Vancouver, British Columbia--(Newsfile Corp. - April 14, 2021) - The global injectable drug delivery market size is expected to reach USD 1,235.5 Billion in 2027 at a CAGR of 11.3% during the forecast period, according to a current analysis by Emergen Research. Increasing prevalence of chronic diseases, growing demand for biologics, and the advent of technologically advanced products are key factors expected to drive market revenue growth over the forecast period. Rising investment for developing technologically enhanced and improved devices is also expected to contribute to revenue growth of the market over the forecast period. Attributes such as cost-effectiveness and hassle-free procedure of injectable drug delivery devices are crucial factors boosting adoption of the product and this is expected to further fuel revenue growth of the market over the forecast period.
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Increasing global burden of chronic diseases such as cardiovascular diseases, diabetes, cancer, and obesity has increased need for medical interventions and have boosted demand for syringes, particularly disposable syringes. Rising use of syringes as a part of treatment regimen has contributed significantly to market revenue growth as they are convenient, user-friendly, and do not cause pain. Growing use of biologics due to escalating demand for insulin, vaccines, and medicines to treat chronic illnesses such as cancer is also expected to fuel revenue growth of the market over the forecast period.
The emergence of coronavirus pandemic has positively impacted the global injectable drug delivery market as the rising patient pool significantly boosted demand for medical supplies such as disposable syringes and injections. This has compelled major manufacturers in the market to boost their production capacity and this is expected to continue to contribute to market growth over the forecast period. However, product recalls by manufacturers and increasing risk of infection and injuries caused by the needles can restrain market growth to an extent over the forecast period.
Some Key Highlights from the Report:
Major companies in the market include Terumo Corporation, Eli Lilly and Company, Becton, Dickson and Company, Pfizer, Inc., Baxter International, Inc., Schott AG, Bespak, Elcam Medical, Gerresheimer Ag, and Sandoz, among others.
Injectable drug delivery devices are extensively used in treatment of chronic diseases such as diabetes and cancer, among others. Increasing cases of hormonal disorders due to lifestyle changes have also boosted demand for the devices and this is expected to fuel revenue growth of the market over the forecast period.
Devices segment accounted for largest revenue share in the global market in 2020 and is expected to register significant revenue growth over the forecast period. The self-injectable drug delivery device segment among other devices segment is expected to contribute significantly to revenue growth of the segment owing to its convenient use, affordability, and needle-free injectors.
Homecare settings segment is expected to register a significant revenue CAGR of 11.6% during the forecast period attributable to increasing inclination of patients towards homecare settings over hospital admissions.
North America market revenue is expected to expand considerably over the forecast period owing to rapid adoption of injectable drug delivery devices due to growing burden of chronic and lifestyle-induced diseases, increasing technological advancement in drug delivery devices, and rising healthcare expenditure in the region. Robust presence of key manufacturers is also a key factor driving revenue growth of the market in the region.
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For the purpose of this report, Emergen Research has segmented the global injectable drug delivery market on the basis of product type, therapeutic application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Therapeutic Application Outlook (Revenue, USD Billion; 2017-2027)
End-User Outlook (Revenue, USD Billion; 2017-2027)
Hospitals & Clinics
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Regional Outlook (Revenue, USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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