2024-2033 Global Injectable Drug Delivery Devices Market Outlook: Projected Size and Growth Rate
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Injectable Drug Delivery Devices Market Growth Forecast 2024-2033: What’s the Expected Rate?
In recent times, the market size for injectable drug delivery devices has experienced significant growth. There’s a projected market growth from $43.54 billion in 2023 to $47.46 billion in 2024, with a compound annual growth rate (CAGR) of 9.0%. This progressive stride in the historical period is tied to the swift rise in the elderly population, the expansion in the number of healthcare facilities, heightened healthcare spending, growth in biologics, and growing consciousness towards self-administration.
The market for injectable drug delivery devices is set to markedly grow in the coming years, peaking at $61.78 billion in 2028 with a compound annual growth rate (CAGR) of 6.8%. This projected expansion over the forecast period can be linked to the rising occurrence of chronic diseases, escalating demand for injectable drugs, the sudden onslaught of severe infections, and a large number of drugs and vaccines undergoing various stages of clinical trials. The main trends anticipated within this period involve the development of microneedle-based drug delivery systems, investment in research and development of self-injectable devices, concentration on manufacturing wearable devices, production of needle-free injection systems, product line broadening to include prefilled syringes, enhancement of digital technology in their devices, creation of innovative devices and the production of advanced auto-injectors.
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What Factors Are Impacting the Growth of the injectable drug delivery devices Market?
The market for injectable drug delivery devices is being propelled by the growing inclination towards self-injection devices. Self-injection devices are medical tools that patients can utilize at home to administer their own medication. The array of self-injection instruments include needle-free, auto, pen, and wearable injectors, which are designed to be adjustable, ensuring accurate drug delivery and ease of use. Advances in the technology of self-injectable devices have led to broader acceptance of these products in recent years. An example of such a device is BD Physioject, a disposable auto-injector created by Becton, Dickinson, and Company, which is clinically validated to be effective, trustworthy, and economical and is purposely built for the self-administration of medication by patients with chronic diseases such as rheumatoid arthritis, multiple sclerosis, asthma, and osteoporosis. Other companies that are actively participating in the self-injection market are Abbvie, Inc., 3M, Baxter, Gerresheimer AG, Pfizer Inc., and several others. The benefits of self-injectable injections coupled with the rise in awareness of self-administration techniques have stimulated demand for these devices, which in turn, is expected to contribute to the growth of the injectable drug delivery devices market in the forecast period.
What Are the Fundamental Segments in the Injectable Drug Delivery Devices Market?
1) By Type: Syringes, Injectors And Pump
2) By Application: Autoimmune Diseases, Hormonal Disorders, Oncology, Orphan Diseases, Pain Management, Respiratory Therapy, Other Applications
3) By End-user: Hospitals And Clinics, Home Healthcare Settings, Pharmaceutical And Biotechnological Companies, Research Laboratories, Other End Users
Sub segments: Conventional Injectable Devices, Pre-Filled Syringes, Auto-Injectors, Pen-Injectors, Insulin Pumps, Ambulatory Infusion Devices
What Trends Are Shaping the New Direction of the Injectable Drug Delivery Devices Market?
Manufacturers of injectable drug delivery devices are increasingly shifting their focus towards the production of auto-injectors. These are fully automated, highly personalized, and reusable injection devices that a patient can utilize for hundreds of injections. The patient can manage the dose delivery speed to alleviate pain or discomfort during the injection process. These devices can modify the velocity and depth of the automatic injection. For example, LISA, a reusable auto-injector produced by Unilife corporation, offers a range of highly customizable features, such as Bluetooth LE connectivity, Wi-Fi or 3G connectivity, and pre-injection drug warming for targeted therapies. The market for injectable drug delivery technology is set to experience significant growth in the forthcoming years, driven by various technological progressions and the launch of new products to enhance the convenience and ease of administration of parenteral therapeutics.
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Which Regions Are Making a Mark in the Injectable Drug Delivery Devices Market Growth?
North America was the largest region in the injectable drug delivery devices market in 2023. Western Europe was the second-largest region in the global injectable drug delivery devices market. The regions covered in the injectable drug delivery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Injectable Drug Delivery Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the injectable drug delivery devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Injectable Drug Delivery Devices Market Include
1. Injectable Drug Delivery Devices Market Executive Summary
2. Injectable Drug Delivery Devices Market Segments
3. Injectable Drug Delivery Devices Market Size And Template Market Growth Rate
4. Key Injectable Drug Delivery Devices Market Trends
5. Major Injectable Drug Delivery Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Injectable Drug Delivery Devices Market
26. Top Injectable Drug Delivery Devices Companies
27. Injectable Drug Delivery Devices Market Opportunities And Strategies
28. Injectable Drug Delivery Devices Market, Conclusions And Recommendations
29. Appendix
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