Pune, July 21, 2020 (GLOBE NEWSWIRE) -- The global injectable drug delivery market is anticipated to rise at a CAGR of 12.9% to reach USD 1,251.28 billion by the end of 2027 owing to the increasing prevalence of various diseases and the need for easy drug delivery to various target sites. Injectable drug delivery helps to provide effective drug delivery experience with speedy delivery. It is also considered as one of the most efficient routes of administration, thus ensuring improved patient experience. As per a report by Fortune Business Insights, titled, “Injectable Drug Delivery Market Size, Share & COVID-19 Impact Analysis, By Device Type (Conventional Injectable, Pre-filled syringes, Auto- injectors, Pen Injectors, and Wearable), By Product Type (Freeze-dried Products, Injectable Sterile Products), By End User (Hospitals, Homecare Settings, Clinics, and Others), and Regional Forecast, 2020-2027,” the value of this market was USD 483.45 billion in the year 2019 and the forecast period is set between 2020 and 2027.
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The Report is based on the following Questions:
- What is the nature of the market?
- Which is the leading segment of this market and why?
- Who are the major players of this market?
- What are the key industry developments in this market?
Drivers & Restraints-
Rising Awareness about Minimal Invasive Treatment Mode to Add Impetus
The rising geriatric population and their vulnerability to various diseases stand as key factors boosting the global injectable drug delivery market growth. This, coupled with the rising prevalence of chronic diseases such as cancer, diabetes, heart disorders, and others will also add impetus to the market. Moreover, clinical studies and the adoption of innovative products for drug delivery are expected to boost the market growth. The current COVID-19 pandemic that has propelled the intensity of casualty cases in medical centers all over the world is also aiding in the expansion of the market.
On the contrary, factors such as high cost of the devices and the lack of adequate reimbursement policies may hamper the market growth in the coming years. Nevertheless, the increasing adoption of minimally invasive treatment methods and their ascending success rate are expected to create lucrative growth opportunities for the market in the coming years.
Segment
Injectable Sterile Products Segment Earned Highest Share Owing to Better Storability
The market was dominated by the injectable sterile products segment in 2019 as per segmentation by product. This is because they are generally preferred in hospitals and clinics for treating complex diseases, have better storable property, and are pathogen free.
Regional Analysis-
North America Covered Dominant Share Accountable to Increasing Construction Activities
North America accounted for the largest injectable drug delivery market share in 2019 with a revenue of USD 172.67 billion. This is accountable to the increasing adoption of innovative injectable medical products by patients suffering from chronic diseases such as cancer, diabetes, and other autoimmune disorders. This, coupled with the presence of major companies having their base in the developed nations of this region will also aid in the expansion of the regional market.
On the other side, the market in Asia Pacific is likely to rise with the fastest CAGR during the forecast period on account of the increasing prevalence of chronic diseases requiring medical aid on a regular basis, increasing awareness about drug delivery systems, and the rising inclination towards ready-to-use injectable from the conventional injectable.
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Competitive Landscape-
Companies Focusing on Novel Product Development for Better Revenue Generation
The competitive nature of the market for injectable drug delivery is consolidated in nature with a handful of players covering significant shares. These include companies such as SHL Medical AG, BD, and Insulet Corporation. However, the entry of more players in the coming years will result in the fragmented nature of the market. The major objective of the players is to engage in research and development of novel advanced injectable drug delivery products such as wearable, bluetooth equipped devices, and others to maintain their position. On the other hand, they are looking forward to intensify the overall competition.
Major Industry Developments of the Market for Injectable Drug Delivery include:
November 2017 – A new drug delivery system called the SMARTDOSE was introduced by West Pharmaceutical Services Inc. for treating patients with heart issues.
July 2019 – A new auto-injector drug for Humira was launched by Eisai Co. Ltd. and AbbVie to treat autoimmune diseases.
List of the Leading Companies Operating in the Injectable Drug Delivery Market are:
- Gerresheimer AG (Germany, Europe)
- BD (New Jersey, U.S)
- Insulet Corporation (Massachusetts, U.S)
- Ypsomed AG (Switzerland, Europe)
- SHL Medical AG (Switzerland, Europe)
- Eli Lilly and Company (Indiana, U.S)
- West Pharmaceutical Services, Inc. (Pennsylvania, U.S)
- Elcam Medical (Israel, Middle East)
- Pfizer Inc. (New York, U.S)
- Others
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Detailed Table of Content:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Diseases - For Key Countries, 2019
- New Product Launch
- Overview of Technological Advancements In Injectable Drug Delivery Devices
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Injectable Drug Delivery Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device Type
- Conventional Injectables
- Pre-filled Syringes
- Auto-injectors
- Pen-injectors
- Wearable
- Market Analysis, Insights and Forecast – By Product Type
- Freeze-dried Products
- Injectable Sterile Products
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Homecare Settings
- Clinics
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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