Injectable Drug Delivery Market

Market Synopsis:

The Global Injectable Drug Delivery Market was valued at USD 16.8 Billion in 2021 and is expected to reach a value of USD 27.8 Billion by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 8.8% over the forecast period.

Initially, only tablets, pills, or capsules were used to give medications; however, today, more sophisticated and intelligent delivery systems are used. These systems are designed to transport medicines to the target site, making them more localized and accessible to reach than the circulatory system. In addition, patients who depend on their medications daily prefer modern procedures over traditional injection devices. Due to this, manufacturers have a lucrative potential to create complex, user-friendly, and efficient appliances due to the growing need for convenient and efficient medication delivery systems. Pre-filled syringes, auto-injectors, pen injectors, and wearable injectors are recent innovations in the needle-free injector sector.

Pre-filled syringes are the market segment that is expected to expand the fastest and have the most market share shortly. However, the conventional vial-and-syringe drug administration method has a significant risk of infections and is prone to dosing and handling errors. As an alternative, this can be reduced by using reusable glass syringes and pre-filled syringes, which are a secure and highly efficient method of administering medication to the body. Growing patient knowledge and enthusiasm in an easy-to-use, minimally invasive procedure of Injectable Drug Delivery is what's driving the market's expansion globally.

Despite the growing frequency of chronic illnesses like autoimmune and hormonal disorders worldwide, some issues limit the market's expansion. This includes the high price of cutting-edge injectable medicines and their insufficient reimbursement in developing nations. After expenses make up a sizeable amount of the total cost of care in developing countries, which further discourages the use of cutting-edge medical technology in managing chronic illnesses. Because of the above reasons, consumers in these areas favor conventional injectable products over cutting-edge ones, which poses a significant business problem.

Market Segmentation:

The Injectable Drug Delivery is segmented on the basis of Type, Formulation Packaging, Application, Usage Pattern, Site of Administration, Distribution Channel, Facility of Use, and Region. Based on Type, the market is sub-segmented into Devices and Formulations. Furthermore, based on Formulation Packaging, the market is sub-segmented as Ampules, Vials, Cartridges, and Bottles. Moreover, based on Application, the market is sub-segmented as Autoimmune Diseases, Hormonal Disorders, Orphan Diseases, Oncology, and Others. Based on Usage Pattern, the market is segmented as Curative Care, Immunization, and Other. Whereas based on the Site of Administration, the market is sub-segmented as Skin, Circulatory/Musculoskeletal, Organs, and Central Nervous systems. Furthermore, based on Distribution Channel, the market is sub-segmented as Hospitals and Retail Pharmacy Stores. Finally, based on Facility of Use, the market is sub-segmented as Hospitals & Clinics, Home Care Settings, and Other Facility of Uses.

Based on Distribution Channel:

On the basis of the Distribution Channel, the market is sub-segmented as Hospitals and Retail Pharmacy Stores. The Hospital sub-sector is anticipated to hold a commanding market share for injectable drug delivery during the projection period. This dominance results from a rise in patients with acute or chronic wounds spending more time in hospitals. Due to the rise in independent clinics in developed and developing nations, the clinic category is predicted to expand at a considerable Compound Annual Growth Rate (CAGR) over the forecast period. Home healthcare is one of the best services at your doorstep in these historic days of COVID-19. In addition, the home care settings market is anticipated to increase significantly by the end of the forecast period due to patients' increasing preference for these settings over hospitals.

Based on Usage Pattern:

On the basis of Usage Patterns, the market is sub-segmented into Curative Care, Immunization, and Other Usage Patterns. Although injectable sterile is the best-in-class assurance and storability feature, the injectable clean products segment is keeping the leading position. In hospitals and clinics, surgeons typically prefer sterile products when performing surgeries and managing difficult conditions. The growth of this market sector is aided by the injectable sterile products' lack of pathogens and lower risk of infection.

North America is Projected to Grow at a Moderate CAGR during the Forecast Period

North America dominated and is accounted to grow at a moderate Compound Annual Growth Rate (CAGR) during the forecast period. One of the main factors driving the growth of the regional market is the increased uptake of novel injectable medication delivery methods by patients with diabetes, cancer, and other autoimmune disorders in North America. Additionally, the ease of use and therapeutic advantages of these injectables fuel demand, giving North America the largest market share worldwide. Another factor driving the market expansion in North America is the higher prevalence of diabetes and cancer patients in the United States. The American Diabetes Association (ADA) estimates that millions of Americans have had diabetes in the past. Furthermore, the presence of significant manufacturers in the area is projected to support the creation of novel Injectable Drug Delivery systems, such as smart wearables and auto-injectors, which are anticipated to boost the market throughout the projection period.

Competitive Landscape:

The key players in the Global Injectable Drug Delivery Market include- Becton Dickinson & Company (U.S.), Pfizer Inc. (U.S.), Teva Pharmaceuticals Industries Ltd. (Israel), Eli Lilly & Company (U.S.), Baxter International, Inc. (U.S.), Schott AG (Germany), Gerresheimer (Germany), Ypsomed (Switzerland), B. Braun Melsungen (Germany), and others.

Segmentation of the Global Injectable Drug Delivery Market: