Over the years, there has been a rise in the demand for convenient and efficient drug delivery systems for patients that rely on prescription drugs on a regular basis. This creates a lucrative opportunity for pharmaceutical manufacturers all over the world to develop sophisticated, easy-to-use, and effective injectable drug delivery devices. Moreover, rise in the prevalence of chronic diseases such as diabetes, cancer, and rheumatoid arthritis are likely to fuel the growth of the injectable drug delivery market during the forecast period.
The global injectable drug delivery market was valued at US$ 30.5 Bn in 2018, and is expected to exhibit a CAGR of around 9% during the forecast period (2019–2029).
Key Takeaways of Injectable Drug Delivery Market Study
- Insulin pens contributed the most share to the injectable drug delivery market in 2018, due to the rising prevalence of diabetes in developing countries.
- Non-smart injector technology accounted for a prominent share in the global injectable drug delivery market in 2018, due to increase in the adoption of advanced technology and rising demand for smartphone-integrated products.
- Rise in the demand for connected devices and the high cost of such devices offer growth opportunities for manufacturers of reusable injectable drug delivery devices.
- Diabetes indication is expected to continue to hold a prominent position in the injectable drug delivery market throughout the forecast period.
- Increase in the number of pharmaceutical manufacturers has contributed to the dominance of North America in the global injectable drug delivery market.
- Attributed to growing awareness regarding various diseases such as cancer and diabetes, East Asia is expected to register notable growth opportunities for the injectable drug delivery market.
“Smart injectable drug delivery devices not only improve patient compliance to treatment but also collect extensive data that is valuable for future research. Rising demand for connected injectable drug delivery devices will offer significant growth opportunity for the injectable drug delivery market,” says a PMR analyst.
Trends in Smart Injectable Drug Delivery Technologies
There are many research and pipeline products that will have the ability to connect with smartphones and trackers. However, current smart products are predominantly available as reusable devices. This is attributed to the current state of technology that requires further advancements to apply to disposable products. According to a number of studies and key opinion leaders in the industry, there are a number of factors that limit disposable injectable drug delivery devices from being integrated with smart/connecting technologies. Some of these factors include high cost of Bluetooth integration, low range connectivity with NFC, and lack of power source for connectivity. Thus, although disposable injectable drug delivery will continue holding a larger share throughout the forecast period, reusable injectable drug delivery devices have the potential to grow at a relatively faster rate, at least in the first five years of the forecast period.
More Valuable Insights on Injectable Drug Delivery Market
Persistence Market Research offers a unique perspective and actionable insights on the injectable drug delivery market in its latest study. The report presents historical demand assessment of 2014–2018 and projections for 2019–2029, on the basis of product (self-injectors, needle-free injectors, auto injectors, wearable injectors, and insulin pens), technology (non-smart injectors and smart injectors), usage (disposable injectors and reusable injectors), indication (anaphylaxis, diabetes, cardiovascular diseases, multiple sclerosis, rheumatoid arthritis, cancer, trauma and emergency, and others), and distribution channel (hospital pharmacies, drug stores, retail pharmacies, and online pharmacies), across seven regions.
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