A study by the American Diabetes Association (ADA) has found that around 30.3 million people in the U.S. were diagnosed with diabetes. The rising prevalence of chronic diseases such as diabetes, cancer, and others is boosting the global injectable drug delivery market. Fortune Business Insights in a report, titled “INJECTABLE DRUG DELIVERY: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” predicts the global market to rise at a remarkable CAGR of 12.8% during the forecast period. The global market was worth US$ 440.5 Bn in 2018, and by the end of 2026, the market is anticipated to reach US$ 1,135.1 Bn.
For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/injectable-drug-delivery-market-101044
List of players leading the global Injectable Drug Delivery Market include:
SHL Group AB
Eli Lilly and Company
West Pharmaceutical Services
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Introduction of Novel Injectable Drug Delivery to Propel Growth in North America
Currently, the market in North America is exhibiting the highest CAGR owing to the rapid adoption of advanced and innovative injectable drug delivery. Moreover, injectable drug users are increasing as these devices are preferred owing to their therapeutic and convenience benefits. The amplified prevalence of chronic disorders such as cancer, diabetes, and others is driving the injectable drug delivery market size in North America.
As per the National Cancer Institute, around 1,735,350 cancer cases were registered in the U.S. With the help of an injectable device; chemotherapy drugs are delivered to cancer patients with ease. Another factor responsible for injectable drug delivery growth is the presence of major manufacturers in North America. This further increases the adoption of injectable drug delivery systems.
Advances in Injectable Drug Devices Focuses on Simplifying their Usage in Complex Procedures
“Traditional drug delivery are more prone to infections owing to their mishandling. This can be minimized by adopting reusable glass syringes and pre-filled syringes,” said a lead analyst at Fortune Business Insights. “These smart and advanced devices have proven to be highly effective and safe for humans, which fuels their demand in the market,” he added.
Advances in technology and design of injectable drug delivery are aimed at simplifying their usage during complex drug delivery procedures. The introduction of next-generation drug delivery offering high-quality and superior functionalities acts as a potential growth trigger. Such technological improvements will enhance patient compliance and simultaneously make it easier for clinicians to perform the injectable drug delivery procedure. This, together with the rising focus on biologics in the pharmaceutical sector, is anticipated to facilitate growth in the market.