The most efficient method of administering medications to the intended site is injectable drug delivery, improving patient adherence to the medication. The quick absorption of drugs from many sites, including subcutaneous, intravenous, and intramuscular, is improved by injectable delivery. Medication availability at the target site of action is provided by injection delivery, which increases the bioavailability of the drug in the systemic circulation.
The market worth of injectable drug delivery in 2021 was USD 615.87 billion, and it will be worth USD 1677.91 billion by 2030, growing at an 11.78% CAGR during the forecast period.
Factors stimulating market growth rate are the rising need for self-injection devices, technological developments, growth in the biologics market, and new product launches. However, infections related to needle stick injury and product recall limit market growth.
Market Dynamics
Drivers
The increase in surgical operations, the prevalence of chronic illness, and the growing acceptance of injectables are the main drivers of the global injectable drug delivery industry. Additionally, increasing R&D efforts, an increase in the use of biologics, and a rise in the introduction of improved & novel technologies all help to expand the market. Other market factors include expanding urbanization and changing healthcare infrastructure development.
Restraints
Sharing syringes or needles increases the danger of contracting blood-borne illnesses, including Hepatitis C and HIV-AIDS. The absence of sufficient cleanliness and aseptic technique during the injection procedure leads to abscessed infections at the injection sites. These elements are severely limiting the market’s total growth.
When a product is recalled, the entire process of finding and replacing the flawed item can result in significant losses for the corporation involved in replacing and repairing faulty goods. The company’s revenue and market share in injectable medication delivery devices would suffer as a result of these large losses, which will severely impede the growth of the entire market.
Opportunities
Governments worldwide are projected to raise money for injectable contraceptives like Depot Medroxy Progesterone Acetate (DMPA) and NorethisteroneEnanthate (NET-EN) in the future, which would boost market growth overall.
Market Segmentation
Type Insights
In 2021, the devices segment accounted for the biggest revenue share. The use of syringes is increasing as chronic illnesses become more common. The primary causes of death from chronic conditions have been determined to be cardiovascular diseases, diabetes, and obesity. Population growth is thought to be the most important element in emerging countries; hence this will have the greatest global impact.
Therapeutic Application Insights
The auto immune disease segment ruled the entire market in 2021. In autoimmune illnesses, the immune system targets and eats its body tissue. Diabetes, lupus, rheumatoid arthritis, and other auto-immune illnesses are among the most prevalent disorders. Anti-inflammatory drugs, immune suppressants, and other pharmaceuticals have been approved to treat autoimmune diseases.
Distribution Channel Insights
The hospital sector ruled injectable medicine delivery in 2021. This is due to an increase in the rate of patients with acute and chronic wounds admitted to hospitals. The growth in the number of independent clinics in developed and emerging countries is another factor driving the segment’s progress.
Regional Insights
North America ruled the injectable drug delivery market in the year 2021. The rising prevalence of various illnesses is the major factor stimulating the growth of the injectable drug delivery market in North America. By 2020, around 6.2 million Americans 65 and older will have Alzheimer’s disease, according to the Alzheimer’s Association. They number 2.4 million men and 3.8 million women. The market for injectable medication delivery in North America is also expanding as a result of industry players’ increasing use of tactics. In July 2020, Piramal Critical Care partnered with Medivant Healthcare, a U.S.-based pharmaceutical outsourcing company, to address the severe lack of injectable drugs in hospitals worldwide.
However, Europe will grow at the fastest rate. In Europe, the market for injectable drug delivery is ruled by the UK. The growth of the biologics industry, the increasing prevalence of chronic diseases, and the increasing demand for self-injection devices are all factors driving this trend in the market for injectable drug delivery in Europe.
Key Players
- Pfizer Inc.
- Teva Pharmaceuticals Industries Ltd.
- Becton, Dickinson, and Company
- Eli Lily and Company
- Schott AG
- Baxter International, Inc.
- B. Braun Melsungen
- Gerresheimer
- Ypsomed
The market worth of injectable drug delivery in 2021 was USD 615.87 billion, and it will be worth USD 1677.91 billion by 2030, growing at an 11.78% CAGR during the forecast period. The market for injectable drug delivery will grow rapidly over the next few years as a consequence of greater patient adherence to prescription schedules, rising incidences of diabetes and cancer, and technological developments in the industry.
