Market Size of Europe Injectable Drug Delivery Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 10.50 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Europe Injectable Drug Delivery Devices Market Analysis
The Europe injectable drug delivery devices market is expected to register a CAGR of 10.5% over the forecast period, (2022-2027).
The Europe injectable drug delivery devices market has been significantly impacted by the COVID-19 pandemic due to the development of vaccines and treatment against COVID-19 which has increased the demand for needles and syringes in the market. For instance, according to the European Medicines Agency (EMA), many treatment options and vaccines were approved during the study period. For instance, in December 2021, EMA granted authorization for Novavax's COVID-19 vaccine Nuvaxovid to prevent COVID-19 in people from 18 years of age. Also, in January 2022, EMA's human medicines committee (CHMP) approved a scale-up of manufacturing of Vaxzevria (previously COVID-19 Vaccine AstraZeneca). The scale-up of manufacturing of the vaccines and new approvals shows a positive impact on injectable drug delivery devices like needles and syringes which helps in the growth of the market during the study period.
The major growth drivers of the Europe injectable drug delivery devices market are the growing burden of chronic diseases and benefits, and convenience in the usage of the injectables. For instance, as per the International Diabetes Federation (IDF) Diabetes Atlas 2021, the age-adjusted comparative prevalence of diabetes in Europe for 2021, 2030, and 2045 were estimated as 7.0%, 8.0%, and 8.7% respectively. There is gradual raise in the prevalence of diabetes in Europe which is expected to increase demand for prefilled syringes and autoinjector-dependent treatments in the forecast period.
However, the growing use of alternative drug delivery methods may restrain market growth over the forecast period.