A study by the American Diabetes Association (ADA) has found that around 30.3 million people in the U.S. were diagnosed with diabetes. The rising prevalence of chronic diseases such as diabetes, cancer, and others is boosting the global injectable drug delivery market.
Fortune Business Insights in a report, titled “INJECTABLE DRUG DELIVERY: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” predicts the global market to rise at a remarkable CAGR of 12.8% during the forecast period. The global market was worth US$ 440.5 Bn in 2018, and by the end of 2026, the market is anticipated to reach US$ 1,135.1 Bn.
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Key players leading the global Injectable Drug Delivery Market include:
- SHL Group AB
- Insulet Corporation
- Eli Lilly and Company
- Elcam Medical
- Ypsomed AG
- West Pharmaceutical Services
- Gerresheimer AG
Introduction of Novel Injectable Drug Delivery to Propel Growth in North America
Currently, the market in North America is exhibiting the highest CAGR owing to the rapid adoption of advanced and innovative injectable drug delivery. Moreover, injectable drug users are increasing as these devices are preferred owing to their therapeutic and convenience benefits. The amplified prevalence of chronic disorders such as cancer, diabetes, and others is driving the injectable drug delivery market size in North America.
As per the National Cancer Institute, around 1,735,350 cancer cases were registered in the U.S. With the help of an injectable device; chemotherapy drugs are delivered to cancer patients with ease. Another factor responsible for injectable drug delivery growth is the presence of major manufacturers in North America. This further increases the adoption of injectable drug delivery systems.
These manufacturers are planning to develop innovative drug delivery such as auto-injectors, smart wearables, among others in the years to come. Against this backdrop, the market is likely to grow in the forecast period in North America. As per the report, the market was valued at US$ 156.8 Bn in the year 2018.
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Apart from North America, the market in Asia Pacific is also anticipated to exhibit a high CAGR in the forecast years. Increasing patient population and rising awareness about the benefits offered by injectable drug delivery are enabling growth in the market in this region.
Advances in Injectable Drug Devices Focuses on Simplifying their Usage in Complex Procedures
“Traditional drug delivery are more prone to infections owing to their mishandling. This can be minimized by adopting reusable glass syringes and pre-filled syringes,” said a lead analyst at Fortune Business Insights. “These smart and advanced devices have proven to be highly effective and safe for humans, which fuels their demand in the market,” he added.
Advances in technology and design of injectable drug delivery are aimed at simplifying their usage during complex drug delivery procedures. The introduction of next-generation drug delivery offering high-quality and superior functionalities acts as a potential growth trigger. Such technological improvements will enhance patient compliance and simultaneously make it easier for clinicians to perform the injectable drug delivery procedure. This, together with the rising focus on biologics in the pharmaceutical sector, is anticipated to facilitate growth in the market.
BD Leads the Market Owing to its Vast Product Portfolio
Among key players, Becton Dickinson boasts an innovative and vast product portfolio which includes pen-injectors, auto-injectors, and others. The company is leading in the global injectable drug delivery market, mainly on account of its global presence.
Other companies are focusing on product innovations to expand their market shares. The key players profiled in the report are SHL Group, BD, Insulet Corporation, Pfizer Inc., Eli Lilly and Company, Elcam Medical, Ypsomed AG, West Pharmaceutical Services, Inc., and Gerresheimer AG. Of these, BD, SHL, and Insulet Corporation hold the maximum share in the global market. The strong presence of these companies will surge the injectable drug delivery revenue in the forecast years. Some of the notable industry developments made by companies which will help the market to grow are:
- West Pharmaceutical Services, Inc., launched a new extension of SMARTDOSE drug delivery platform in November 2017.
- AbbVie Inc. and Eisai Co., Ltd., together announced the launch of an auto-injector device in June 2018. This device is for Humira drug for the treatment of autoimmune diseases.
- EVER NEURO PHARMA GMBH launched D-MINE pump for patients suffering from Parkinson’s disease in July 2019. The device is convenient to use and aims to provide continuous subcutaneous drug delivery.
Injectable Drug Delivery Market Segments
By Device Type
- Conventional Injectable
- Pre-filled Syringes
- Autoimmune Disorders
- Pain Management
- Aesthetic Treatments
By Route of Administration
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KEY QUESTIONS ANSWERED:
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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