Injectable Drug Delivery Devices Market to Rise with a Smarter Growth Rate at CAGR of 11.5% and Cross valuation of USD 31,900 Mn up to 2023| Eisai Co., Ltd., Antares Pharma, AstraZeneca, Becton, Dickinson and Company, Eli Lilly and Company etc.
Injectable drug delivery devices include an array of medical devices ranging from conventional syringes, needle-free injectors to auto and pen injectors. The demand for such devices has witnessed a rise in recent years on account of the mounting prevalence of chronic diseases across the globe. Market Research Future (MRFR) predicts the growth of the global injectable drug delivery devices market to be splendid at a CAGR of 11.5% over the forecast period of 2018-2023. The global injectable drug delivery devices market is likely to surpass a valuation of USD 31,900 Mn by the end of 2023.
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High prevalence of chronic diseases that require injectable drug delivery devices on a daily basis as part of the treatment procedures is one of the primary factors that are propelling the growth of the global injectable drug delivery devices market. Introduction of technologically advanced devices for subcutaneous administration of drugs such as wearable injectors and increasing adoption of self-injectable devices by the individuals suffering from diabetes are also leading to the significant expansion of the global injectable drug delivery devices market. However, high cost of products and risk of cross-contamination caused due to improper use of injectable devices are restraining the growth of the global injectable drug delivery devices market during the review period.
The key players in the global injectable drug delivery devices market include:
• Eli Lilly and Company
• Antares Pharma
• Inovio Pharmaceuticals Inc.
• Eisai Co. Ltd.
• Johnson & Johnson Services Inc.
• Novo Nordisk
• F.Hoffmann-La Roche AG
• Dickinson and Company
• Novartis AG
• Mylan N.V.
The global injectable drug delivery devices market has been segmented based on device, therapeutic application, usage pattern, site of delivery, distribution channel, and facility of use.
By device, the global injectable drug delivery device market has been segmented into conventional injection devices and self-injection devices. The conventional injection devices segment has been further segmented into material, product, and utility. The self-injectable devices segment has been further segmented into needle-free injectors and pen systems and auto-injectors. The conventional injection devices segment commands the largest share of the global market.
By therapeutic application, the global injectable drug delivery device market has been segmented into autoimmune diseases, hormonal disorders, cancer, and others. The autoimmune diseases segment is the largest segment by therapeutic application.
By usage pattern, the global injectable drug delivery devices market has been segmented into curative and immunization. The curative segment is expected to be the fastest growing segment over the forecast period.
By site of delivery, the global injectable drug delivery devices market has been segmented into intramuscular, subcutaneous, and intradermal. The intramuscular segment is the largest segment.
By distribution channel, the global injectable drug delivery devices market has been segmented into hospital & retail pharmacies and online platforms. The hospitals & retail pharmacies segment is the largest segment while the online platform segment is expected to be the fastest growing segment by the end of 2023.
By facility of use, the global injectable drug delivery devices market has been segmented into hospitals and clinics, home care settings, and others.
By region, the global injectable drug delivery devices market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA).
The Americas is leading the global injectable drug delivery devices market. Expansion of the biotechnology industry, the surging prevalence of chronic diseases and a robust healthcare sector spur the growth of the market. Also, the region is a frontrunner in the incorporation of technologically advanced healthcare solutions which further accelerates the growth of the market.
Europe held the second largest share of the global market in 2017 and is likely to reach USD 13,074.3 Mn by the end of 2023. High adoption of advanced healthcare services coupled with extensive R&D efforts can be credited for the growth of the Europe market.
APAC market for injectable drug delivery devices market is expected to register the highest CAGR of 11.45 OVER TEH FORECAST period. High demand for advanced healthcare in rapidly growing economies drives the APAC market.
Lack of awareness and less exposure to primary healthcare services in the underdeveloped regions of the Middle East & Africa is expected to impede the growth of the market.
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