Increasing prevalence of life-threatening diseases and development of smart wearable devices is driving injectable drug delivery market revenue growth
The global injectable drug delivery market size is expected to reach USD 81.46 Billion in 2030 and register a revenue CAGR of 8.9% over the forecast period, according to the latest report by Reports and Data. Rising trend of pre-filled syringes coupled with technological advancements is driving injectable drug delivery market revenue growth.
Initially, tablets, pills, or capsules were the only forms of medication. However, drugs are now delivered using more technologically advanced and intelligent systems. These systems are designed to deliver drugs to the targeted area, allowing them to be more localized than would otherwise be possible to reach through the blood stream. Patients who rely on medications on a daily basis prefer advanced injection devices compared to traditional ones. Given this, increasing need for effective and convenient drug delivery systems presents lucrative growth opportunity for manufacturers to develop sophisticated, user-friendly, and effective drug delivery devices.
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The rapid adoption of AI, ML, and IoT and robust data management processes has made the hospitals and clinical settings smarter. New technologies and solutions have improved the normal medical processes such as clinical diagnosis, treatment, diseases management, and monitoring patient recovery after discharge. Rapid digitalization and increasing adoption of virtual care and telemedicine is further expected to positively impact the revenue growth of the market going ahead.
Emergence of new healthcare and telemedicine startups, increasing number of collaborations among healthcare facilities and research institutions, and rising focus on patient engagement solutions has further fueled revenue growth of the market. Key companies are forming strategic alliances and collaborative ventures such as mergers and acquisitions, joint ventures, partnerships, manufacturing and licensing agreements, and product launches among others.
Leading Players Analyzed in the Report:
Vetter Pharma, Akorn Operating Company LLC, Catalent, Inc., Pfizer Inc., Gerresheimer AG, Elcam Medical, Schott, SHL Medical AG, Becton, Dickinson & Company, and West Pharmaceutical Services, Inc.
Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered in the report.
The report further discusses in detail the regional spread of the global Injectable Drug Delivery market along with analysis of production and consumption patterns, import/export analysis, supply and demand ratio, market share and size based on volume and value, trends and demands, revenue share, and presence of the key players of the market.
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Some Key Highlights from the Report
- In November 2021, Becton, Dickinson and Company, based in Franklin Lake, New Jersey, US, launched BD Ultrasafe Plus 2.25 ml Passive Needle Guard for use in drug-device combo products by pharmaceutical companies. BD UltraSafe PlusTM 2.25 mL's innovative design compliments biopharmaceutical companies' to combine effective product strategy by enabling patient-controlled injection for complex and high-viscosity medicines.
- Conventional injectables segment accounted for largest revenue share in 2020, owing to higher sales of traditional syringes due to rising prevalence of infectious diseases required in hospital and increasing number of surgeries worldwide. Furthermore, rapid immunization programs have also contributed to the growth of the segment.
- Injectable sterile products segment is expected to register high growth rate during the forecast period. Increased demand for injectable sterile products can be attributed to improved quality assurance and storability. Additionally, injectable sterile products are pathogen-free and thus pose a lower risk of infection, which aids in segment revenue growth.
- Market in North America accounted for largest revenue share in 2020. In the US, rising prevalence of chronic diseases such as cancer and diabetes is increasing demand for smart and effective drug delivery options for better treatment. This in turn is spurring product development by manufacturers and research institutes in the region. Furthermore, presence of a robust healthcare sector, public healthcare reimbursements, and online delivery of medical devices and medications is expected to continue to boost market growth in this region.
Key Regions Studied in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Segmentation based on Types:
Device Type Outlook (Revenue, USD Billion; 2018–2030)
- Conventional Injectables
- Pre-Filled Syringes
- Auto-Injectors
- Pen-Injectors
Product Type Outlook (Revenue, USD Billion; 2018–2030)
- Freeze-dried Products
- Injectable Sterile Products
End-use Outlook (Revenue, USD Billion; 2018–2030)
- Hospitals
- Homecare Settings
- Clinics
- Others
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