Transparency Market Research Report Added "Needle Free Drug Delivery Devices Market" to its database.
Albany, NY -- (SBWIRE) -- 01/12/2017 -- According to a new market report published by Transparency Market Research "Needle Free Drug Delivery Devices Market: Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2015–2023", the global needle free drug delivery devices market was valued at US$ 5.4 Bn in 2014 and is estimated to reach US$ 13.1 Bn by 2023 at a CAGR of 9.9% from 2015 to 2023.
Acceptance of needle free drug delivery devices has increased in the past few years. The global needle free drug delivery devices market is likely to witness strong growth during the forecast period from 2015 to 2023 due to increasing number of chronic pain sufferers and rising awareness about vaccination. Geographically, the needle free drug delivery devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America was the largest market for needle free drug delivery devices in 2014 due to high awareness among physicians and patients, continuous investment in research and development activities, and government initiatives for introduction of needle-free drug delivery devices in community vaccination programs. Additionally, presence of major players such as 3M Health Care, Antares Pharma, Inc., Pharmajet, Inc., and Zogenix, Inc. in the U.S. is a driver of the needle free drug delivery devices market in North America. High health care expenditure of patients and favorable reimbursement scenario are also boosting the market in North America.
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Europe was the second largest market for needle free drug delivery devices in 2014. The U.K., Germany, France, and Italy accounted for major share of the market in the region in 2014 due to strategic collaborations of the major companies, high R&D investment, and increasing home care. For instance, 3M Drug Delivery Systems Division collaborated with Germany-based medical device and pharmaceutical component manufacturer Presspart Group. Through this collaboration, Presspart is licensed to sell the 3M Dose by Dose Counter and Dose Indicator. Hence, the company's market share is expected to increase in Europe. Additionally, the increasing geriatric population is a major concern in Europe which further increases the prevalence of diseases and disorders such as diabetes, influenza, and hepatitis.
Asia Pacific accounted for a small share of the needle free drug delivery devices market in 2014 as compared to North America and Europe. However, the region is expected to witness the highest growth from 2015 to 2023. China, India, South Korea, Japan, Australia, and New Zealand are the key countries in the market. Growth of the market in Asia Pacific is driven by increasing incidence of diabetes, COPD, asthma, osteoarthritis, and infectious diseases. For instance, according to the International Diabetes Federation, China has the world's largest diabetes population, which is rising at a rapid rate. Additionally, five of the ten countries with the largest number of people with diabetes are in Asia Pacific. Furthermore, improving health care infrastructure, rising disposable income, and distribution and marketing strategies of the market players are driving the needle free drug delivery devices market in Asia Pacific.
Latin America accounted for negligible share of the global needle free drug delivery devices market in 2014 due to less awareness among physicians and patients. However, improving health care scenario and rising investment by major players are expected to fuel the market during the forecast period. Argentina, Brazil, and Mexico are the major countries in Latin America.
Middle East & Africa includes South Africa and Rest of the Middle East & Africa. Steady rise in medical infrastructure is expected to augment the market during the forecast period. However, stringent regulations for the commercialization of medical products in the region are likely to restrain market growth.
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Globally, Zogenix, Inc., 3M, and Antares Pharma, Inc. accounted for majority share of the market in 2014. Other players operating in the needle free drug delivery devices market are Glide Pharmaceutical Technologies Ltd., Injex Pharma AG, and Pharmajet, Inc. Investment in research and development and focus on emerging economies are the key strategies to sustain in the global needle free drug delivery devices market.
The global needle free drug delivery devices market has been segmented as follows:
Global Needle Free Drug Delivery Devices Market Revenue, by Technology, (US$ Mn), 2013–2023
Competing Needle-free Technologies
Novel Needle Technology
Transdermal Patch Technology
Global Needle Free Drug Delivery Devices Market Revenue, by Application, (US$ Mn), 2013–2023
Global Needle Free Drug Delivery Devices Market Revenue, by Geography, (US$ Mn), 2013–2023
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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