According to FMI, The injectable drug delivery market is booming, driven by a surge in chronic diseases and a growing need for efficient treatment methods. Fueled by telemedicine integration and pharmaceutical innovation, reflecting a steady growth of 8.7% annually. This trend is pushing pharmaceutical companies to develop better devices for managing chronic illnesses, ultimately shaping the future of drug delivery.
NEWARK, Del. , April 11, 2024 /PRNewswire/ — The healthcare industry is witnessing a significant shift in the way drugs are delivered to patients. Injectable drug delivery systems are becoming increasingly popular as healthcare professionals seek better ways to treat life-threatening diseases. According to industry analysis, the injectable drug delivery market is estimated to be around US$ 49.44 billion as of 2024. With the integration of telemedicine services in developed and developing parts of the world, the market is expected to grow even more.
The market has witnessed steady growth due to this trend, with a projected CAGR of 8.70% through 2034. Pharmaceutical companies operating in the medical industry are capitalizing on the opportunity to create more efficient devices for treating chronic and age-related conditions.
As chronic diseases continue to increase globally, the market’s valuation is expected to reach an impressive US$ 113.87 billion by the end of 2034. The demand for more convenient and efficient drug delivery methods will continue to be a driving force for growth in this market in the upcoming years. Companies will need to keep innovating their offerings to keep up with this demand.
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“With the rising incidences of chronic diseases in developing and developed parts of the world, companies involved in the injectable drug delivery market must curate product offerings that cater to diverse patient needs, enhance treatment adherence, and ensure efficient and precise drug delivery”, says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Market Study
- The insulin pins segment dominates the injectable drug delivery market with an expected share of 50.50% in 2024.
- Based on the technology, the non-smart injectors segment leads the injectable drug delivery industry with an anticipated share of 83.80% in 2024.
- The injectable drug delivery industry in India is anticipated to grow at a CAGR of 9.50% through 2034.
- The injectable drug delivery industry in China is estimated to rise at a 10.10% CAGR through 2034.
- The injectable drug delivery industry in Brazil has the potential to increase at 9.80% CAGR through 2034.
- The United Kingdom injectable drug delivery industry is predicted to rise by 8.80% CAGR through 2034.
- The injectable drug delivery market in Japan is anticipated to grow at a CAGR of 8.50% through 2034.
Competitive Landscape
The injectable drug delivery market is constantly evolving, with innovations and methodologies entering the market regularly.
- International companies are investing billions of dollars in developing new devices and medical procedures for the healthcare sector, which is likely to result in an upward trend in the market.
- Domestic companies are developing devices according to their country’s specific needs. For instance, Japan-based companies are developing products to address the healthcare needs of their aging population.
Recent Developments:
- February 2024 – Silo Pharma, Inc. successfully delivers SP-26 Ketamine Implant for fibromyalgia and chronic pain treatment.
- January 2024 – Kindeva Drug Delivery launches a new global business unit, offering analytical support for the pharmaceutical and medical device sector.
- October 2023 – Stevanato Group S.p.A. introduces on-body drug delivery platform, Vertiva™, at PDA Universe and CPhI Barcelona.
- August 2022 – UNC School of Medicine scientists develop long-acting injectable rifabutin for tuberculosis treatment, demonstrating in vivo efficacy.
Purchase now and gain full access to the Injectable Drug Delivery Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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