Technological Advancements Are Propelling the Global Injectable Drug Delivery Market to Evolve at 8.73% CAGR by 2027
“According to the new market research report published by Inkwood Research, the Global Injectable Drug Delivery Market is growing at 8.73% of CAGR during the forecasting period of 2019-2027.”
“Browse 36 market Data Tables and 35 Figures spread over 160 Pages, along with an in-depth TOC on global injectable drug delivery market forecast 2019-2027.”
Injectable drug delivery systems administrate the required drug to the human body via injections or other invasive techniques, instead of subjecting through oral medications. The devices are made up of hypodermic needles and syringes. Clinics, ambulatory care, hospitals, home-based treatments, physician offices are the major end-users of the market. The market has overcome the limitation of needle-based injections to needle-free technology for drug injections. Reusable auto-injectors and pen-injector devices have been developed for medical and diagnostic services where frequent usage of injectors are necessary. The rising prevalence of chronic diseases and healthcare needs across the world is driving the demand for injectable drug delivery systems.
Advancement in technology is primarily driving the injectable drugs delivery market globally
High-end technology advancement in the injectable drugs market is a leading factor for growth in the market. With the rising prevalence of autoimmune diseases like Type 1 diabetes, etc. the pharmaceutical companies have started investing heavily in the R&D to determine new technology for obtaining better delivery systems. Currently, significant technological developments have been made for prefilled syringes; needle sticks safety equipment devices, lubrication technology, etc. But on the other hand, the manufacturing cost of injectable drug delivery is rising due to the advance technological R&D.
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Pen injectors are the most widely adopted devices in the global market
By patent, pen injectors are the devices intended for self-administration. Pen devices are meant to be small, compact and offer ease at using the drugs. Pen injectors are a type of prefilled systems. These devices are inserted with cartridges or chambers filled with medication. Pen injectors can be widely classified as disposable and reusable drug devices. Insulin is one of the prime examples of these types of injectable drug devices. The intensifying use of medication drugs for the treatment of chronic diseases and self-administrated frequent medications are the factors leading to the higher sale of pen injectors in the market. North America and Europe are the two biggest markets for pen injectors.
The Europe region is supplementing the rapid growth of the global injectable drug market
The European market has the highest market share among the different geographies in the global market. The United Kingdom, Italy, Spain, Germany and France are the major countries contributing to the market. The rise in the geriatric population and the increasing prevalence of chronic diseases has increased the demand for treatment and diagnostic market in the region. Pen injectors are prevalent in the European market for self-administration of medication drugs. The lead manufactures of prefilled syringes being based out of Europe is a major reason for the region to dominate the global market. Schott AG, GlaxoSmithKline, Sanofi, and many more major players operate from Europe. In addition to this, European regulatory agencies which include the European Commission, European Medicine Agency, etc. play an active role in regulating the market.
Notable market players in the global injectable drug delivery market
The key giants operating in the global injectable drug delivery market are Baxter International Inc., Elcam Medical, Injex Pharma GmbH, Sanofi, Schott AG, West Pharmaceuticals, Novo Nordisk A/S, Gerresheimer AG, Becton, Dickinson & Company, Eli Lilly & Co., Novartis International AG, Terumo Corporation & Teva Pharmaceuticals. The injectable drug delivery market is dynamically advancing owing to the constant mergers, acquisitions, and strategic alliances. These companies are mainly funding their R&D area for augmenting their product portfolio and to sustain their market position further.
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