Newark, NJ, Feb. 15, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global needle-free injection system market is expected to grow from USD 31.2 billion in 2020 and to reach USD 94.12 billion by 2028, growing at a CAGR of 14.8% during the forecast period 2021-2028.
The global needle-free injection system is witnessing significant growth in recent years. This growth is attributed to increased patient power, reduced healthcare costs, improved immunization coverage, and elimination of the risk of needles. Other factors such as the increasing prevalence of infectious diseases, rising demand for self-injection devices, and increasing demand for vaccination and biosimilar propels the market growth.
An efficient way to administer medications into patient’s body without piercing the skin with a conventional needle is known as needle-free injection system. It allows self-medication and eliminates needle phobia. The benefits of the needle-free injection system include reusability and the ability to deliver drugs faster. It offers a wide range of drug delivery systems. The needle-free injection system results in less pain and is highly preferred by patients.
The global needle-free injection system is expected to witness significant growth, owing to the increase in the prevalence of chronic diseases, needle phobia, and an increased number of patients using self-administered drugs. The factors restraining the market growth include the high development cost of the needle-injection system, lack of treatment adherence, and limitation in intravenous administration. Technological advancements in the needle-free injection system will provide market growth opportunities. However, alternative modes for drug delivery and the need to ensure system sterility will challenge market growth.
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The key players operating in the global needle-free injection system market are Bioject Medical Technologies, Medical International Technology, PenJet Corporation, Endo International, Antares Pharma, National Medical Products, Valeritas, European Pharma Group, Crossject, INJEX Pharma, and PharmaJet. To gain a significant market share in the global needle-free injection system market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For instance, PharmaJet and Serum Institute of India announced a partnership agreement to commercialize needle-free delivery of mumps, measles, and rubella vaccine using the Stratis 0.5 mL needle-free injection system.
Fillable needle-free Injectors segment dominated the market and held the largest share of 57.23% in the year 2020
On the basis of product, the global needle-free injection system market is segmented into fillable needle-free injectors and prefilled needle-free injectors. Fillable Needle-free Injectors segment dominated the market and held the largest share of 57.23% in the year 2020. This growth is attributed to the increasing adoption of needle-free injection systems. The prefilled needle injectors are expected to project significant growth due to the increasing prevalence of chronic diseases like diabetes.
Jet-based system segment dominated the market and held the largest share of 34.17% in the year 2020
On the basis of technology, the global needle-free injection system market is segmented into spring-based needle-free injectors, vibration-based needle-free injectors, jet-based needle-free injectors, and laser-powered needle-free injectors. Jet-based system dominated the market and held the largest share of 34.17% in the year 2020. This growth is attributed to better producibility and fast drug delivery, resulting in enhanced bioavailability.
Insulin Delivery segment dominated the market and held the largest share of 28.76% in the year 2020
On the basis of application, the global needle-free injection system is segmented into insulin delivery, pediatric injections, vaccine delivery, pain management, and others. Insulin Delivery segment dominated the market and held the largest share of 28.76% in the year 2020. This growth is attributed to the changing preferences for an unhealthy lifestyle and growing incidences of chronic disorders like diabetes.
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Hospital segment dominated the market and held the largest share of 25.8% in the year 2020
On the basis of end-user, the global needle-free injection system is classified into clinics, hospitals, research laboratories, home care settings, ambulatory surgical centers, and others. Hospital segment dominated the market and held the largest share of 25.8% in the year 2020. This growth was attributed to the rising geriatric population and growing advancements in medication or drug delivery technology.
Regional Segment of Needle-Free Injection System Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global needle-free injection system market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 33.4% in the year 2020. This growth is attributed to the improving healthcare infrastructure, rising geriatric population, and rising prevalence of chronic disorders like cancer and diabetes. In the region, the U.S. holds the major share due to the increasing demand of patients for self-administered drugs. Europe region is anticipated to witness significant growth due to rising demand for biologics, increasing healthcare expenditure, favorable reimbursement policies, and growing initiatives to provide better healthcare facilities.
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About the report:
The global needle-free injection system market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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