Increase in number of chronic diseases coupled with technological advancements globally, are the major factors influencing market growth.
Market Size – USD 457.82 billion in 2018, Market Growth - CAGR of 11.3 %, Market Trends –Technological advancement along with increasing occurrence of chronic diseases
NEW YORK, May 08, 2019 (GLOBE NEWSWIRE) -- The Injectable Drug Delivery Market is estimated to reach USD 1,085.80 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the growing incidences of chronic diseases along with technological advancements that are expected to become the most common growth factors globally in the coming years.
The rise in the number of chronic diseases like cancer and diabetes along with abundant growth in technological advancements has led to the rising demand for injectable drug delivery worldwide. Injectables allow maximum availability of the drug unlike other traditional forms of drug delivery as it avoids the first pass metabolism. The devices are manufactured and are built to provide medications to the specific needs of the patients. Injectable drugs can be self-administered without the need for medical assistance with the help of self-injectable drug delivery devices. Technological advancements have emerged in the biologics market, which are expected to increase the usability of these injectable devices further in the challenging disease areas. Self-injection devices allow patients to manage diabetes and insulin levels with pen-injectors, auto-injectors, and needle-free injectors.
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Due to the presence of key players, favorable reimbursement policies, and rising number of chronic diseases along with several initiatives taken by the governments, North America accounts for the largest share of 31.3% of the market in 2018.
Further key findings from the report suggest
- Drug delivery refers to methods, technologies, formulations, and systems for transferring a pharmaceutical compound in the body as needed to reach its desired therapeutic effect safely.
- It is typically concerned with both volume and span of drug presence.
- Drug delivery is carried out via a drug's chemical formulation often, but it may also include medical devices or drug-device combination products.
- The improvements in technological methods have resulted in the generation of enhanced and improved devices, as well as types of equipment that are specific to the category of patient care.
- Also, innovations in technology like dual-injectables have enhanced the method of drug delivery done by injectables further.
- Growing population, increasing rates of chronic diseases, and rising healthcare expenditure are the fundamental factors which are boosting the growth of the market across the globe.
- The formulation sector of the type segment is estimated to reach USD 627.59 billion by 2026, owing to its high performance and minimum size.
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- Innovative product development and collaborative developments are some critical strategic initiatives taken by the players in this industry to point their mark in the competition.
- The presence of unique diagnostic and therapeutic medical technologies that enable quick and accurate diagnosis is the primary factor for the growth of this segment.
- Application for autoimmune disorders is expected to grow at the highest rate of 11.5% during the forecast period.
- The availability of the advanced systems coupled with the presence of experienced employees are also some of the factors that are expected to bring lucrative opportunities for this segment.
- The hospital sector is estimated to reach USD 283.39 billion by 2026 at a CAGR of 11.3% during the forecast period.
- Innovative product development and collaborative developments are some critical strategic initiatives taken by the players in this industry to point their mark in the competition.
- Europe accounts for the second largest share of 30.3% in 2018 and is expected to grow at a rate of 11.3% during the forecast period.
- Key participants include Baxter International, Nova Nordisk A/S, Becton Dickinson, Sanofi, Pfizer, InjexPharma GmbH, Terumo Corporation, Unilife Corporation, Gerresheimer AG, Vetter Pharma-Fertigung GmbH & Co. KG., Schott AG, and Eli Lily & Company.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the global Injectable Drug Delivery Market on the basis of Type, End user, Application and region:
By Type Outlook (Revenue, USD Million; 2016-2026)
- Formulation
- Devices
By End-User Outlook (Revenue, USD Million; 2016-2026)
- Home Care
- Hospital
- Ambulatory Care
- Physician Offices or Clinics
- Others
Application Outlook (Revenue, USD Million; 2016-2026)
- Hormonal Disorders
- Autoimmune Diseases
- Oncology Disorders
- Orphan Diseases
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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