New York, March 22, 2023 (GLOBE NEWSWIRE) -- The Injectable Drug Delivery Market was about US$ 41.5 Billion in 2022 to US$ 101.2 Billion by 2033, With at a CAGR of 8.4%. Injectable drug delivery refers to the administration of drugs through injection directly into the patient's bloodstream, muscle, or tissue. This method of drug delivery is used for a wide range of therapeutic applications, including the treatment of cancer, diabetes, autoimmune diseases, and infectious diseases.
Injectable drugs can be delivered through various routes, including intravenous (IV), intramuscular (IM), subcutaneous (SC), and intradermal (ID) injection. The method of delivery depends on factors such as the drug's properties, the target site of action, and the desired rate and duration of drug delivery. Injectable drug delivery offers several advantages over other methods of drug delivery, including fast and efficient drug delivery, precise dosing, and a high level of control over drug release. This makes it an important tool for the treatment of acute and chronic diseases, particularly those that require rapid onset of action or long-term therapy.
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Injectable Drug Delivery Market Recent Developments:
- In February 2023, Roche announced that the US FDA had approved its new injectable drug delivery device, called Vial Mate. The device is designed to simplify the process of preparing and administering injectable drugs by reducing the need for manual handling and minimizing the risk of contamination.
- In November 2022, Pfizer announced that it had entered into an agreement to acquire the injectable drug delivery company, Amplyx Pharmaceuticals. The acquisition is expected to strengthen Pfizer's position in the market for injectable antifungal drugs.
- In September 2022, Medtronic announced that it had received FDA approval for its new MiniMed 780G insulin pump system, which includes an injectable sensor that monitors blood glucose levels and automatically adjusts insulin delivery.
- In August 2022, Sanofi announced that it had received FDA approval for its new injectable drug delivery device, called Soliqua Pen. The device is designed to simplify the administration of the company's Soliqua medication for patients with type 2 diabetes.
Injectable Drug Delivery Market Growth Factors
- Increasing prevalence of chronic diseases: The rising prevalence of chronic diseases such as cancer, diabetes, and autoimmune diseases is a key driver of the injectable drug delivery market. Injectable drug delivery is often the preferred method of drug administration for the treatment of these conditions due to its precise dosing and targeted delivery capabilities.
- Growing demand for biologics: Biologics are complex drugs made from living cells that are used to treat a wide range of diseases. The demand for biologics is increasing due to their effectiveness and specificity, and many biologics are administered via injectable drug delivery. This is expected to drive the demand for injectable drug delivery devices and solutions.
- Technological advancements in drug delivery devices: Advancements in drug delivery devices have made injectable drug delivery safer, more efficient, and more patient-friendly. For example, the development of auto-injectors and wearable injectors has made self-administration of injectable drugs easier and more convenient for patients.
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Segment Insights:
- Product type: The injectable drug delivery market can be segmented into devices and formulations. Devices include syringes, autoinjectors, pens, and wearable injectors, while formulations include conventional and novel drug delivery systems. Devices are expected to dominate the market due to the increasing demand for self-administration devices and advancements in drug delivery technologies.
- Therapeutic application: The injectable drug delivery market can be segmented by therapeutic application into oncology, autoimmune diseases, hormonal disorders, and others. The oncology segment is expected to dominate the market due to the increasing prevalence of cancer and the rising demand for targeted drug delivery.
- Distribution channel: The injectable drug delivery market can be segmented by distribution channel into hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies are expected to dominate the market due to the increasing number of hospitalizations and the need for inpatient care.
Key Companies Profiled - Eli Lilly and Company, Biocon, Becton, Dickinson & Company, West Pharmaceutical Services, Inc., Johnson & Johnson, Antares Pharma, AbbVie Inc, Pfizer Inc., Mylan N.V., Vetter Pharma-Fertigung GmbH & Co.KG, Emperra GmbH, Digital Medics Pty Ltd, Enable Injections LLC, Insulet corporation, Consort Medical Plc, Diabnext, Diamesco Co., Ltd, SCHOTT AG, SiO2 Medical Products, Integrity Bio, Inc., Wilhelm Haselmeier GmbH & Co. KG, Tandem Diabetes Care, Sanofi S.A., Companion Medical Inc., Ypsomed, F.Hoffman - La Roche Ltd., Novo Nordisk A/S, Medtronic Plc.
Competitive Landscape
For instance:
- In 2022, Novo Nordisk A/S launched its two smart insulin pens, Novopen 6 and Novopen Echo Plus in the U.K. and Ireland market.
- In Aug 2019, Eli Lilly and Company received the FDA approval for taltz (ixekizumab) injection, which can be used for the adults suffering from active ankylosing spondylitis or radiographic axial spondyloarthritis (r-axSpA).
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Regional Insights:
The injectable drug delivery market can be segmented by geography into North America, Europe, Asia-Pacific, and Rest of the World. North America is expected to dominate the market due to the presence of major pharmaceutical companies, increasing prevalence of chronic diseases, and high healthcare expenditure. Asia-Pacific is expected to be the fastest-growing market due to the increasing geriatric population and rising demand for home healthcare.
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