Research Nester released a report titled “Injectable Drug Delivery Device Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global injectable drug delivery device market in terms of market segmentation by product, therapeutic area, route of delivery, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global injectable drug delivery device market is projected to grow with a CAGR of ~11% during the forecast period, i.e., 2022-2030 on account of the rising prevalence of chronic disorders, such as diabetes, obesity, hypertension, and others. According to the report by the WHO, globally 422 million people suffer from diabetes currently, while cardiovascular diseases and cancer are the leading causes of untimely deaths. CVDs were responsible for around 17.9 million deaths globally. Moreover, with the increasing investment by the major players and governmental organizations for the development of innovative injectable drug delivery devices, along with adoption of advanced technology in the medical sector is estimated to boost the growth of the global market.
The market is segmented by product into conventional injection devices, and advanced injection devices. Among these segments, the advanced injection devices segment is anticipated to hold the largest market share over the forecast period, on the back of increasing adoption of self-injectors by the patients of diabetes for insulin intake, and other diseases.
On the basis of region, the market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the cardiovascular device market in the Asia Pacific region is projected to grow at the highest CAGR throughout the forecast period owing to the increasing prevalence of diabetes and other lifestyle diseases, along with the high geriatric population in the region. Currently, the market in North America holds the largest share. This can be attributed to the presence of major market players, increasing product launch and investment for new development in the region. Furthermore, the high rate of obesity amongst the population of the United States is expected to boost the market growth in the region.
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Growing Prevalence of Chronic Diseases to Drive Market Growth
According to the data collected from WHO, about 1 in 6 deaths is due to cancer. In other report of the WHO, it is stated that around 1.9 billion adults were overweight and 650 million were obese, in 2016. In fact, at present, there are more overweight individuals than underweight, globally
The growing cases of chronic diseases, that require frequent doses of treatment drugs, combined with the rising adoption of self-administration of medication such as self-injectors, are collectively estimated to significantly drive the market growth. Additionally, advantages, such as, the convenience of medication at home, reduced pain, ease of use, and safety, among others are some of the factors expected to boost the growth of injectable drug delivery devices market.
However, high cost of injectable drug delivery devices is estimated to hamper the market growth over the years.
This report also provides the existing competitive scenario of some of the key players of the global injectable drug delivery devices market, which includes company profiling of Baxter International Inc., Eli Lilly and Company, West Pharmaceutical Services Inc., Pfizer Inc., Schott AG, Becton, Dickinson and Company, Teva Pharmaceutical Industries Ltd, Gerresheimer AG, Novo Nordisk A/S, Terumo Corporation, and others. The profiling enfolds essential information of the companies, which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global injectable drug delivery device market that will help industry consultants, equipment manufacturers, and existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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