Northrook, IL -- (SBWIRE) -- 12/16/2019 -- The global injectable drug delivery market size is projected to generate revenues worth USD 902.3 billion by 2027 from an assessed value of USD 362.4 billion in 2016, at an 11.5% CAGR during the forecast period. One of the key factors driving the industry growth is the rising pool of aging population, increasing use of needle stick injuries and chronic diseases.

Formulation technologies and device technology have been used in the injectable drug delivery device technology. Furthermore, conventional injection devices, self-injection devices, and needles also come under the head of technologies.

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When it comes to therapeutic applications, the market is segmented based on hormonal disorders, orphan diseases, and autoimmune diseases. Cancer is one of the segments that is expected to register the highest CAGR. When it comes to formulation packaging, the market segment is into vials, bottles, and ampoules. There is no doubt that ampoules are expected to dominate the injectable drug delivery market. Excellent barrier properties are one of the main reasons that this segment consists of a significant market share. Low cost of manufacturing and ease of transportation are the factor that helps to grow injectable drug delivery industry.

The technology industry is snowballing in the global market. Inhalers, powder injections, and intrauterine devices are the main methods through which drugs are injected. Injectable drug delivery market grows on the base of applications such as orphan disease, cancer, and hormonal disorders. It also consists of cardiology, asthma, gynecology, and oncology, among others. When it comes to the end-users, the injectable drug delivery industry is categorized into the hospitals, clinics, and patients.

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North America accounted for the major chunk of the global injectable drug delivery market because of the large aging population and increasing instances of diabetes. Even Asia is expected to witness a high level of growth rate in the next five years. The large patient pool, the increasing focus of key players, rising healthcare expenditure, and growing government funding are driving growth in this region. There is an increment in the number of partnerships and increasing prevalence of chronic diseases. Numerous companies are focusing on collaborations to ensure the availability of drug delivery systems in remote areas.

There are several key players in the injectable drug delivery market. The global market is led by three players, including Dickinson and Company, Becton, and Pfizer, all based out of the US. Other key players are in the market include Schott AG in Germany, Eli Lilly Company in the US and Terumo Corporation in the US. There is absolute clarity that the market is focused on adopting collaboration strategies to enhance its product portfolio.

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