Market Trends of Injectable Drug Delivery Devices Industry
Prefilled Syringes Subsegment is Anticipated to Grow Significantly Over the Forecast Period
- The prefilled syringes segment is expected to hold a major share of the injectable drug delivery market due to the benefits associated with it and the high adoption of these syringes for the delivery of drugs. In addition, prefilled syringes provide greater patient safety by reducing the potential for inadvertent needle sticks and exposure to toxic products that can occur while drawing medication from vials. Therefore, these syringes are regarded as a safe and standard recommended delivery device for most modern vaccines, due to which the prefilled syringe segment is expected to grow significantly during the forecast period of the study.
- The growing demand for injectable drug delivery devices is leading to the launch of new devices, and as per business expansion initiatives, companies are making collaborations, partnerships, mergers, and acquisitions, which are further expected to increase the competition in the market and drive the studied market towards growth. For instance, in October 2021, NovaGuardSA Pro Safety System, a single-use accessory for prefilled ISO standard 0.5mL staked needle syringes, was launched in the Indian market by West Pharmaceutical Services, a global leader in innovative solutions for injectable medication and healthcare products.
- Additionally, in February 2022, Owen Mumford Pharmaceutical Services reported that its UniSafe 1mL safety device for prefilled syringes had been approved as a combination product in Asia. In Europe, regulatory approval has been granted for the product, and the product is now available on the market as a combination product with a drug for the treatment of rheumatoid arthritis.
- Thus, due to the continuous product developments and benefits of prefilled syringes, the studied segment is expected to witness growth during the analysis period.
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The North America Region Dominates the Injectable Drug Delivery Devices Market
- North America holds a major share of the injectable drug delivery devices market and is expected to continue its growth trend in the future due to the increasing aging population and the rising number of chronic diseases that may influence the usage of injectable drug delivery devices.
- The injectable drug delivery devices market is expected to grow in the United States among other countries such as Canada and Mexico owing to the high prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases, and others, the presence of established and developed healthcare infrastructure, and the launch of new injectable devices in the market during the forecast period of the study.
- According to the American Cancer Society's 2023 report, over 1.9 million new cancers are expected to be recorded in the United States in 2023. Also, as per the same source, the risk of having cancer rises dramatically as one gets older, and in the United States, 80% of cancer patients are 55 or older, with 57% being 65 or older. Thus, the burden of cancer and associated risk among the geriatric population in the country is expected to create demand for various therapies available and create opportunities for injectable drug delivery devices. This is further expected to have a significant positive impact on the growth of the studied market.
- Further, according to the International Diabetes Federation's report of December 2021, about 32.2 million people were living with diabetes in the United States in 2021, and this number is estimated to increase to 36.3 million by 2045, and this increase in the diabetes patient pool is expected to drive demand for auto-injector pens such as BD Vystra disposable pen, EPIPEN JR and prefilled syringes for insulin injections, which is anticipated to boost the growth of the market studied in North America.
- With the growing demand for effective therapeutics for chronic diseases, company activities such as product launches, mergers and acquisitions, partnerships, and strategic collaborations are expected to augment growth in the studied market in the country. For instance, in February 2022, the United States Food and Drug Administration (FDA) approved Takeda's TAKHZYRO (lanadelumab-flyo) injection single-dose prefilled syringe (PFS) to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients 12 years of age and older.
- Additionally, in May 2022, Jabil Healthcare launched the Qfinity autoinjector platform, a simple, reusable, and modular solution for subcutaneous (SC) drug self-administration at a lower cost than the market alternatives supporting the emerging prioritization of sustainable drug delivery within the pharmaceutical industry in the United States.
- Therefore, due to the rising burden of chronic diseases and continuous product developments, the injectable drug delivery devices market is expected to grow in North America during the forecast period.
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