Global injectable drug delivery market to double by 2025 to $932m
The report, produced by Zion Market Research, stated that the growth is driven by the increasing prevalence of chronic conditions and the global ageing population. The compound annual growth rate (CAGR) of 11.2% will see the market reach a value of $932m (€820m) by 2025.
Injectable drug delivery devices are produced in a variety of formats, including conventional syringes, needle-free injectors, pen injectors, auto-injectors and dual-injectable devices.
Regionally, North America dominates the global market for sales, which the report suggests is due to 60% of people in the US living with at least one chronic disease and approximately 42% living with more than one.
The region with the highest CAGR was the Asia Pacific, spurred on by the growth of the Chinese and Indian market.
Particularly significant is the proportion of the global population living with diabetes, which equates to a worldwide figure of 450 million, of which the US accounts for 30 million.
This had led the hormonal disorder being the largest market segment in 2018, while oncology is another driver of growth for the industry.
The main barriers to growth are regions that see low uptake of injectable drug delivery devices, such as Latin America, the Middle East and Africa.
The report cited lower affordability rates and low awareness of new technology by health care professionals as the primary reasons why uptake is lower.
In addition, public perception of needles is another hindrance – with infections and injuries due to needles dissuading certain patients from receiving drugs in this manner.
The phobia of needles is also a relatively common globally, with studies suggesting that 10% or more of the US public possess this particular phobia.