Injectable Drug Delivery Devices Market - Growth, Trends, and Forecast (2020 - 2025)
The injectable drug delivery devices market is expected to register a CAGR of nearly 11.5%, during the forecast period.
- The injectable drug delivery devices market is expected to show rapid growth due to the growing burden of chronic diseases, benefits, and convenience, leading to increased demand for self injectors and growth of the biologics market, leading to increased demand for injectors.
- The growing burden of chronic diseases has led to a rise in the overall use of syringes, particularly disposable syringes. It has been observed that most deaths by chronic diseases can be attributed to cardiovascular diseases, obesity, and diabetes. This is expected to affect the emerging countries the most, as population growth is found to be the most significant factor in developing areas.
- A major number of drugs and therapies that address these chronic ailments are now found to be available. However, the use of syringes in the management of any chronic ailment is inevitable. Syringes can either be a part of sample collection during diagnosis or treatment regimen, like osteoarthritis. Consequently, the rise in the prevalence of chronic diseases is expected the drive the growth of the market studied.
- Furthermore, technological advancements, improving patient compliance, beneficial reimbursement policies, and the rise of biologics in the pharmaceutical market are some of the other factors propelling the growth of the market.
Key Market Trends
Self-injectable Drug Delivery Devices is Anticipated to be Dominant during the Forecast Period
There have been boundless innovations and developments in self-injectable devices driving the growth of the market. The other major advantages associated with self-injectable injections are that they are found to be of convenient usage and low healthcare cost. These self-injectables were developed with the help of patient feedback, to provide the most adaptable devices, which have high precision of drug delivery, and are easy to use.
In addition to this, with the innovations in self-injectable devices, the acceptance of these products has increased over the past few years. Nevertheless, the advantages of self-injectable injections and increasing awareness of self-administration have helped in driving the overall market studied, during the forecast period.
The North America Region Dominates the Injectable Drug Delivery Devices Market
North America has been found dominating the injectable drug delivery devices, due to the increasing aging population and the rising number of chronic diseases that may influence the usage of injectables. According to the National Cancer Institute, 2018, there were an estimated 1,735,350 new cases of cancer that were being diagnosed in the United States. Therefore, chemotherapy drugs are being delivered to these cancer patients through injectable devices. Hence, increasing prevalence of chronic diseases and the adoption of new technologies related to injectables in the United States may help in propelling the growth of the overall market.
There are also some of the other factors that include; the large pool of patient population, increasing healthcare expenditure, rising focus of various companies, increasing healthcare awareness, and increase in government funding. Hence, all these factors are found associated with the growth of the market.
The companies present in the market are found focusing on product innovations, expansions, finding new markets, or innovating their core competency to expand their individual market shares. There are also innovations taking place in injectable drug delivery systems that are the trend for the global injectable drug delivery market.
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