In terms of revenue, the Global Injectable Drug Delivery Market is expected to reach USD 27.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 8.70% from 2022 to 2028.
The increasing chronic diseases, use of prefilled syringes, and advancements in the biological industry are anticipated to augment the market's growth during the forecast period.
Key Highlights from Report:
- The Injectable Sterile Products sub-segment held significant shares in the market as this product is mainly used in hospitals and surgeons while doing surgeries and treating complex disease conditions.
- The Hospitals & Clinics Facility of use sub-segment is accounted to have potential growth of the Injectable Drug Delivery market in 2021. Due to the availability of stable solutions, the demand for freeze-dried products is rapidly increasing. As demand for insulin and vaccines increases, it is also expected to support the segmental growth. Smart wearables were invented during the Covid-19 pandemic to detect covid early. This advancement is further likely to fuel the market to grow.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Furthermore, with increasing awareness among patients about this drug delivery prefer it over conventional systems. This is anticipated to support the regional growth of the market.
Diabetes, Heart Disease, and Alzheimer's disease have all increased over the last few decades. Because many conditions need long-term, intensive treatment, customized medicines for patients with specific symptoms, side effects, and demographic profiles will be in more demand. Cimzia, Enbrel, Humira, and Simponi are certain brands that develop self-injectable for arthritis and are available in various formats such as an auto inject pen, a prefilled syringe, a syringe, and a vial. Improvements in the biological sector also fuel the expansion of the market. As the demand for insulin and vaccines rises, so does the market's growth. For example, during the COVID 19 pandemic, smart wearables were designed to detect the virus. Prefilled syringes are a suitable solution that makes giving each dose simple and safe. This ready-to-inject format provides patients with an easy, comfortable administration method with predefined amounts, often making increased compliance a key differentiator.
Auto-injectors and pens, these secondary packaging improvements can be a valuable technique to assist long-term self-administration, especially for patients whose condition may affect their physical skills. They are convenient, compact, and easy to handle. Wearables innovative clip- and stick-on injectable delivery systems can be used to give a specified, uniform dose of medication for various therapies. This portable equipment allows for a constant dosage of vast amounts of the drug while also blending in with a patient's dress and lifestyle.
North America held the most significant shares in 2021. The US welcomed the largest share in North America for the Injectable Drug Delivery market. This is due to the increase in the adoption of new innovative drug delivery technology for diabetes and cancer, along with the presence of a significant player in the region.
February 2022: Takeda received United States Food and Drug Administration (FDA) approval for TAKHZYRO (lanadelumab-flyo) injection single-dose prefilled syringe (PFS) that is used to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients (12 years and older).
January 2022: Hikma Pharmaceuticals USA Inc., a subsidiary of Hikma Pharmaceuticals, launched Diazepam Injection, USP. The company has introduced a 5mg/mL dosage in a 2mL dose and with this launch, Hikma has now released its second drug in the form of a prefilled syringe.