Dublin, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The "Injectable Drug Delivery Devices Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global injectable drug delivery devices market is on a robust growth trajectory, projected to increase from $39.93 billion in 2022 to $43.54 billion in 2023 at an impressive compound annual growth rate (CAGR) of 9.0%.
Overview of the Injectable Drug Delivery Devices Market
The injectable drug delivery devices market encompasses conventional syringes, needle-free injectors, auto-injectors, and pen injectors. These "factory gate" values reflect goods sold by manufacturers, wholesalers, distributors, and retailers or directly to end customers, including related services provided by creators of these goods.
Regional Insights
In 2022, North America emerged as the largest region in the injectable drug delivery devices market, with Western Europe following as the second-largest region. The market spans across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The Rise of Self-Injection Devices
One key driver propelling the injectable drug delivery devices market is the increasing preference for self-injection devices. These medical devices empower patients to self-administer medication in a home setting. Self-injection devices encompass needle-free, auto, pen, and wearable injectors.
With innovations in self-injectable devices, their acceptance has grown significantly. For instance, BD Physioject, a disposable auto-injector by Becton, Dickinson, and Company, offers a clinically proven, reliable, and cost-effective solution for patients with chronic diseases. Other companies in this market, including Abbvie, Inc., 3M, Baxter, Gerresheimer AG, and Pfizer Inc., are also contributing to the adoption of self-injectable devices. The advantages of self-injection and increasing awareness of self-administration are driving demand for these devices, bolstering the injectable drug delivery devices market.
Challenges of Alternative Drug Delivery Systems
While the market thrives, the emergence of alternative drug delivery systems poses a challenge. These alternative, painless delivery systems include nasal, transdermal, transmucosal, vaginal, anal, and others. The selection of a drug delivery system depends on factors like drug release, absorption, distribution, metabolism, and elimination. Alternative drug delivery systems aim to improve bioavailability, reduce toxicity, and ensure the safe administration of drugs.
Ongoing developments in alternative drug delivery, such as nanoparticles-based delivery and intracellular delivery systems, provide patients with alternative treatment options. Consequently, the growing need for alternative drug delivery systems limits the growth of the injectable drug delivery devices market.
Focus on Auto-Injectors
Companies within the injectable drug delivery devices market are increasingly emphasizing the manufacturing of auto-injectors. These fully automated, highly customizable, and reusable injectors offer patients greater control over the speed and depth of dose delivery.
For example, LISA, a reusable auto-injector manufactured by Unilife Corporation, boasts features such as Bluetooth LE connectivity, Wi-Fi or 3G connectivity, and pre-injection drug warming for targeted therapies. Technological advancements and new product launches are enhancing the convenience and ease of parenteral therapeutics administration, driving growth in the injectable drug delivery technology market.
Global Market Insights
The Injectable Drug Delivery Devices Global Market Report 2023 provides essential data and insights for strategists, marketers, and senior management to assess and navigate the market effectively. It offers a comprehensive view of market statistics, trends, opportunities, and in-depth analysis of the current and future industry landscape.
Major Players in the Injectable Drug Delivery Devices Market
Key players driving the injectable drug delivery devices market include Becton, Dickinson and Company, Gerresheimer AG, Eli Lilly and Company, Pfizer Inc, Teva Pharmaceutical Industries Ltd, Schott AG, Baxter International, Owen Mumford, Mylan N.V., and Sanofi.
Key Takeaways
- Global injectable drug delivery devices market to reach $43.54 billion in 2023 with a CAGR of 9.0%.
- Increasing preference for self-injection devices is a significant market driver.
- Challenges posed by alternative drug delivery systems are a limiting factor.
- Auto-injectors are gaining prominence for their customizability and ease of use.
A selection of companies mentioned in this report includes
- Becton, Dickinson and Company
- Gerresheimer AG
- Eli Lilly and Company
- Pfizer Inc.
- Teva Pharmaceutical Industries Ltd.
- Schott AG
- Baxter International
- Owen Mumford
- Mylan N.V.
- Sanofi
- Antares Pharma
- Bespak
- Ypsomed,
- Unilife Corporation
- Genentech Inc.
- Alkermes Plc
For more information about this report visit https://www.researchandmarkets.com/r/q0wgl6
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