Global Needle-free Injection Systems Market Expected to Reach $23,116 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, October 10, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Needle-free Injection Systems Market: Global Opportunity Analysis and Industry Forecast, 2017-2023," the Global Needle-free Injection Systems Market was valued at $8,166 million in 2016, and is projected to reach $23,116 million by 2023, growing at a CAGR of 16.0% from 2017 to 2023. The liquid-based needle free injection systems segment held more than two-thirds share of the total market in 2016.
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Needle-free injection systems are used to administer drugs and vaccines into patients without penetrating the skin. Improved immunization coverage, increase in demand for self-injection devices, increasing prevalence of chronic diseases such as diabetes and cancer, risk of exposure to communicable diseases due to needle stick injuries, and decrease in healthcare costs are expected to drive the market growth. However, lack of trained personnel and limited usage of needle-free injection systems for intravenous administration may restrict the market growth.
Subcutaneous injectors segment is expected to dominate the market throughout the analysis period. However, the intradermal injectors segment is expected to register the highest CAGR of 15.6%.
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KEY FINDINGS OF THE NEEDLE-FREE INJECTION SYSTEMS MARKET STUDY:
- The spring injector systems segment is projected to grow at a CAGR of 15.6% during the forecast period.
- Disposable accounted for more than one-third share of the global needle-free injection systems market in 2016.
- In terms of product, the prefilled injector system segment is expected to register the highest CAGR of 17.7%.
- The use of needle-free injectors for vaccine delivery is expected to grow at the CAGR of 15.9%.
- France and Germany collectively contributed for more than one-third share of the European needle-free injection systems market in 2016.
- Japan was the major shareholder in 2016, accounting for more than one-third share of the Asia-Pacific needle-free injection systems market.
Asia-Pacific is projected to register the highest CAGR of 16.6%, owing to rise in incidence of chronic disease such as diabetes and hepatitis. In addition, surge in awareness of benefits of needle-free injection systems, such as elimination of needle phobia, offers a lucrative opportunity for the market growth.
The major companies profiled in the report are Antares Pharma, Inc., Endo International plc, PharmaJet, Medical International Technology, Inc., INJEX Pharma AG, PenJet Corporation, Crossject needle-free injection systems, National Medical Products Inc., Valeritas, Inc., and European Pharma Group.
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