Needle Free Drug Delivery Devices Market Predicted to Rise at a Lucrative CAGR of 9.90% from 2015 to 2023
Numerous organizations are intensely investing into shares as well of microneedle drug delivery frameworks to acquire more and more market shares. The launch of new devices and technologies will intensify the market's competitive scenario. Antares Pharma Inc., Injex Pharma AG, Zogenix Inc., Glide Pharmaceutical Technologies Ltd., Pharmajet Inc., and 3M are among the key players dominating the global needle free drug delivery devices market.
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According to Transparency Market Research, the global market for needle-free drug delivery devices is expected to account a noteworthy rise within the span of few upcoming years because of the growing demand for effortless delivery of solutions over the world. Experts gauge this market to keep on flourishing consistently at a solid CAGR of 9.90% within the duration of 2015 to 2023 and increase its evaluation from worth US$5.4 bn in year to US$13 bn by 2023.
Based on geography, the North America region was analyzed to dominate the other region in 2014. Owing to rise in number of patients in North America and rising geriatric population in Europe region have propelled these regions to lead the global market. The insulin delivery segment registered the major usage among other segments in 2014, and is expected to continue in coming years as well.
Prevalence of Self-Administration of Drugs to Propel Global Market
The growing inclination towards the self-administration of several drugs is one of the major propelling reason that is driving the market growth, within the forecast period. There are huge number of patient who are preferring self-administration of medicines with the help of needle free drug delivery device. The main reason behind this is the reduction in the healthcare expenses. It is worth noting that the launch of self-injectable drugs in rheumatoid arthritis encouraged people to go for self-administered drugs. There has been a significant rise in patient using self-administered drugs, since past few years. This has highly supported the overall market growth of needle free drug delivery device, as they reduce the risk of injuries due to needle-stick, coupled with cross contamination. Moreover, owing to the treatment in non-medical surrounding, it also lessens the overall medical expenses.
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Rise in Chronic Illness Encourages Use of Needle Free Drug Delivery Devices
The rising prevalence of chronic disorders, for example, hepatitis, dengue, and AIDS, and diverse cardiovascular and neurological contaminations, which require endless administration of drugs, is as well foreseen to contribute in the increasing demand for needle free drug delivery devices market. Needle free drug delivery devices are mostly used in case of injecting insulin in the human body. The insulin delivery segment has been driving the application segment since the past few years and is foreseen to remain dominant over the coming years.
The growing cases of neurological and cardiovascular diseases, the infrastructural progression in the healthcare and service industry, and the rise in investments of driving players around in the regions because of ignored healthcare needs in the past are foreseen to help the demand for needle free drug delivery devices in Asia Pacific region very soon. These devices are furthermore anticipated that would experience a significant surge in Latin America and the Middle East and Africa as a result of the betterment in healthcare services in these regions in past few years.
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