VALLEY COTTAGE, New York, August 8, 2018 /PRNewswire/ --
Rising prevalence of chronic diseases, technological advancements, growth of biologics, and demand for self-injecting drugs is likely to augment the global adoption of injectable drug delivery devices and expand at an impressive CAGR of 10.9% during the assessment period of 2018-2026. The global injectable drug delivery market is likely to stand at a market valuation of US$ 32.1 Bn by 2028, according to a recent market study by Future Market Insights. The long-term outlook on the global injectable drug delivery market remains positive throughout the forecast period owing to its increased adoption among patients with chronic illnesses. In the comprehensive analysis of the global injectable drug delivery market, experts at FMI have studied the various drivers, restraints, opportunities, and trends likely to impact the market in the next 10 years.
Globally, sales of injectable drug delivery devices will witness robust growth in the U.S, Western Europe, and Asia Pacific, largely owing to FDA approvals for innovative and novel auto-injectors and increasing adoption of injectable drug delivery mechanisms across various applications. Manufacturers operating in the global injectable drug delivery market are in for a plethora of opportunities owing to increased investments in the research and development of injectable drug delivery devices such as disposable and reusable injectors. Manufacturers are also considering setting up regional manufacturing bases to focus on the production of superior grade injectable drug delivery devices to meet rapidly surging end user demand.
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Increased Interest in Self-Administrations Giving Way to Novel Injectable Drug Delivery Innovations
Demand for self-administering injectable syringes has been increasing-significantly cutting on caregiver fees and enhanced development in syringes, cartridges, auto injectors, and pens. Injectable drug delivery devices developers are constantly looking out for more mainstream ways to enhance the patient-injection experience-elevating the growth of disposable injectors.
Although self-administration of medication seems to be convenient, a number of factors such as dosage management, and needle stick injuries can make it difficult. Advancement in technologies address these issues and have popularized the use of injectable drug delivery devices for patient-controlled medication.
Despite the fact that needles remain the primary route for drug delivery, developers are evaluating needle-free systems for specific applications. Manufacturers are making advancement in needle technology, ensuring reduced needle exposure before and after injection.
Needlestick Injuries Prevention Opens up Opportunities for Injectable Drug Delivery Devices Companies
Devices that can help prevent needlestick injuries are a potential growth market for injectable drug delivery market. As per the guidelines of the Occupational Safety and Health Administration (OSHA), injectable must have safety features that are passive and require no intervention by the user-not compromising on the device safety and effectiveness. Patients using Insulin syringe often report percutaneous needle stick injury caused by the needle tips and can occur while using, handling, disassembling, or disposing needles and syringes. As per CDC, close to 3,85,000 cases of needlestick injuries are reported each year in the U.S. High incidence rate of needle stick injuries persuade health care professionals to use drug delivery devices that reduce such risk and increase patient comfort, thereby, opening up R&D opportunities for developers and manufacturers.
Preview Analysis On Injectable Drug Delivery Market Segmentation By Product Type - Self-Injectors, Needle-free Injectors, Auto-Injectors; Usage - Disposable Injectors, Reusable Injectors: https://www.futuremarketinsights.com/reports/injectable-drug-delivery-market
Forward Market Strategy: TechCos Aim to Improve Compliance, PharmaCos Deliver Human-Centric Injectable
Medical experts see a growing trend towards connected devices, wherein a device is connected to a smart phone-tracking, monitoring and sending reports to medical practitioners. The connect device would also remind patients about their next injection schedule, thereby improving compliance. Pharmaceutical companies, injectable drug delivery devices developers, and tech companies are projected to partner in the near future to make connected devices a reality in the global injectable drug delivery market. Additionally, with increasing self-injection and self-administration preference among patients, pharmaceutical companies have begun to shift towards subcutaneous injectable drug delivery injections owing to ease of use, patient comfort, compliance, and adherence.
Key players operating in the global injectable drug delivery market are Amgen, Medtronic Plc, Dexcom, Crossject, Endo International Plc, and Penjet Corporation, Amgen, Antares Pharma, Becton, and Dickinson and Company.
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SOURCE Future Market Insights