Needle Free Drug Delivery Devices Market- Global Industry Analysis Trends, and Forecast 2023
The global needle free drug delivery device market is likely to witness significant growth during the course of forecast period from 2018 to 2026. Transparency Market Research (TMR) found that the global needle free drug delivery devices demonstrates fragmented structure, thanks to presence of regional and international players operating in this market.
The manufacturers are largely focused toward research and development activities to launch new product and improve the existing one in order to uphold growth in the needle free drug delivery device industry. Also, various manufacturers are majorly investing in the needle free drug delivery devices to attain more market share.
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The launch of new technology likely to intensify competition among the key players. TMR also observed that some of the companies such as Zogenix Inc., Pharmajet Inc., Antares Pharma Inc., Glide Pharmaceutical Technologies Ltd., and Injex Pharma AG are majorly investing in North America region in order to gain maximum market share.
The revenue generated by the global needle free drug delivery devices was pegged at US$5.4 bn in 2014 and is projected to touch US$13 bn by the 2023 end. The global needle free drug delivery devices likely to expand at robust 9.90% CAGR during the course of forecast period from 2015 to 2023.
On the basis of application, Insulin Delivery is likely to be the key segment in the global needle free drug delivery device market. Rising prevalence of diabetes case and changing lifestyle likely to propel growth of this segment in coming years. Geographically, North America dominate the global needle free drug delivery device market due to increasing number of patients in the region. In addition, growing elderly population in Europe likely to spur growth of the needle free drug delivery device market.
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Rising Case of Chronic Disease to Drive Growth of Needle Free Drug Delivery Devices Market
The increasing number of chronic disease like AIDS, Dengue, Hepatitis likely to support growth of the global needle free drug delivery device market. Moreover, the needle free drug delivery device are mainly utilized by the diabetes patients to inject insulin in their body. This is expected to be another factor boosting growth of this market. Rising infrastructure progression in healthcare industry expected to spur growth of this market in coming years. Increasing investment by the manufacturers in the developing economies like Asia Pacific expected to contribute to the growth of the global drug delivery devices market.
The demand for needle free drug delivery likely to grow in the Middle East and Africa and Latin America due to improvement in healthcare sector. This can be another aspect contributing growth in this region in coming years. The increasing demand for preventive measures for needle-stick injuries likely to fuel demand of this market in foreseeable future.
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Growing demand for regular administration of drug in disease like hepatitis and dengue likely to contribute toward growth of the needle free drug delivery market. Owing to introduction of advanced technology and rising inclination toward self-administration of drug to positively impact growth of this market in foreseeable future. Reduction in healthcare cost and improve immune response of vaccine anticipated to drive growth of the global needle free drug delivery devices market.
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