Injectable Drug Delivery Devices Market Size

Injectable Drug Delivery Devices Market Analysis

The Injectable Drug Delivery Devices Market size is estimated at USD 114.85 billion in 2024, and is expected to reach USD 162.15 billion by 2029, growing at a CAGR of 7.14% during the forecast period (2024-2029).

• The development of vaccines against COVID-19 is expected to significantly impact the growth of injectable drug delivery systems as a large-scale global vaccination program is underway, which has increased the demand for needles and syringes in the market. According to the June 2021 update from the Ministry of Health and Family Welfare of India, the Health Ministry has placed an order with the Serum Institute of India for 250 million doses of Covishield and with Bharat Biotech for 190 million doses of Covaxin to achieve universalization of vaccination in the country, which is expected to impact the market positively. 
• Further, many companies launched new injectable drug delivery devices, which increased bioavailability and rapid and targeted drug delivery, which is also expected to significantly impact the growth of the studied market. Therefore, the COVID-19 pandemic significantly affected the market growth and is expected to have a significant impact on the growth of the injectable drug delivery devices market over the analysis period.
• The injectable drug delivery devices market is expected to show rapid growth due to the growing burden of chronic diseases, benefits, and convenience, leading to increased demand for self-injectors and growth of the biologics market, leading to increased demand for injectors.
• The growing burden of chronic diseases has led to a rise in the overall use of syringes, particularly disposable syringes. It has been observed that most deaths by chronic diseases can be attributed to cardiovascular diseases, obesity, and diabetes. This is expected to affect emerging countries the most, as population growth is found to be the most significant factor in developing areas. For instance, globally, lung cancer is anticipated to affect nearly 3.5 million by 2040, as per the Global Cancer Observatory data updated in March 2021.
• In addition, as per the data published by the American College of Chest Physicians in July 2021, lung cancer is one of the most frequently diagnosed cancers and accounts for 11.6% of the total cancer cases globally. Worldwide, lung cancer incidents are estimated to increase by 38%, to 2.89 million, by 2030. Due to the increasing burden of such chronic diseases, the demand for injectable drugs and therapies is growing, and it is expected to create new opportunities for injectable drug delivery devices and contribute to the market's growth over the forecast period.
• Furthermore, the launch of new technologically integrated products developed by key players that are focused on improving dosage administration will drive market growth. For instance, in January 2022, SHL Medical's official partner, Innovation Zed, for connected pen injector solutions, planned to launch InsulCheck DOSE, a connected add-on device that transforms traditional pen injectors into smart solutions to support the monitoring of disease management regimens. Such engagement of market players for the development of technologically advanced products will boost the market during the forecast period.
• Therefore, technological advancements, improving patient compliance, beneficial reimbursement policies, and the rise of biologics in the pharmaceutical industry are the factors contributing to the market's growth. However, injuries and infections caused by needles and the increasing use of alternative drug delivery systems are expected to hinder the market's growth.