Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Needle-Free Drug Delivery Devices Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The needle-free drug delivery devices market is experiencing significant growth, with projections indicating a surge from $14.99 billion in 2023 to an estimated $25.88 billion by 2028, advancing at a compound annual growth rate (CAGR) of 11.6%
This substantial growth trajectory is influenced by several factors, including the escalating demand for painless drug administration, a shift toward patient-centric healthcare solutions, broader applications in managing chronic conditions among pediatric and geriatric populations, and the constant technological improvements enhancing device efficiency and user-friendliness.
The market expansion can also be attributed to the rising prevalence of diabetes, which necessitates frequent administration of insulin and other medications. Diabetes management through needle-free drug delivery systems offers a more comfortable and less intimidating experience for patients. With the anticipated rise in diabetes globally, the demand for needle-free delivery methods is forecasted to grow correspondingly. Innovative product launches, such as dual-chamber inhalers, are responding to the need for effective, user-friendly drug delivery solutions.
Key Market Developments
Recent market consolidations have seen strategic acquisitions aimed at enhancing the diversification and long-term growth potential of companies within the sector. For example, Halozyme Therapeutics Inc.'s acquisition of Antares Pharma Inc. underscores the ongoing efforts to lead innovation and specialty product development in the drug delivery space.
Major manufacturers are continually looking to advance technology and broaden the spectrum of applications for needle-free drug delivery devices. There is a strong drive towards embracing next-generation features, such as connectivity and integration with digital health platforms.
Regional Insights
From a geographical perspective, North America held the largest market share in 2023. However, Asia-Pacific is predicted to be the fastest-growing region through the next forecast period. This growth is supported by the enhancement of healthcare infrastructure, increased awareness, and the rise in healthcare expenditure in the region.
The market scope involves a variety of needle-free methodologies, such as inhalers, jet injectors, and transdermal patches, catering to a vast array of applications from pain management to vaccine delivery. The broadening of the market and increased availability in both hospital and home healthcare settings underscore the integral role these devices are playing in modern medical treatments.
The report on the needle-free drug delivery devices market delivers a comprehensive analysis, reflecting the significant opportunities and the diverse factors underpinning the market's future landscape.
About Needle-Free Drug Delivery Devices
Needle-free drug delivery devices offer a revolutionary approach to administering medications without the conventional use of needles, enhancing patient comfort and safety. These devices provide a critical solution for individuals with needle phobia and reduce the risk of needlestick injuries, thereby contributing to safer healthcare environments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $16.7 Billion |
| Forecasted Market Value (USD) by 2028 | $25.88 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Global |
Companies Featured
- Pfizer Inc.
- Merck & Co. Inc.
- Bayer AG
- 3M Company
- Medtronic plc
- Novo Nordisk AS
- Becton, Dickinson and Company
- Endo International plc
- Insulet Corporation
- Purdue Pharma L.P.
- Antares Pharma Inc.
- MannKind Corporation
- Med-Jet Inc.
- Portal Instruments
- PharmaJet
- Inovio Pharmaceuticals, Inc.
- National Medical Products Inc.
- Mika Medical Co. Ltd.
- Medical International Technology Inc. (MTI)
- NanoPass Technologies Ltd.
- PenJet Corporation
- Akra Dermojet S.A.
- NuGen Medical Devices Inc.
- Crossject SA
- Injex Pharma AG
For more information about this report visit https://www.researchandmarkets.com/r/ow73b7
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