According to the latest market research report “ Needle Free Drug Delivery Devices Market (Technology – Jet Injectors, Inhaler Technology, Transdermal Patch Technology, Novel Needle-free Technologies, and Oral Drug Delivery System; Application – Vaccine Delivery, Pain Management, Insulin Delivery for Diabetes, Pediatric Injections, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.”The needle free drug delivery devices market was valued at around USD 10.95 billion in 2018 and is anticipated to reach USD 21.8 Million by 2025, expanding at a CAGR of 10.3% from 2019 to 2025.
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The market for needle free drug delivery is being shaped by a number of factors. The growing number of diabetes patients rise in occurrence of needle born disease are major drivers driving the growth of the global needle-free drug delivery devices market globally. Diseases like HIV AIDS, Dengue, and Hepatitis are the major factors for the growth of the global market. According to the World Health Organization, HIV has claimed more than 32 million lives so far. Approximately, 770 000 people died from HIV-related causes across the globe in 2018.
The New Technological Development by Competitors Creates an Opportunity for the Growth of the Global Needle Free Drug Delivery Devices Market
Reduction in healthcare expenses and improvement in the immune response of vaccines also boosts the growth of the needle free drug delivery devices market. However, changing regulatory requirements and lack of skilled professionals may hamper the growth of the market. Moreover, rising pressure to reduce the rate of needle borne infectious diseases and new technological development by competitors creates an opportunity for the growth of the global needle free drug delivery devices market in the next few years.
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Insulin Delivery for Diabetes Segment Holds the Largest Maximum Share During the Forecast Period
The global needle free drug delivery devices market is segmented based on technology and applications. Based on technology, the market is categorized into Jet injectors, Inhaler technology, oral drug delivery system, transdermal patch technology, novel needle-free technologies, laser-based needle free injectors, spring-based needle free injectors, and another needle free technology. Among all, the jet injectors segment holds the largest market share majorly due to its high usage rate and wide-ranging applicability in delivering a large range of drugs. In terms of application, the global market is fragmented into vaccine delivery, pain management, pediatric injections, insulin delivery, and other applications. Among them, insulin delivery holds the largest maximum share due to the rising occurrence of diabetes.
North America Holds the Maximum Share During the Forecast Period
Geographically, the global needle free drug delivery devices market is segmented into North America, Europe, Asia Pacific and the rest of the world. North America holds the maximum share and it is expected to dominate the market over the forecast period. This is attributed to the growing occurrence of chronic diseases. The Asia Pacific is anticipated to grow at a faster rate over the forecast period. This is accredited to the growth in the geriatric population, increasing the incidence of diabetes in developing countries such as India and China. According to the International Diabetes Federation, around 11.4 billion individuals are suffering from diabetes in China and 7.2 billion people are suffering from diabetes in India.
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Who are the Key Players in the Needle Free Drug Delivery Devices Market?
The global needle free drug delivery devices market comprises with the players such as 3 M, AkraDermojetInc, Antares Pharma Inc., Bayer Ag, Bioject Medical Technologies, Inc., GlaxosmithklinPlc, Glide Pharmaceutical Technologies Ltd., InjexPharma Ag, Medtronic, Inc., Zogenix, Inc., and other companies.