In-Depth 2024 Subcutaneous Drug Delivery Devices Market Analysis: Growth, Share, and Emerging Trends
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2024-2033 Subcutaneous Drug Delivery Devices Market Growth Rate: What’s the Forecast?
The market for subcutaneous drug delivery devices has seen a significant rise in recent years. The market is predicted to expand from a total value of $25.78 billion in 2023 to $27.66 billion in 2024, with a compound annual growth rate (CAGR) of 7.3%. This ongoing growth in the historical period is traceable to several factors such as increasing cases of chronic diseases, a stronger preference for self-medication, rising cases of diabetes and obesity, and patient’s inclination towards convenient treatment options, coupled with an increase in the elderly population.
Expectations are high for the subcutaneous drug delivery devices market to experience robust growth in the coming years. Projections point to a growth to $36.89 billion by 2028, with a compound annual growth rate (CAGR) of 7.5%. The impelling factors for growth during the forecast period include an expansion in the biologics and biosimilars market, increased usage of wearable drug delivery systems, advances in personalized medicine, better healthcare reimbursement policies, and a heightened focus on home healthcare. Noteworthy trends within the forecast period are digital health technologies’ incorporation, developing smart and connected devices, an incline in minimally invasive procedures, needle-free injection systems’ advancement, and the dawn of artificial intelligence in the realm of device development.
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What Drivers Are Accelerating the Growth of the subcutaneous drug delivery devices Market?
The escalating number of diabetes and cardiovascular diseases (CVD) cases is anticipated to stimulate the expansion of the subcutaneous drug delivery devices market. Factors such as aging populations, unhealthy nutritional habits, inactive lifestyles, obesity, socio-economic disparities, stress, environmental influences, and restricted access to preventive healthcare contribute to the escalating prevalence of diabetes and cardiovascular diseases. Subcutaneous drug delivery devices are employed in the management of diabetes for the administration of insulin and other glycemic control medicines, and in cardiovascular diseases for the provision of drugs like anticoagulants or lipid-lowering agents. These devices offer an efficient and regulated approach to control these chronic conditions. For example, in April 2023, the British Diabetic Association, a UK-based charity for people with diabetes, released new data indicating that 4.3 million people in the UK have been diagnosed with diabetes. There has been a rise of 148,951 in the number of registered cases for 2021-22 compared to 2020-21, with more than 2.4 million individuals in the UK at high risk of being diagnosed with type 2 diabetes. Furthermore, in May 2024, the Centers for Disease Control and Prevention, a US federal agency reported that in 2022, heart disease was responsible for 702,880 deaths, equating to 1 in every 5 deaths. Hence, the rising incidence of diabetes and cardiovascular diseases (CVD) is fuelling the growth of the subcutaneous drug delivery devices market.
What Key Segments Can Be Identified in the Subcutaneous Drug Delivery Devices Market?
1) By Product Type: Insulin Pens, Pen Needles, Injector Pens, Auto-Injectors, Implantable Pumps
2) By Application: Diabetes, Fertility, Oncology
3) By End-User: Hospitals And Clinics, Homecare Settings, Ambulatory Surgical Centers
What Trends Are On the Rise in the Subcutaneous Drug Delivery Devices Market?
Leading corporations in the subcutaneous drug delivery devices market are increasingly focusing their efforts on the creation of innovative solutions, such as miniature digital liquid flow sensors. These advancements are designed to improve the safety and accuracy of subcutaneous drug delivery by creating precise, customizable flow sensors for large-volume injectors. Miniature digital liquid flow sensors are small-scale tools which can meticulously calculate the flow rate of liquids in minor applications and provide digital output for effective monitoring and control. Sensirion AG, a company based in Switzerland that is renowned for its environmental and flow sensors, unveiled the SLD3x series sensor platform in May 2024, as an example. This line of highly accurate digital liquid flow sensors is uniquely customizable offering exact flow measurement capabilities, detection of occlusions, in-line air bubble identification, and monitoring of liquid temperature. The miniature sensors are perfect for large-scale medical device production, offering ideal dosage and improved patient safety in the delivery of subcutaneous drugs.
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What Regions Are Steering Growth in the Subcutaneous Drug Delivery Devices Sector?
North America was the largest region in the subcutaneous drug delivery devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the subcutaneous drug delivery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Subcutaneous 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 subcutaneous drug delivery devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Subcutaneous Drug Delivery Devices Market Include
1. Subcutaneous Drug Delivery Devices Market Executive Summary
2. Subcutaneous Drug Delivery Devices Market Segments
3. Subcutaneous Drug Delivery Devices Market Size And Template Market Growth Rate
4. Key Subcutaneous Drug Delivery Devices Market Trends
5. Major Subcutaneous Drug Delivery Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Subcutaneous Drug Delivery Devices Market
26. Top Subcutaneous Drug Delivery Devices Companies
27. Subcutaneous Drug Delivery Devices Market Opportunities And Strategies
28. Subcutaneous Drug Delivery Devices Market, Conclusions And Recommendations
29. Appendix
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