Global Injectable Drug Delivery Market Set for Rapid Growth to Reach around USD 640.50 Million by 2021
Sarasota, FL -- (SBWIRE) -- 12/12/2016 -- Zion Research has published a new report titled "Injectable Drug Delivery Market (Device and Formulations) for Hospitals, Homecare, and Other End-user: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021". According to the report, the global injectable drug discovery market was valued at approximately USD 328.20 million in 2015 and is expected to reach approximately USD 640.50 million by 2021, growing at a CAGR of around 11.8% between 2016 and 2021.
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Injectable drug delivery plays an important role in pharmacotherapy due to its rapid onset of action. Several drugs, predominantly peptides, pharmaceutical agents, protein and other therapeutics agents, can only be administered by injectable routes. The parenteral administration route is one of the most common and efficient drug delivery forms.
The increase in the number of chronic diseases like cancer and diabetes coupled with the need for drug delivery systems is expected to boost the market growth in the coming years. Moreover, the advancements in technological processes have resulted in the development of advanced devices that are specially made to the specific category of patient care in question. Additionally, technological advancement like dual-injectables has further enhanced the method of drug delivery performed by injectables. Thus, these noteworthy changes are expected to boost the market growth in the years to come. However, healthcare awareness regarding infections and injuries caused by the needles used in syringes are key restraining factor of injectable drug delivery market. Nonetheless, rise in demand for biosimilars and generic injectables is expected to open up new growth opportunity within the forecast period.
Based on types, the market has been segmented into device and formulation. The devices segment is bifurcated into self-injection devices and conventional injection devices. Self-injection devices include needle-free injectors, auto-injectors, pen-injectors, and others. A device that includes self-injection devices is expected to witness the fastest growth in the years to come. Formulations are further segmented into conventional drug delivery, novel drug delivery, and others. The formulation is another key outlet of this market and is anticipated to show significant growth in the years to come.
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Hospitals, homecare, and others are key end-users in the global injectable drug delivery market. Homecare was the leading segment due to increasing incidences of diabetes diseases. The increasing diabetic patients worldwide have allowed the key participant in this market to launch advanced devices for the administration of insulin with the help of self-injection device. Thus, homecare segment is expected to exhibit noticeable growth in the years to come.
Global injectable drug delivery was dominated by North America in 2015 due to better technological advancement to provide innovative and effective devices to handle a large patient base. With increasing prevalence of chronic disorders in this region, the need to develop newer and better drug delivery systems was observed in North America. North America closely followed by Europe in terms of demand in 2015. Europe was the second largest regional market in 2015. This growth is mainly attributed to the high demand for self-injection devices, the growth of the biologics market, emphasis on the innovation of formulations coupled with technological advancements. Asia-Pacific was the fastest growing market, owing to its larger population coupled with increasing the prevalence of chronic disease especially in India and China.
Some of the key players in the global injectable drug delivery market include Pfizer, Inc., Baxter International, Inc., Terumo Corporation, Becton, Dickinson and Company, Schott AG among others
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This report segments the global injectable drug delivery market as follows:
Global Injectable Drug Delivery Market: Type Analysis
Conventional Injection Devices
Conventional Drug Delivery
Novel Drug Delivery
Global Injectable Drug Delivery Market: End-user Segment Analysis
Global Injectable Drug Delivery Market: Regional Segment Analysis
The Middle East and Africa
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