SAN FRANCISCO, June 25, 2018 /PRNewswire/ --
The global needle free drug delivery devices market size is expected to reach USD 14.6 billion by 2024, according to a new report by Grand View Research, Inc., progressing at a CAGR of 10.2% during the forecast period. Increasing incidence of chronic diseases such as hepatitis A, hepatitis B, West Nile Virus Fever, and AIDS, which are susceptible to transmission due to use of injections, is one of the key factors driving the needle free drug delivery devices market.
According to AVERT, there were 36.7 million people living with AIDS at the end of 2016 and 34 million have died due to HIV till date. The African continent is the most severely affected region, accounting for 70.0% of the total people infected with HIV worldwide. According to WHO, around 350 million people have been chronically infected with hepatitis B. These key factors fuel clinical urgency for adoption of needle free drug delivery devices.
Continuous use of injections to deliver insulin causes pain and increases the risk of transmittance of infectious diseases. Thus, in order to reduce pain and risk associated with injections, the utilization rate of needle free drug delivery devices has increased significantly over the past few years. The trend is likely to grow in the coming years, providing upthrust to the market.
Browse full research report with TOC on "Needle Free Drug Delivery Devices Market Size, Share & Trends Analysis Report By Technology, By Application (Vaccine Delivery, Pain Management, Insulin Delivery, Pediatric Injections), And Segment Forecasts, 2018 - 2024" at: https://www.grandviewresearch.com/industry-analysis/needle-free-drug-delivery-devices-market
Further Key Findings From the Report Suggest:
- Based on technology, jet injectors commanded the leading revenue share of 30.0% in 2015, owing to associated benefits such as improved dosage accuracy, better diffusion into tissues, and reduced pain and sharps
- The transdermal patch segment is expected to expand at a CAGR of over 10.0% owing to introduction of technologically advanced products with associated benefits such as direct drug delivery, ease of use, and less pain
- The insulin delivery segment held over 33.0% of the market in 2015, which can be attributed to advantages such as self-administration and availability of wide range of devices such as transdermal patches, jet injectors, and inhalers
- North America dominated the global market with 41.0% share in 2015 owing to increasing number of R&D investments by prominent industry players and high awareness among the patient base regarding novel products
- The Asia Pacific region is expected to witness a CAGR of over 12.0% during the forecast period owing to presence of huge target population
- Market players are resorting to sustainability strategies such as product launches, strategic collaborations, mergers & acquisitions, and technological innovations
- The industry rivalry is high and threat of new entrants is moderate owing to high capital requirement for procuring technology and other intellectual properties from existing companies.
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Grand View Research has segmented the global needle free drug delivery devices market on the basis of technology, application, and region:
- Needle Free Drug Delivery Devices Technology Outlook (Revenue, USD Million, 2014 - 2024)
- Jet injectors
- Inhaler technology
- Transdermal patch technology
- Novel needle free technologies
- Needle Free Drug Delivery Devices Application Outlook (Revenue, USD Million, 2014 - 2024)
- Vaccine delivery
- Pain management
- Insulin delivery for diabetes
- Pediatric injections
- Needle Free Drug Delivery Devices Regional Outlook (Revenue, USD Million, 2014 - 2024)
- North America
- Asia Pacific
- Latin America
- South Africa
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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