Injectable Drug Delivery Technology Market Size Was Valued at USD 564 Billion in 2021 and Will Achieve USD 1,589 Billion by 2030 growing at 12.2% CAGR Due to the Increasing Adoption of Self-Administration

LOS ANGELES, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The Global Injectable Drug Delivery Technology Market Size is valued at USD 564 Billion in 2021 and is estimated to achieve a market size of USD 1,589 Billion by 2030; growing at a CAGR of 12.2%.

As chronic disorders become more prominent and patient care progressively shifts from the clinic to the home, drug owners will be required to deliver new injectable products that combine clinical efficacy and distinct administration experiences in order to meet the needs of this changing market. Increasing quick approval of injectable products is a leading factor boosting the global injectable drug delivery technology market. For example, more than 40% of FDA-approved medications are injectable, with intramuscular and subcutaneous drug delivery products accounting for a growing proportion of those approvals.

Some latest injectable drug delivery technology market trends in the industry are chronic disorders, development costs, at-home care, and the COVID-19 pandemic. Additionally, increasing innovations in the drug delivery industry is another factor that is boosting the market injectable drug delivery technology market revenue. Ease and effective administration of drugs through prefilled syringes and pens and auto-injectors will spur the market growth. Additionally, the growing adoption of wearables and connected smart devices will create significant growth opportunities for the market during the forecast timeframe from 2022 to 2030.

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Report Coverage:

COVID-19 Impact on the Global Injectable Drug Delivery Technology Market Value

The demand for injectable drug delivery products skyrocketed during the COVID-19 pandemic. Many overburdened health systems are now increasingly focused on remotely supervising as many conditions as possible, while patients themselves are eager to stay at home as much as possible due to the COVID epidemic. This has increased the pressure on biopharma companies to not only launch new treatments more quickly and efficiently than ever before, but also to incorporate attributes that make self-administered treatments as convenient safe, and effective as possible. Though the COVID-19 pandemic has disrupted the supply chain of some injectable drug delivery systems, it has created enormous opportunities in the R&D sector. Furthermore, government support for the development of such technologies is expected to boost the global injectable drug market during the projected timeframe from 2022 to 2030.

Increasing adoption of self-administration and growing trend of at-home care drive the injectable drug delivery technology market growth

With the introduction of new technologies, increased patient empowerment, and improved drug delivery mechanisms, patients are beginning to seek safer and more convenient methods of administration, favoring self-administered formulations over hospital-administered formulations. The COVID-19 pandemic has changed people's perspectives and expectations of delivery settings, contributing to an increase in self-administration of medication. As this becomes the standard, many manufacturers are leaning toward making the patient experience a vital element of drug delivery design. When it comes to drug administration at home, the most basic delivery system is vials and prefilled syringes. However, this method has several drawbacks, and pre-filled syringes have become the standard of care. Unfortunately, problems with pre-filled syringes persist.

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The infection associated with needle stick injuries hinders the injectable drug delivery technology market share

As medication administration by injection has shifted to the home, the significance of needlestick safety has shifted beyond the structured healthcare setting. Every year, 320,000 needlestick incidents occur in hospital and non-hospital settings in the United States. Improving compliance in non-hospital or at-home settings is especially important as self-administration in at-home or non-hospital settings continues to rise in Europe and the United States. Several governments and regulatory organizations such as Needlestick Safety and Prevention Act and Occupational Safety and Health Administration (OSHA) have imposed strict guidelines for the usage of self-administration. As a result, this factor is restricting the market growth.

Injectable Drug Delivery Technology Market Segmentation

The global market is divided into five segments: formulation, device type, mode of delivery, application, and region.

Based on formulation, the market is divided into nanoparticles, liposomes, microspheres, and others. By device type, the segmentation is given as needle-free injectors, reusable needles, pre-filled syringes, auto-injectors, pen needles, disposable syringes, and others. Intraperitoneal, intravenous, intramuscular, subcutaneous, and others are the categorization of the mode of delivery segment. Furthermore, based on applications, the market is split into oncology, orphan diseases, auto-immune disease, and others.

Injectable Drug Delivery Technology Market Regional Outlook

The global injectable drug delivery technology market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America will lead the global market with maximum shares till 2030. The increasing elderly population, rising prevalence of chronic disorders, and increasing trend of at-home drug delivery are supporting the North American injectable drug delivery technology market. However, Asia-Pacific is anticipated to witness the fastest growth in the coming years due to increasing awareness about drug delivery technologies and rising alertness related to safety and comfort. Furthermore, patients' shift from conventional drug delivery systems to ready-to-use injectables is also fueling the Asia-Pacific injectable drug delivery technology market.

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Injectable Drug Delivery Technology Market Players

Some prominent injectable drug delivery technology companies covered in the industry are B. Braun Melsungen, Baxter International, Inc., Becton, Dickinson and Company, Bespak, Eli Lilly and Company, Gerresheimer, Pfizer Inc., Sandoz, Schott AG, Terumo, Teva Pharmaceuticals Industries Ltd., and Ypsomed AG.

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