The global needle-free drug delivery device market size is poised to reach USD 16.27 billion by 2025
NEW YORK, March 6, 2019 /PRNewswire/ -- Needle-Free Drug Delivery Devices Market Size, Share & Trends Analysis Report By Application, By Technology (Jet Injectors, Inhaler, Transdermal Patch, Novel Needle Free), and Segment Forecasts, 2018 - 2025
Read the full report: https://www.reportlinker.com/p05741310
The global needle-free drug delivery device market size is poised to reach USD 16.27 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 10.5% during the forecast period. Rising usage of injections in healthcare settings such as hospitals, clinics, and ambulatory surgical centers has led to spread of infectious diseases such as Hepatitis B, Hepatitis C, and AIDS, especially in developing countries. This acts as a key driver for the needle-less drug delivery devices industry. Furthermore, rising collaborations between market players is further likely to increase competitiveness of this market. For instance, PharmaJet and Mundipharma entered into a partnership in 2018 for distributing its needle free injectors over 120 markets globally.
Moreover, technological advancements in healthcare are expected to open new avenues for market players in applications such as cancer, AIDS, and Ataxic Cerebral Palsy.For instance, polycarbonate materials are being utilized in needle free injectors owing to their advantages such as design flexibility, toughness, light weight, and process ability.
The most recent example of such technology is needle-free injection insulin delivery device manufactured by QS Medical Technology Co. (QS) in September 2018.
Further key findings from the report suggest:
• Novel needle-less devices accounted for a significant share of more than 25.00% in 2017 owing to their wide array of applications
• Based on applications, the vaccine delivery segment is estimated to exhibit a lucrative growth rate over the forecast period due to its increasing usage for pediatric patients
• North America held the dominant share in the global arena in 2017, due to favorable government insurance policies and increased investments in R&D by healthcare companies
• For instance, In May 2018, U.S. Congress approved "right to try" bill where patients can try unproven medical treatments and devices in case of serious illness such as orphan diseases, including NETs
• The Asia Pacific needle-free medication transportation devices industry is anticipated to witness significant growth during the same period due to rising healthcare expenditure and growing investments by many companies in the healthcare sector
• Additionally, several countries in this region are implementing laws that cater to adoption of medical devices. For instance, the Korea-U.S. Free Trade Agreement (KORUS FTA) was implemented on March 15, 2012, in which most of the medical devices in Korea were made duty free
• Some of the key companies present in the market are Antares Pharma; Injex Pharma Ag; Verdict Media Limited; Valeritas, Inc.; and 3M Company
• Industry participants are involved in extensive research activities to develop novel needless drug delivery injectors for applications such as pain management, insulin drug delivery, and vaccines delivery.
Read the full report: https://www.reportlinker.com/p05741310
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