Injectable Drug Delivery Market - Revolution in Medical Devices Industry
Posted by Makarand Vaidya on February 26th, 2020
Recent Developments in the Industry:
# In 2016, Gerresheimer extended its partnership with Taisei Medical Co. Ltd. (Japan) with an aim to market its ClearJect syringes and provide technical support to its customers. Furthermore, in collaboration with Taisei Medical, the company intends to expand its COP syringe portfolio by manufacturing a new Gx RTF ClearJect brand by combining ClearJect with its glass RTF (ready-to-fill) concept. This partnership is expected to help the company expand its product portfolio and customer base in the syringes market.
# In 2015, Eli Lilly and Company and Sanford-Burnham Medical Research Institute (U.S.) entered into a collaboration for the development of immunological therapies focusing on lupus, Sjögren's syndrome, inflammatory bowel disease, and other autoimmune disorders. This collaboration will combine the expertise of both organizations to develop novel treatments for these diseases.
# In 2014, Terumo Corporation collaborated with Ypsomed Group (a Switzerland-based injection systems manufacturer). Through this collaboration, the company integrated its prefillable polymer syringe, namely, PLAJEX with YpsoMate (an autoinjector system from Ypsomed). This helped the company strengthen its product offerings in the syringes market.
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Critical questions the report answers:
# Where will all these developments take the industry in the long term?
# What are the upcoming trends for the autoinjector market, and Needle-Free Injectors market market?
# Which segment provides the most opportunity for growth?
# Who are the leading vendors operating in this market?
# What are the opportunities for new market entrants?
MarketsandMarkets forecasts the injectable drug delivery market to grow from USD 362.4 billion in 2016 to USD 624.5 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period. The major factors responsible for the growth of this market are the increasing use of biologics, increase in the prevalence of chronic diseases, increasing occurrence of needlestick injuries, and the benefits of injections (convenience, ease of use, and reduced pain). These factors have increased the demand for devices such as safety syringes, prefilled syringes, and autoinjectors.
Based on region, the injectable drug delivery market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is further subsegmented into the U.S. and Canada; while Europe is further subsegmented into Germany, France, the U.K., Italy, Spain, and the Rest of Europe (RoE); Asia is further subsegmented into Japan, China, India, and the Rest of Asia (RoA). Along with this, the rise in disposable income, the growing awareness of safety and comfort, and the increasing number of partnerships in this market space are also contributing to the growth.
In 2016, North America is expected to dominate the market, followed by Europe. The large share of North America is attributed to the increasing prevalence of chronic diseases and the number of companies that are focused on collaboration and partnerships to ensure the availability of high-value products.
Asia is projected to be the fastest-growing region in the injectable drug delivery market from 2016 to 2021, due to the rising incidence of chronic diseases and the growing aging population. Moreover, high penetration of self-injection technologies in Asian countries such as China, Japan, and India adds to the demand for injectable devices.
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Prominent players in the injectable drug delivery market include Becton, Dickinson and Company (U.S.), Baxter International (U.S.), Pfizer (U.S.), Gerresheimer AG (Germany), Schott AG (Germany), Eli Lilly and Company (U.S.), and Terumo Corporation (Japan).
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