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Injectable Drug Delivery Market Overview
The injectable drug delivery market is predicted to progress significantly in the coming years, as a result of the rising diabetes and cancer incidence, improved adherence by patients to medication schedule, and technological advancements in the field.
Devices and formulations are the major products available in the injectable drug delivery market. Of these, formulations held the larger share in the industry during the historical period, on account of the launch of advanced formulations, such as nanoparticles and liposomes. Formulations are themselves of the novel and conventional types, while devices include conventional and self-injection variants. Of these, conventional drug delivery devices led the industry, historically; in the coming years, self-injection drug delivery devices would observe faster growth, due to their their cost-effectiveness and ability to decrease hospital visits.
Drugs are injected into the body for autoimmune diseases, oncological disorders, hormonal disorders, orphan diseases, and various other purposes. Among these, hormonal disorders occupy the largest injectable drug delivery market share, due to the high diabetes incidence. The World Health Organization (WHO) says that between 1980 and 2014, the global incidence of the disorder increased from 108 million to 422 million individuals. The management of diabetes mellitus types 1 and 2 requires the constant intake of insulin, thereby leading to the high adoption of injections.
Globally, North America accounts for the largest size in the injectable drug delivery market, as the prevalence of diabetes and cancer is growing, healthcare expenditure is increasing, patients display strong compliance for such devices, and industry players are pursuing technological enhancements. In the coming years, the highest market CAGR is expected in Asia-Pacific (APAC), due to the growing number of patients, rising disposable income, and bettering healthcare infrastructure. Additionally, the awareness about such devices is increasing in the region, which is further encouraging the players to tap its relatively unexplored market.
Injectable Drug Delivery Market Dynamics
A major trend in the injectable drug delivery market is the shift to self-injection devices from conventional ones. Self-injection equipment lets patients themselves administer the drug, thereby eliminating the need for an attendant, which also offers patients independence. Additionally, with people able to take the medicines themselves, their hospital visits are reduced, which helps bring down healthcare expenses. Diabetics are among the major users of self-injections, as they require regular insulin intake, often 2–3 times on a daily basis, to maintain the optimum level of the hormone in the body.
One of the most significant injectable drug delivery market growth drivers is the rising cancer prevalence, as a result of genetic factors as well as poor lifestyle choices. As per the WHO, cancer is the second-biggest killer, and every year, one in every six deaths across the world is a result of this disease. The World Cancer Research Fund estimates the number of new cancer cases to be reported in 2018 at 17,036,901. The management of cancer requires regular drug intake, which is increasingly being accomplished by injections.
Not just cancer, but drugs for many other diseases and purposes are being directly injected into the skin, muscle, subcutaneous tissue or veins. Enteral intake is also popular, but this method often leads to a delayed effect, as the drug first needs to reach the stomach, through the gastrointestinal tract, and then be digested. Via injections, the drug is directly administered into the blood, muscle, or skin, which results in an immediate effect. Therefore, the rising popularity of parenteral drug intake methods are driving the injectable drug delivery market progress.
Injectable Drug Delivery Market Competitive Landscape
Baxter International Inc., Becton, Dickinson and Company, Terumo Medical Corp., Novo Nordisk A/S, Ypsomed Holding AG, Sanofi, Schott AG, Owen Mumford Ltd., Antares Pharma Inc., Zogenix Inc., and Eli Lilly And Company are the major injectable drug delivery market players. In recent years, they have engaged in product launches, geographical expansions, mergers and acquisitions, regulatory approval pursuance, and collaborations and partnerships, to stay ahead of their competitors.