Injectable Drug Delivery Market – Industry Growth Drivers, Restraints, Opportunities, Revenue Growth

PUNE, India, 2021-Feb-10 — /EPR Network/ —

Driver: Growth in biologics market

According to the American Journal of Managed Health Care, biologics form the fastest-growing segment in the pharmaceutical market. An article published by PHARMAC stated that between 2007 and 2012, the global spending on all medicines increased by 24%; in the same period, the spending on biologics increased by 367%.

According to an article published by The Economist, in the U.S., more than 900 biologics are under development for the treatment of more than 100 diseases. It is estimated that approximately USD 170 billion is spent on biologics globally, and this figure is expected to grow to approximately USD 220 billion by 2017. A major factor responsible for this trend is the rising demand for vaccines, insulin, human growth hormone, and many modern medicines used to treat cancer and other chronic diseases. As biologics are mainly administered through the injectable route, the significant growth in the biologics market is expected to drive the injectable drug delivery and prefilled syringe market in the coming years.

Restraint: Product recall

In recent years, there have been numerous product recalls in the injectable drug delivery market. Recalls can be voluntary or can result after the intervention of regulatory authorities. Usability issues must be identified and addressed during the development process. The presence of visible foreign matter during the testing of retention samples in injectables can cause severe health consequences such as permanent impairment of a body function, damage and/or obstruction of blood vessels, local inflammation, phlebitis, allergic response and/or embolization in the body, and infection. Other reasons due to which injectables face recalls are contamination from inorganic materials such as glass, silicone, and stainless steel, and also due to incomplete filling of vials.

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If a product is recalled, the process of retrieving and replacing the defective product may cause a company or a manufacturer to incur huge losses associated with the replacement and fixing of faulty products. These huge losses will affect the revenue and the share of the company in the market, which in turn will impact the overall market.

Opportunity: Contraceptive injectable

Over the years, the use of injectable contraceptives has increased significantly. This increased use of injectable contraceptives can mainly be attributed to their high efficacy. Injectable contraceptives are not required to be taken daily; they can be administered once every month or once every three months and are considered to be one of the safer modes of pregnancy prevention. They prevent pregnancy 99% of the time, when administered correctly. Due to these reasons the demand for contraceptive injectables is expected to drive the injectable drug delivery market in future.

According to Guttmacher Institute, in 2012, around 1,697,000 women used injectables for contraception in the U.S. Noristerat Injection is a reversible method of prescription birth control, which is common in the U.K. and other parts of Europe.

Many new products are being launched in contraceptive injections. For instance; in September 2015, Pfizer Inc. launched Sayana Press, the first injectable contraceptive in the U.K. for administration by self-injection.

Expected Revenue Growth:

The Injectable Drug Delivery Market is projected to reach USD 902.3 billion by 2027 from USD 362.38 billion in 2016, at a CAGR of 11.5% during the forecast period.

Geographical Growth Scenario:

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).

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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.

Global Leaders:

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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