Injectable Drug Delivery Devices Market Segmentation by Product (Conventional Injection Devices, and Advanced Injection Devices); by Therapeutic Area (Cardiovascular Disease, Diabetes, Oncology, Autoimmune Disorders, and Others); by Route of Delivery (Intramuscular, Subcutaneous, and Intra Dermal); and by End-User (Hospitals & Clinics, Homecare Settings, and Others) – Global Demand Analysis and Opportunity Outlook 2030
Buy Now Report ID: 3277 | Published Date: Feb 09, 2023
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia-Pacific region is estimated to witness remarkable CAGR over the forecast period, on the back of increasing incidence of chronic disorders in the APAC countries backed by the increasing aging population. Additionally, the increasing healthcare expenditure and growing development of advanced injectable devices for drug delivery in the region are expected to drive the market growth.
Furthermore, in 2030, the market in the North America region is expected to hold the most significant share in the global injectable drug delivery market, on the back of a higher rate of implementation of innovative injectable drug delivery devices for the treatment of various diseases, such as, diabetes mellitus, autoimmune disorders, cancers, and others. Additionally, the rising prevalence of cancer cases and diabetes in the United States is expected to promote the growth of the North America injectable drug delivery market.
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The global injectable drug delivery devices market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global injectable drug delivery devices market includes the following segments:
By Product
By Therapeutic Area
By Route of Delivery
By End-User
Growth Drivers
Challenges
January 2021: Novo Nordisk A/S, announced the approval from the US Food and Drug Administration for semaglutide, which is an injectable treatment for chronic weight management in adults such as high blood pressure, high cholesterol, and others.
August 2018: Antares Pharma, Inc., announced their strategic agreement with Pfizer Inc., for the development of drug device rescue pen called ‘QuickShot auto injector’.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Emergence of self-injectors and increasing incidence of chronic diseases are the key factors driving market growth.
Ans: Emergence of self-injectors and increasing incidence of chronic diseases are the key factors driving market growth.
Ans: Injuries & infections caused by needles and increasing use of alternative delivery methods are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing investment by the market players to develop new products and increasing incidence of chronic diseases.
Ans: The major players dominating the Injectable Drug Delivery Devices market are Baxter International Inc., Eli Lilly and Company, West Pharmaceutical Services Inc., Pfizer Inc., Schott AG, and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, therapeutic area, route of delivery, end-user, and region.
Ans: With respect to product, the advanced injection device segment is anticipated to hold the largest market share on the back of increasing adoption of self-injectors in the market.
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