Fort Collins, Colorado, April 23, 2024 (GLOBE NEWSWIRE) --
Growing incidences of chronic diseases are expected to boost market growth.
The rising incidence of chronic diseases like cancer, diabetes, and autoimmune disorders has spurred a growing demand for injectable drug delivery systems. According to the World Health Organization, these chronic illnesses contribute to almost 70% of global deaths. Moreover, the expanding utilization of biologic drugs, frequently administered via injections, has propelled the requirement for sophisticated injectable delivery technologies. The Pharmaceutical Research and Manufacturers of America (PhRMA) study reveals that biologics constituted approximately 40% of the total pharmaceutical pipeline in 2021.
Innovations in drug delivery technologies, including prefilled syringes, autoinjectors, and needle-free injectors, have played a significant role in driving the growth of the injectable drug delivery market. These advancements have enhanced patient convenience and improved safety and adherence to treatment regimens. Moreover, the emergence of patient-centric designs, such as wearable injectors and self-administration devices, has been instrumental in expanding the market. According to a whitepaper by the Parenteral Drug Association (PDA), patient-centric designs have increased adherence rates by as much as 25%.
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Segmentation Overview:
The injectable drug delivery market has been segmented into device type, material type, usability, end-user, and region.
Prefilled syringes registered positive growth in 2023
- Based on the market segmentation by device type for the pain management devices market. Prefilled syringes accounted for the largest segment in 2023. The sub-segment includes prefilled syringes for administering pain medications, such as opioids, non-steroidal anti-inflammatory drugs (NSAIDs), and local anesthetics.
Plastics accounted for a significant market share in 2023 and is projected to dominate further.
- Based on the market segmentation by material type for the pain management devices market. Plastic accounted for the largest segment in 2023. This sub-segment includes plastic-based components and devices used in pain management, such as plastic syringes, cartridges, and auto-injector housings. The widespread adoption of plastic materials in the healthcare industry due to their cost-effectiveness, durability, and ease of manufacturing has driven the growth of this sub-segment.
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Injectable Drug Delivery Market Report Highlights:
- The injectable drug delivery market growth is anticipated at a CAGR of 11.1% by 2032.
- The growing prevalence of diseases in the population is expected to pivot in the forthcoming years.
- North America is the leading market for injectable drug delivery and is projected to register positive growth in the coming years.
- Some prominent players in the injectable drug delivery market report include Becton, Dickinson and Company, Baxter International Inc., Gerresheimer AG, West Pharmaceutical Services, Inc., Terumo Corporation, Ypsomed Holding AG, Vetter Pharma International GmbH, Nipro Corporation, Owen Mumford Ltd., Haselmeier GmbH, and Credence MedSystems, Inc.
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