Global Needle-Free Drug Delivery Market is expected to grow at a CAGR of 11.60% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Needle-Free Drug Delivery Market by Technology (Jet Injectors, Inhaler, Transdermal Patch, Novel Needle Free), Application, Region and Global Forecast 2018-2025.
As per the report, the global needle-free drug delivery devices market is expected to grow from USD 7.62 Billion in 2017 to USD 19.35 Billion by 2025 at a CAGR of 11.60% during the forecast period from 2018-2025. North America is expected to dominate the market during the forecast period. Presence of well-developed healthcare facilities and extensive R&D expenditure by government organizations and pharmaceutical companies for diabetes and chronic pain management are supporting the growth in the region.
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Companies operating in the market include Injex Pharma AG, Antares Pharma, 3M, Pharmajet, Zonenix, Inovio Pharmaceuticals, Inc., Penjet, Valeritas, Inc., Endo Pharmaceuticals Inc., Akra Dermojet., D’Antonio Consultants International Inc., Mystic Pharmaceuticals, Inolife Sciences, Pfizer Inc., Ferring B.V., OptiNose Tianjin Xuying Technology Development Co. Ltd. among others. Companies are involved in various strategies such as new product launch, regional expansion, partnership, and distribution agreements to increase their market penetration. For instance, in May 2018, Namaste Technologies entered into an agreement with Inolife R&D Inc. Through this agreement Namaste received exclusive rights for needle-free technologies for applications of medical cannabis.
Technology segment includes jet injectors, inhaler, transdermal patch, novel needle free. The jet injectors segment is dominating the market and is anticipated to grow with the highest CAGR of 13.82% over the forecast period. The benefits of jet injector include faster drug delivery into bloodstream and insulin distribution over a larger area in lower layer of skin. Jet injectors are used for a wide variety of applications such as rapid administration, improved dosing accuracy, reduced pain, reduced sharp waste, and easy portability. Application segment is divided into vaccine delivery, pain management, insulin delivery for diabetes, pediatric injectors and others. The insulin delivery segment is dominating the market in 2017. The growth of the segment can be attributed to the growing patient population and improving healthcare infrastructure in developing countries. Introduction of technologically advanced products such as insulin pen, insulin micropump, insulin spray, inhalable insulin, and other novel jet injectors are also contributing to the growth of the segment
Rising number of diabetes patients, increase in incidence of needle born disease are major drivers driving the growth of market. In addition, demand of painless alternatives and self-administration to minimize the dependency is also bolstering the market. Changing regulatory requirements and lack of skilled professionals may restrict the growth of the market. However, rising pressure to mitigate the rate of needle borne infectious diseases and new technological development by competitors are positively impacting the market in future.
About the report:
The global needle-free drug delivery devices market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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