Increasing Incidence of Needle Stick Injuries Globally Making Needles Needless in Future
With the increasing strategic alliances between needle-free drug delivery devices manufacturers, the business landscape of this market demonstrates a rather consolidated structure. In 2014, the top three companies, namely, Zogenix, 3M, and Antares Pharma Inc., jointly held a share of more than 60% in the overall market, finds Transparency Market Research (TMR) in a new study.
Get Needle Free Drug Delivery Devices Industrial Analysis:
Apart from mergers, acquisitions, and partnerships, leading companies are currently focusing on introducing advanced devices based on novel technologies to strengthen their presence in this market. Looking forward, the vast array of technically advanced devices – in the pipeline at present – will further intensify the competition in the worldwide market for needle-free drug delivery devices in the near future.
Growing Preference for Painless Delivery of Medicines Fuels Demand for Needle-Free Drug Delivery Devices
The growing preference for efficient and painless delivery of medicines is leading the drug delivery market towards needle-free injection systems. As these systems make use of a liquid drug delivery technology that works effectively with already available drug formulations, the development costs on these products are very low. This has encouraged a number of medical devices manufacturers to invest in needle-free drug delivery devices, boosting the market’s growth.
In addition to this, the increasing need to prevent needle-stick injuries is likely to stimulate the adoption of needle-free drug delivery devices significantly during the forecast period. The rising prevalence of infectious diseases such as dengue, hepatitis, and AIDS, and various cardiovascular and neurological diseases, which require continual administration of drugs, is also projected to create substantial demand for these devices over the next few years.
Despite North America’s Dominance, Asia Pacific to Report Fastest Growth
According to TMR’s estimates, the opportunity in the global market for needle-free drug delivery devices that valued at US$5.4 bn in 2014, is likely to increase at a CAGR of 9.90% during the period from 2015 to 2023 and possibly worth US$13 bn by the end of the forecast period.
Needle Free Drug Delivery Devices Market Description:
In 2014, North America led the global market with a share of more than 40% and was closely followed by Europe. During the forecast period, North America will remain the dominant regional market; however, it will lose a significant amount of its market shares to Asia Pacific. The latter, on the other hand, will emerge as the fastest growing market for needle-free drug delivery devices in the coming years.
Needle-free drug delivery devices are mostly utilized for the administration of insulin in the human body. The insulin delivery segment has been leading the application segment since the last few years and is projected to remain dominant over the coming years.
Competing needle-fee technologies, such as inhaler, transdermal, and various other novel needle-free technologies witnessed the highest demand in 2014. However, jet injectors are likely to exhibit the fastest growth rate over the forecast period.