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Injectable drug delivery market forecast to 2023 scrutinized in new research

The global injectable drug delivery market is growing significantly due to increasing prevalence of cancer and diabetes, technological advancements in injectable drug delivery devices, and increased patient adherence to injectable drug delivery systems in the industry.

Massive unexplored injectable drug delivery market in emerging economies and development of biosimilars and biologics are creating ample opportunities for the global injectable drug delivery market to grow at a considerable rate in the coming years. The advanced research and development facilities and new product developments by the companies are propelling the demand for cost effective and efficient injectable drug delivery devices and formulations.

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Significant shift from conventional injectable drug delivery devices to self-injection drug delivery devices is a trend in global injectable drug delivery market. Increasing prevalence of diabetes has fuelled the demand of self-injection drug delivery devices; hence, reducing frequent hospital visits and costs related to it.

According to the International Diabetes Federation (IDF), in 2013, there were 381.8 million people living with diabetes across the globe and the number was expected to grow to 591.9 million by 2035.

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Based on products type, the market can be categorized as formulations and devices. The formulations segment leads the global injectable drug delivery market.

The formulations segment further includes novel drug delivery formulations, conventional drug delivery formulations, and others. The conventional drug delivery formulation leads the global injectable drug delivery formulations market.

The devices segment further includes self-injection drug delivery devices, conventional injectable drug delivery devices, and others. The self-injection drug delivery devices segment is growing at the fastest rate in the global injectable drug delivery devices market due to its high focus on personal healthcare monitoring, ease of handling, and reducing cost of frequent hospital visits.

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Geographically, North America will be leading the global injectable drug delivery market in the coming years due to high prevalence of cancer and diabetes cases, and high patient compliance for injectable drug delivery devices. Asia-Pacific is the fastest growing region in the global injectable drug delivery market.

The major reasons for the fastest growth in the region are increasing disposable income, large pool of population base and improving healthcare infrastructure. Moreover, the injectable drug delivery market is growing rapidly due to large unexplored injectable drug delivery market and increasing awareness of injectable drug delivery systems in emerging economies, such as India and China, of Asia-Pacific region.

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Some of the major players operating in the global injectable drug delivery market are Becton, Dickinson and Company, Baxter International, Inc., Novo Nordisk A/S, Terumo Medical Corp., Sanofi, Schott AG, Ypsomed Holding AG, Antares Pharma, Inc., Owen Mumford Ltd., Eli Lilly And Company, and Zogenix, Inc. among others.

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