Injectable Drug Delivery Devices Market 2022
Over the past few years, the Injectable Drug Delivery Devices Market is growing rapidly. Increasing cancer cases is the major driving force pushing up the market growth. Furthermore, the increasing occurrence of needle-stick injuries, rising prevalence of chronic diseases, and increasing uses of biologics such as factors are escalating the market on the global platform.
Acknowledging the increasing market size of the market, Market Research Future (MRFR) in its recently published study report asserts that the global Injectable Drug Delivery Devices Market will garner exponential accruals registering 11.8% CAGR during the review period
Injectable drug delivery devices market are used in administrating the medication into the circulatory system. It is the most effective way to ensure a quick response. These devices are commonly used when a patient is unconscious and needs urgent medical assistance. Injectable drugs are majorly used during treatments of chronic diseases like cancer and diabetes.
Additional factors positively impacting the market growth include technological advancements, improving outcomes and patients’ experience, beneficial reimbursement policies, and increasing awareness towards healthcare.
On the other hand, factors such as the safety concerns regarding the use of injectable, risk of blood-borne infections, and the introduction of the alternative drug delivery devices are expected to impede the market growth of these devices.
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Major Key Players:
Some of the eminent leaders of the market include Baxter International (US), Becton, Dickinson and Company (US), Schott AG (Germany), Pfizer (US), Eli Lilly and Company (US), Gerresheimer AG (Germany), Antares Pharma, Inc. (US), Terumo Corporation (Japan), Novo Nordik (Denmark), Unilife Corporation (US), Sanofi SA (France), Zogenix, Inc (US), Presage Bioscience (US), Hospira, Inc (US), MicroCHIPS, Inc (US), Genentech Inc. (US), Pearl Therapeutics Inc (US), and Bend Research (US).
MRFR has segmented its analysis into four Key dynamics for an easy grasp;
By Types : Devices (self-injection devices and conventional injection devices) and Formulations (conventional drug delivery, novel drug delivery, and others.)
By Applications : Immune Disorder, Cancer, and Diabetes among others.
By End-Users : Hospitals, Homecare, and Clinics among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World.
The North American region accounts for the leading market for drug delivery systems, capturing a significant market share, followed by Europe and the Asia Pacific, respectively. North America is a well-developed region with the highest GDP, worldwide, which helps the region to have the edge over other regions in terms of every aspect including healthcare and technology. Factors such as the huge patient pool suffering from chronic diseases such as diabetes and cancer, the presence of geriatric population and development in medical technology are supporting the growth of the market.
Certainly, the high economic growth is a key force driving the market growth in the region, allowing access to the quality of life for the people. The US, backed by the high per capita healthcare expenditures, contributes to the growth of the regional market, significantly. Owing to the augmenting demand for the injectable drug delivery devices, the region is projected to create a larger revenue pocket in the global market by 2023.
The European region stands the second-largest position in the global Injectable Drug Delivery Devices Market. The resurging economy is playing a vital role in the market development, allowing the proliferation of the healthcare sector in the region. The well-established healthcare sector is a key driving force contributing to the market growth in the region.
Germany, heading with its flourishing medical devices markets, hugely contributes to the growth of the regional market. Furthermore, the U.K. and France with the increasing investment in injectable drug delivery devices drive the regional market at a large scale. The Europe Injectable Drug Delivery Devices Market is estimated to register a phenomenal CAGR during the review period.
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