ALBANY, New York, May 26, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Medical Waste Management Market - U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023", the medical waste management market in the U.S. was valued at US$ 5.89 Bn in 2014 and is anticipated to expand at a CAGR of 3.4% from 2015 to 2023 to reach US$ 7.99 Bn in 2023.
The report provides exhaustive analysis of current and emerging needle free drug delivery devices and the market is estimated based on technologies used in devices and application of various devices. Based on technology, the market has been segmented into jet injectors and competing needle-free technologies. The competing needle-free technologies segment has been sub-segmented into novel needle technology, inhaler technology, and transdermal patch technology.
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The jet injectors segment accounted for the largest share of the needle free drug delivery devices market in 2014. Increasing number of needlestick injuries and possible transmission of blood borne pathogens through needle are the major drivers of the jet injectors segment. Additionally, wide range of applications would help increase demand for the technology. The competing needle-free technologies segment is expected to grow at a higher rate during the forecast period owing to high patient compliance and efficient techniques. The novel needle technology sub-segment of the competing needle-free technologies segment accounted for the largest share of the market in 2014. The sub-segment is expected to maintain its leadership position during the forecast period due to accuracy and ease of use. The novel needle technology segment includes micro needles and pen needles that are less invasive.
However, the transdermal patch technology segment is likely to witness the highest growth rate during the forecast period from 2015 to 2023 due to availability of different types of commercial transdermal patches, controlled drug delivery, and ability to avoid pre-systemic metabolism. Uses of transdermal patches include sex hormones delivery, pain management, and vaccination.
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Based on application, the market has been segmented into vaccine delivery, pain management, insulin delivery, pediatric injections, and other applications. The insulin delivery application segment dominated the global needle free drug delivery devices market due to rising prevalence of diabetes and improvement in compliance with insulin regimen. However, the pediatric injections segment is expected to experience the highest growth during the forecast period from 2015 to 2023. High growth rate of the segment is owing to increasing public awareness, government initiatives for pediatric vaccination, and rising acceptance of novel drug delivery devices for pediatric patients. The pain management application segment accounted for the second largest share of the market in 2014. The segment recorded the second highest growth rate due to rising number of chronic pain sufferers globally. Other applications of needle free drug delivery devices include angina, hypertension, and devices for inducing anesthesia.
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The global needle free drug delivery devices market is consolidated, with high competition among the top players. Investment in research and development would help companies to increase their market shares. Zogenix, Inc., 3M, and Antares Pharma, Inc. are the major market players in the needle free drug delivery devices market and dominated the global market in 2014. Other players in the industry include Glide Pharmaceutical Technologies Ltd., Injex Pharma AG, and Pharmajet, Inc. In August 2014, 3M Drug Delivery System Division entered into a new collaboration agreement with Presspart Group (a medical device and pharmaceutical component manufacturer). Under the terms of the agreement, Presspart will sell 3M Dose by Dose Counter and Dose Indicator for a wide range of metered dose inhalers (MDI). The agreement will enable 3M to accelerate the growth of dose counter technology. Hence, collaborations and partnerships for the development and marketing of needle free drug delivery devices by major market players would drive the market during the forecast period from 2015 to 2023.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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