Pune, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The global injectable drug delivery market size 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. The value of this market was USD 483.45 billion in the year 2019 and the forecast period is set between 2020 and 2027. North America accounted for the largest injectable drug delivery market share in 2019 with a revenue of USD 172.67 billion.
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.
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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.
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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.
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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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.
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List of Key Players in the Injectable Drug Delivery Market include:
- 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)
Segmentations:
By Device Type
• Conventional Injectable
• Pre-filled Syringes
• Auto-injectors
• Pen-injectors
• Wearable
By Product Type
• Freeze-dried Products
• Injectable Sterile Products
By End User
• Hospitals
• Home Care Settings
• Clinics
• Others
By Geography
• North America (the USA, and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
• Latin America (Brazil, Mexico and the Rest of the Latin America)
• Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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