Injectable Drug Delivery Devices Market Overview
Injectable drug delivery devices, including conventional syringes and needle-free & autopen injectors, are utilized to administer medications into the circulatory system. It is considered as the most effective way to ensure a quick response. These devices are extensively used for therapeutic applications to treat medical conditions ranging from cancer to autoimmune disorders.
Over recent years, there have been various innovative advances in injectable drug delivery devices. An autopen injector is one of the most prominent examples. Autopen injectors are commonly used when a patient is unconscious and needs urgent medical assistance. These innovations were driven by continuous R&D efforts and funding by private as well as public organizations.
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As a result, the market witnesses a constant rise in revenues. According to Market Research Future (MRFR), the global injectable drug delivery devices market is expected to reach a valuation of USD 17,401.8 MN by 2023, registering 11.3% CAGR throughout the review period (2018 – 2023). Growing adoption of self-injectable devices and the rising preference of home care settings are the key driving forces.
Furthermore, the increasing prevalence of chronic diseases, growing adoption of self-injectable devices, and increasing uses of biologics are pushing the market growth. Also, rising FDA approvals drive market growth. Additionally, technological advancements, improving outcomes & patients’ experience, beneficial reimbursement policies, and increasing awareness towards healthcare. Are impacting the market growth positively.
On the other hand, safety concerns associated with the risk of cross-contamination and the increasing cost of high-end products are some of the key growth impeders of the market. Also, the introduction of alternative drug delivery systems is a major threat the market is facing today.
Injectable Drug Delivery Devices Market – Segments
The report has been segmented into seven major dynamics.
By Device: Conventional and Self-Injection Devices.
By Therapeutic Application: Hormonal Disorders, Autoimmune Diseases, Cancer, and others.
By Usage Pattern: Curative Pattern and Immunization.
By Site of Delivery: Intramuscular, Subcutaneous, and Intradermal.
By Distribution Channel: Hospital & Retail Pharmacies, Online Platforms, and others.
By Facility of Use: Hospitals & Clinics and Home Care Settings.
By Regions: Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Injectable Drug Delivery Devices Market – Geographical Analysis
North America heads the global injectable drug delivery devices market. The significant market share attributes to the rising demand for self-administration systems for drugs among the huge patient populaces suffering from chronic diseases such as diabetes and cancer. Besides, the presence of the geriatric population and development in medical technology are supporting the growth of the market.
Additionally, factors such as the high healthcare expenditures, growing biotechnology industry, and the well-developed healthcare sectors in the region foster market growth. Witnessing an augmenting demand, the North American injectable drug delivery devices market is projected to create a revenue pocket of USD 17,401.8 million by 2023, growing at 11.3% CAGR throughout the review period (2018 to 2023).
Europe stands second in the global injectable drug delivery devices market. Factors influencing market growth include a rising preference for home care settings among the geriatric population and growing numbers of patients suffering from chronic diseases. Besides, increasing R&D funding and the growing adoption of these devices in the region foster the growth of the market.
Also, the resurging economy and well-penetrated healthcare sectors in the region act as key tailwinds for the market growth in the region. Germany accounts for the major growth contributor to the regional market owing to its flourishing medical devices markets, whereas, the UK and France follow suit, increasing their investments in the development of injectable drug delivery devices.
The Asia Pacific region is emerged as a promisingly growing market for injectable drug delivery devices. Rapid advances in the related technology and rising economy in countries such as China, Japan, South Korea, and India drive the regional market growth excellently. Furthermore, factors such as the huge patient population opting for self-administered drug delivery systems, rising demand for high quality devices in healthcare, and rapidly developing medical technology is expected to continue driving the growth of the regional market.
Global Injectable Drug Delivery Devices Market – Competitive Landscape
Highly competitive, the global injectable drug delivery devices market appears to be well established with the presence of several notable players. To gain a larger competitive advantage in this market, players adopt strategic initiatives such as collaborations, mergers & acquisitions, and product launch/innovations. These players invest substantially to drive R&D and expansion plans. R&D helps them to bring about novel products while investments in acquisitions & partnerships, help them to increase their global footprints.
Injectable Drug Delivery Devices Market Major Players:
Players leading the injectable drug delivery devices market include Antares Pharma, Eisai Co., Ltd, AstraZeneca, Eli Lilly and Company, Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Mylan N.V., Johnson & Johnson Services Inc., Novartis AG, Pfizer Inc., Novo Nordisk, Sanofi, Inovio Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd, among others.
Injectable Drug Delivery Devices Industry/ Innovation/ Related News:
February 19, 2020 — BIOCORP (France), a company specialized in the development & manufacturing of medical devices & smart drug delivery systems, today announced its partnership with iSage Rx, LLC. (the US), a digital therapeutics company engaged in insulin dose optimization. Both companies are committed to integrating their respective technologies to simplify insulin dose capture and optimization. Combining these companies offer the most powerful environment for diabetes digitalization and patient support.
Browse the market data and information spread across 164 pages with 273 data tables and 19 figures of the report “Global Injectable Drug Delivery Devices Market Research Report: Information by Devices (Conventional Injection Devices and Self-Injection Devices), Therapeutic Application (Autoimmune Diseases, Hormonal Disorders and Cancer), Usage Pattern (Curative pattern and Immunization), Site of Delivery (Intramuscular, Subcutaneous and Intra Dermal), Distribution Channel (Hospital & Retail Pharmacies and Online Platforms), Facility of Use (Hospitals and Clinics and Home Care Settings) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Forecast till 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/injectable-drug-delivery-devices-market-1211
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