According to the latest report by Reports and Data, the global market size for Injectable Drug Delivery is expected to reach USD 1,317.38 Billion by 2030 and register a revenue CAGR of 12.80% over the forecast period. The growth of the Injectable Drug Delivery market is being driven by the increasing popularity of pre-filled syringes and advancements in technology.
In the past, medication was limited to being administered orally in the form of tablets, pills, or capsules. However, advancements in technology have led to the development of more sophisticated and intelligent drug delivery systems that can specifically target certain areas, leading to more accurate and localized delivery of drugs.
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The demand for advanced injection devices is increasing among patients who require daily medications, providing manufacturers with lucrative growth opportunities to create user-friendly and efficient drug delivery systems.
The rise in chronic illnesses and life-threatening diseases highlights the need for novel and effective drugs across various therapeutic areas, prompting manufacturers and pharmaceutical companies to develop sophisticated devices for their treatment. Injectable contraceptives, for instance, have seen a surge in revenue due to their high efficacy and convenience, as they only need to be administered once a month or every three months.
The timely approvals of drugs by regulatory bodies such as the FDA and MHRA have expanded the potential of Injectable Drug Delivery. In addition, collaborations between pharmaceutical companies and research organizations for drug research and development are likely to drive market growth in the coming years.
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According to the report, the conventional injectables segment was the top revenue-generating segment in 2020, as there was a higher demand for traditional syringes due to the increasing number of surgeries and rising prevalence of infectious diseases requiring hospitalization worldwide. The injectable sterile products segment is expected to have a high growth rate during the forecast period, thanks to their improved quality assurance and storability, lower risk of infection, and pathogen-free features.
The North American market was the largest revenue-generating market in 2020, with the US leading the way due to the rising incidence of chronic diseases such as diabetes and cancer. This trend is driving the demand for smart and effective drug delivery options, leading to product development by manufacturers and research institutions. The region's robust healthcare sector, public healthcare reimbursements, and online delivery of medical devices and medications are expected to continue to drive market growth.
The report profiles various companies, including Vetter Pharma, Akorn Operating Company LLC, Catalent, Inc., Pfizer Inc., Gerresheimer AG, Elcam Medical, Schott, SHL Medical AG, Becton, Dickinson Company, and West Pharmaceutical Services, Inc.
The Injectable Drug Delivery market is segmented based on device type, product type, end-use, and region. The device type segment includes conventional injectables, pre-filled syringes, auto-injectors, and pen-injectors. The product type segment includes freeze-dried products and injectable sterile products. The end-use segment includes hospitals, homecare settings, clinics, and others. Finally, the regional segment includes North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
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