Injectable Drug Delivery Market
Global Market Study on Injectable Drug Delivery: Rising Demand for Connected Injectable Drug Delivery Devices being Witnessed
Injectable Drug Delivery Market is segmented by Self-injectors, Needle-free Injectors, Auto-Injectors, Wearable Injectors, Insulin Pens, Indication, Non-smart Injectors
Rapid adoption of technology has led to sedentary lifestyles across the world. This change in lifestyle is the major factor responsible for the increase in obesity rates, leading to many chronic diseases such as diabetes and cardiovascular disorders.
The World Health Organization (WHO) has estimated the growth of chronic disease prevalence to rise by 57% by the end of 2020. With the rise in chronic diseases, there has been a rapid increase in the demand for healthcare systems to focus more on sophisticated drug delivery technology.
Furthermore, trends towards safety, efficacy, and patient-friendly products are on the rise. Rising demand for advanced technology to address the increasing demand for routine injectable drugs to treat chronic conditions will boost the growth of the injectable drug delivery market over the coming years.
Find Out More about the Report Coverage
- Eli Lilly and Company
- Becton, Dickinson & Company
- West Pharmaceutical Services, Inc.
- Johnson & Johnson
- Antares Pharma
- AbbVie Inc.
- Pfizer Inc.
- Mylan N.V.
- Vetter Pharma-Fertigung GmbH & Co.KG
- Emperra GmbH
Improving Patient Compliance and Advantages over Conventional Delivery Systems
Rapid adoption of self-administration of medication that requires frequent doses is rising due to reduced cost as compared to hospital visits. Furthermore self-administration such medication is more convenient for most patients. Convenience of home, ease of use, reduced pain, and safety are some of the advantages of injectable drug delivery.
Furthermore, the availability of smart devices that track dosage and time along with other features such as reminders and automatic dose adjustments will further facilitate improved treatment adherence and compliance. The rising need and demand for patient compliance to treatment will drive the growth of the injectable drug delivery market through 2029.
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North America and Europe to Global Lead Injectable Drug Delivery Market
North America and Europe contributed maximum share to the global injectable drug delivery market, owing to the rising diagnosis and treatment of chronic diseases in these regions. According to WHO, chronic diseases will increase from 3.78 million in 1990 to an expected 7.63 million by the end of 2020.
Increased R&D investments, government initiatives to increase awareness about chronic diseases, and rise in healthcare spending are some of the factors that are driving the growth of the injectable drug delivery market in these regions.
However, a significantly large patient pool in the Asia Pacific region will offer potential growth opportunities for players in the injectable drug delivery market.
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Competitive Landscape of Injectable Drug Delivery Market
The injectable drug delivery market is a consolidated market, with the top 5 players holding over 65% of the market share in 2018. Collaborations with pharmaceutical product manufacturers remains the main focus of players that offer injectable drug delivery technology alone.
However, many players are focused on developing in-house injectable drug delivery platforms to offer unique and cost effective products. Other players are focused on geographical expansion to cater to a larger patient pool, through distribution agreements.
For instance, in 2016, Biocon launched its disposable pen product in Japan, which will be distributed by its partner Fujifilm Pharma throughout the country.
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The research report on the injectable drug delivery market provides recommendations, overview of the market, and estimation of market growth over the next decade. A majority of companies are expanding their businesses by acquiring smaller companies and increasing their product portfolios.
Based on this trend, market players can target North America and Europe, two regions that will hold substantial share of the global injectable drug delivery market. Cost-effective and readily available drug delivery devices will catalyze the growth of the global injectable drug delivery market.
Increased funding toward research & development for drug development will help the market grow at a substantial rate. However, at the same time, regulations are becoming more stringent, leading to increased cost of drug development.
Key Segments of Injectable Drug Delivery Market
PMR’s study on the injectable drug delivery market offers information divided into six important segments-product, technology, usage, indication, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories
Key Questions Answered in Report
- How much is the injectable drug delivery market worth?
The global injectable drug delivery market is estimated to be worth US$ 35 Bn in the year 2021.
- What will be the demand outlook?
The global injectable drug delivery market is expected to grow 2.5 times between 2021 and 2031.
- What was the last 5 year market CAGR?
The injectable drug delivery market witnessed a CAGR of 8.5% between 2015 and 2020.
- What are the key trends of injectable drug delivery market?
The current trend is that of an increasing preference to injectable contraceptives.
- What is driving the demand for injectable drugs?
Increase in frequency in development of biologics drives the demand for injectable drugs.
- What is the market share of top 5 players?
The top 5 players like Eli Lilly and Company, Biocon, Becton, Dickinson & Company, West Pharmaceutical Services, Inc., and Johnson & Johnson account for more than 70% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving the demand include the US, Germany, Switzerland, UK, and Russia.
- What is North America’s market Outlook?
North America holds the largest market share.
- At what percentage injectable drug delivery market is going to register growth in Europe?
Europe is expected to register growth at the rate of 8% in the injectable drug delivery market between 2021 and 2031.
- Which countries are key producers of injectable drugs?
The US, Germany, and Switzerland are the key producers of injectable drugs.