Market Research Future (MRFR) experts’ estimate that the Global Injectable Drug Delivery Devices Market is projected to grow at an astounding CAGR of 11.8% during forecasted period (2017-2023). Geopolitical changes affect the healthcare industry; demographic changes result in increased demand for healthcare facilities along with devices and technology advancements in treatment and devices open up new opportunities. Injectable drug delivery devices offer surplus features and functions which improve usability, safety, efficacy, and compliance. With a spate of chronic diseases like diabetes and cancer growing, the need for drug delivery systems has grown considerably.
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Another factor that drives the market growth is the strong presence of established drug delivery devices manufactures who operate in the market with the goal of maximizing market share and address consumers demands. These market players need to produce a platform of injection devices that ensure consistency in use and also make sure that quantitative as well as qualitative aspects are achieved.
The latest trend picking up pace in the drug delivery devices market is the growing need for controlled release of drugs. It involves delivering the drug at a predetermined rate for a specified period. There has been onslaught of cases where heavy dose administered have created issues, which gave birth to need for devices that offer the advantage of controlled release of drugs. Improved patient compliance, maximum utilization of the drug, increased safety margin of potent drug, reduction in healthcare costs and shorter treatment period are some of the benefits controlled release of drugs devices offer.
Injectable Drug Delivery Devices Market – Competitive Analysis
As the market seems to be attractive, growing and profitable, at the same time market has witnessed intense rivalry among existing competitors. Many new entrants expected to enter into Injectable Drug Delivery Devices market. There are many big players in the Injectable Drug Delivery Devices market such as: Becton Dickinson and Company (US), Baxter International (US), Schott AG (Germany), Eli Lilly and Company (US), Pfizer (US), Gerresheimer AG (Germany), Terumo Corporation (Japan), Antares Pharma, Inc. (US), Novo Nordik (Denmark), Sanofi SA (France), Unilife Corporation (US), Zogenix, Inc (US), Hospira, Inc (US), Presage Bioscience (US), MicroCHIPS, Inc (US), Pearl Therapeutics Inc (US), Genentech Inc. (US), Bend Research (US).
Haselmeier is set to get into a partnership with Common Sensing with the aim to develop smart connected monitoring and also support solutions for users of injectable medicines. Both the companies will work jointly to develop a smart disposable injector pen called Gocap. It offers various benefits like logging time, amount of dose and the kind of insulin. Moreover, meals and blood sugar levels can be recorded by the patients. This product development will add to Haselmeier’s product portfolio and also broaden its global consumer base in the injectable drug delivery devices market.
Injectable Drug Delivery Devices Market – Segmentation
The Global Injectable Drug Delivery Devices Market is segmented on the basis of type, devices, and formulation.
By type, the market is segmented on the basis of devices and formulation. The devices segmented is sub-segmented into self-injection devices and conventional injection devices. The formulation segment is sub-segmented into conventional drug delivery, novel drug delivery, and others. The drug delivery devices have an immense appeal among a large number of population as they control time, dosage, and place of release of the drugs in the body. They are also used extensively in many applications such as hospitals, long-term care facilities, and also used by home care providers.
By application, the market is segmented on the basis of immune disorder, cancer, diabetes, and other. Injectable drug delivery devices are in high demand for treatment of diabetes due to drastic increase in cases of diabetes worldwide, and rising level of sedentary lifestyles and obesity in global population. Moreover, technological enhancements of injectable drug delivery devices make them the likable choice for convenient and measured form of drug dosage for diabetes.
The plethora of end users making use of injectable drug delivery devices are hospitals, homecare, clinics, and other. The homecare settings have been a profit garnering segment with a large cohort of patients suffering from chronic diseases. Moreover, advent of technologically sophisticated self-injection devices produced in the market has led to high utility of these devices at a primary level. Such devices also alleviate the ambiguity related to dosage measurement and make it easier to use in homecare settings.
Injectable Drug Delivery Devices Market – Regional Analysis
The Injectable Drug Delivery Devices Market is regionally spread across North America, Europe, Asia Pacific and the rest of the world (RoW).
The North America market has the upper hand and will maintain its dominance in the global market owing to growing number of cases of diabetes and cancer and other autoimmune diseases. Also, technological innovations and advanced research in the area enables the established companies to excel at designing new and improved drug delivery devices, leading to sizeable market growth in the region.
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Geographically, Europe holds the second position in the global injectable drug delivery devices market. The market growth in the region has been bolstered by growing cases of chronic diseases and rising demand for self-injection devices. Extensive application of these devices in various sectors such as hospitals and clinics, home healthcare, research laboratories, pharmaceutical and biotechnological companies have buoyed the market trajectory in the region.
The Asia Pacific region is also one of the frontrunners in the global market on account of rapid development of economy and rising population of patients. Furthermore, partnerships with other well established global players and enormous investments in research and development for product development has accelerated the growth of the market significantly.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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