Global Injectable Drug Delivery - Market Outlook, Competitive Analysis And Regional Forecast To 2028
According to an analysis, the global Injectable Drug Delivery Market is predicted to show growth at 8.66% of CAGR in the forecasting period between 2019 and 2028.
Factors such as technological advancements, growth in the geriatric population, and the rise in cases of autoimmune diseases are majorly driving the market for injectable drug delivery. In addition, the formulation of better injectable systems and the rise in healthcare spending are likely to open up new avenues for market growth. This growth, however, is being restrained by the high manufacturing costs of these drug delivery systems. Also, the advent of alternate drug delivery systems and stringent regulations to govern the usage of these systems are acting as hurdles in the path of market growth.
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The global market for injectable drug delivery spans across Europe, North America, Latin America, the Asia-Pacific, and the Middle East and Africa.
The Asia-Pacific is expected to become the fastest-growing market globally, over the coming period. There is a vast population of older adults in this region. In China, 15.02% of the population was aged 60 years and above in 2015. This percentage is rising rapidly, and is expected to reach 25.3% by 2030. Also, owing to advancements in medical science, the average life expectancy has increased. For instance, 33% of Japan’s population was 60 years or older in 2015. Old age makes one vulnerable to several diseases and health conditions, such as autoimmune diseases, diabetes, CVD, chronic pain, etc. thus, the increase in the number of older adults significantly increases the incidence of these conditions. The growing prevalence of these conditions is creating an enhanced demand for injectable drug delivery systems, which is helping the growth of the studied market in the region.
The top companies that have been studied in the injectable drug delivery market are Novo Nordisk A/S, Elcam Medical, Novartis AG, Sanofi SA, Schott AG, Injex, Ypsomed Holding AG, Eli Lilly and Company, Pfizer Inc, Terumo Corporation, Gerresheimer, West Pharmaceuticals, Teva Pharmaceuticals, Baxter International Inc, and Becton Dickinson and Company (BD).
Baxter International Inc is a leading company engaged in developing, manufacturing, and marketing hospital equipment for a range of disorders. Research laboratories form a major end-user segment of the company. The company manufactures products in 20 countries and has a strong distribution network offering its products in more than 100 countries. Baxter was founded in 1931, and now boasts of a strong workforce of 48,000 employees. In May 2020, it received regulatory approval for developing the Evo IQ Syringe Infusion System. With this approval, Baxter intends to strengthen its infusion systems portfolio.
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Last Update : Sep 12, 2020
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