectable drug delivery devices market on the basis of region has been segmented into Europe, the Americas, Asia Pacific, the Middle East, and Africa. The Americas region is controlling the injectable drug delivery devices market and is estimated to touch a valuation of USD 17,401.8 Mn by the end of the forecast period at the CAGR of 11.3%. The rapid development of the biotechnological industry, amplified prevalence of chronic diseases such as cancer and diabetes, and elevated healthcare spending in the state-of-the-art healthcare sector are chiefly motivating the development of the market in this region.
The European region is responsible for the next chief market portion in the year 2017 and is projected to achieve the valuation of USD 13,074.3 Mn while rising at a CAGR of 11.2%. The easy adoption of technologically advanced healthcare solutions and Augmented funding for R&D are powering the development of the injectable drug delivery devices market in the European region. The Asia Pacific region is estimated to record the quickest growth at a CAGR of 11.4% due to the intensifying demand for therapeutics in the developing healthcare sector in the developing economies of this region. The Middle East and Africa region are likely to display a slower growth rate in the injectable drug delivery devices market in the upcoming period.
Competitive Analysis
A considerable ascension in the number of promoters in the market is estimated to form a beneficial outlook for market growth in the projected period. The relaxation of the barriers to the entry of new players in the market is expected to encourage the expansion of the market in the impending years. The surge in the market is credited to the presence of favorable market forces are expected to complement the development of the market. The positive reinforcement of the forces of demand and supply is expected to lift the market growth in the coming years. The synergies achieved in the manufacturing of the goods in the market are enhanced, leading to better growth prospects. The availability of productive resources is expected to further the progress of the market in the forecast period. The increased transaction level in the market is expected to spur an accelerated level of growth in the market. The conception of prodigious competitive advantages is likely to support the progress of the market.
The core competitors in the injectable drug delivery devices market are Antares Pharma, AstraZeneca, Teva Pharmaceutical Industries Ltd., Becton, Dickinson and Company, Eli Lilly and Company, Eisai Co. Ltd., F.Hoffmann-La Roche AG, Sanofi, Johnson & Johnson Services Inc., Mylan N.V., Novartis AG, Novo Nordisk, Pfizer Inc., and Inovio Pharmaceuticals Inc.
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