rising prevalence of chronic diseases is driving the Injectable Drug Delivery Devices Market
Technavio analyzes that the Injectable Drug Delivery Devices Market is expected to grow at a CAGR of 10.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 29562.9 million.There are various factors that contribute to the growth of the market. The global market for Injectable Drug Delivery Devices is experiencing significant growth due to the increasing prevalence of chronic diseases. These conditions, such as diabetes, cancer, and multiple sclerosis, require frequent medication administration, making injectable drug delivery systems an attractive option. The convenience and effectiveness of these devices have led to a surge in demand, driving market expansion. Additionally, advancements in technology are enhancing the functionality and patient experience of injectable drug delivery devices, further fueling growth in this sector.
The self-injectable devices segment, comprising pre-filled syringes, injectable pens, auto-injectors, and needle-free injectors, is experiencing significant growth in the pharmaceutical industry due to the increasing prevalence of chronic infectious diseases such as tuberculosis (TB), HIV, and AIDS. With approximately 60% of drugs in clinical trials being biologics that require parenteral administration, the demand for advanced drug delivery systems, including self-injectable devices, is escalating. Over 900 biologics and medicines are currently in the clinical development phase for various infectious disorders, including infectious diseases with medication resistance. Self-injectable devices offer an efficient, reliable, and convenient method for parenteral drug administration, making them the preferred delivery system for the majority of these treatments.
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Injectable Drug Delivery Devices Market Segmentation
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The Injectable Drug Delivery Devices market encompasses various medication delivery systems, including autoinjectors and prefilled syringes, for localized delivery of subcutaneous drugs. Clinical trials are ongoing for innovative solutions like smart devices and wearable injectors for diseases such as hereditary angioedema (HAE), infectious disorders like tuberculosis (TB), HIV, AIDS, and chronic diseases such as diabetes, cancer, autoimmune disorders, and cardiovascular diseases. Medications for infectious disorders, including antibiotics, antiviral treatments, antifungal agents, and antiparasitic therapies, are commonly administered via injectable means, especially for intravenous delivery and chronic diseases with medication resistance. Traditional injection devices continue to play a significant role in this market, but advancements in technology are driving the shift towards more sophisticated, user-friendly devices like autoinjectors.
The Injectable Drug Delivery Devices market is a significant segment within the larger Global Healthcare Equipment Market. This market encompasses companies and solutions focused on localized medication delivery through advanced devices such as autoinjectors, prefilled syringes, and wearable injectors. These devices cater to various therapy areas, including Hereditary Angioedema (HAE), and employ smart solutions for disease management. Technavio, a leading market research firm, calculates the size of the global healthcare equipment market based on the combined revenue of manufacturers in the diagnostic equipment and devices sector. This industry consists of devices, which include advanced, differentiated, and clinically tested data-driven solutions, used for the diagnosis, monitoring, and treatment of various diseases. Clinical trials play a crucial role in the development and approval of these devices, ensuring their efficacy and safety. Traditional injection devices, such as syringes and needles, continue to dominate the market, but low-cost systems and healthcare infrastructure advancements are driving innovation and growth in the injectable drug delivery devices sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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