The global needle-free drug delivery devices market has reported an impressive rise in the recent times. The rising demand for painless drug delivery options has fueled the demand for these devices significantly across the world.
According to a research report by Transparency Market Research (TMR) the market global needle free drug delivery devices market, which stood at US$5.4 bn in 2014, is likely to rise at a CAGR of 9.90% during the period from 2015 to 2023 and reach US$13 bn by 2023.
Jet Injector Technology to Witness Increased Demand in Future
Jet injectors and other competing needle-free technologies, such as inhaler, novel needle, and transdermal patch, are the major technologies utilized in needle-free drug delivery devices. Between the two, the competing needle-fee technologies segment enjoyed the highest demand in 2014. However, the demand for jet injectors is likely to rise exponentially in the nearing future, driving this segment significantly. The growing prevalence of needlestick injuries and the consistent advancement in jet injector technology are expected to propel this market segment over the forthcoming years.
Vaccine delivery, insulin delivery, pain management, and pediatric injections are the prime application areas of needle-free drug delivery devices. In 2014, the insulin delivery segment utilized the highest number of these devices. The trend is likely to continue in the coming years. Other segments are also anticipated to report a healthy demand for needle-free drug delivery devices in the nearing future.
North America Needle-free Drug Delivery Devices Market to maintain its Dominance
Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa are the key regional markets for needle-free drug delivery devices. In 2014, North America and Europe ranked first and second, respectively, in the global needle-fee drug delivery devices market.
In Europe, the large base of geriatric population drove the needle-free drug delivery devices market due to the soaring demand for convenient and painless drug delivery options. The presence of a large number of market participants helped the North America needle-free drug delivery devices market maintain its lead globally.
Analysts anticipate North America to maintain its dominance in the near future. The advancement in drug delivery systems and the increasing investments in needle-free drug delivery devices to stimulate research and development activities are likely to boost this market significantly over the next few years.
Asia Pacific Needle-free Drug Delivery Devices Market to Exhibit Fastest Growth Rate
Asia Pacific, on the other hand, is likely to exhibit the fastest growth rate in the coming years on the account of the increasing incidence of chronic health disorders, the infrastructural development in the healthcare industry, and the rising focus of major participants in this region. Latin America and the Middle East and Africa are also anticipated to witness healthy growth owing to the improvement in the healthcare sectors in these regions.
The global market for exhibits a consolidated nature. Companies are increasingly involving into partnerships as well as mergers and acquisitions to strengthen their presence in this market. The introduction of novel devices is the latest trend among players operating in the worldwide needle-free drug delivery devices market.
Pharmajet Inc., 3M, Glide Pharmaceutical Technologies Ltd., Antares Pharma Inc., Zogenix Inc., and Injex Pharma AG are some of the key manufacturers of needle-free drug delivery devices in the global arena.
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