SEATTLE, July 1, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global injectable drug delivery market was valued at US$ 15,939.0 million in 2017, and is projected to exhibit a CAGR of 8.3% over the forecast period (2018–2026).
Key Trends and Analysis of the Global Injectable Drug Delivery Market:
Key trends in the market are increasing prevalence of diabetes and anaphylaxis, rising adoption of prefilled syringes, and prevention of needle stick injury.
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Market players are focused on actively investing in research for developing new injectable products for more patient adherence and accuracy in treatment. Moreover, key players are committed in offering new and improved products, in order to address the critical unmet needs of patients requiring treatment for diabetes and anaphylaxis. For instance, in June 2017, Adamis Pharmaceuticals Corporation received the U.S. Food and Drug Administration (FDA) approval for its EPINEPHRINE INJECTION, USP, 1:1000, for the treatment of type I allergy reaction, which includes anaphylaxis. The epinephrine injection is sold by the trade name Symjepi.
Moreover, key players operating in the market are focused on adopting acquisition strategies, in order to gain access to innovative products and expand their product offerings in the potential markets. For instance in November 2018, Hikma Pharmaceuticals PLC acquired Medlac Pharma Italy Co. Ltd. This acquisition includes Medlac's injectable facility at Vietnam and 23 product portfolio of injectable products.
Furthermore, increasing prevalence of diabetes is major factor contributing to the market growth. According to the International Diabetes Federation, in 2017, around 9,294,254 people (aged 18 to 99 years) suffered from diabetes in the Russian Federation, followed by Germany (9,102,395), and Turkey (7,058,999).
However, increasing number of product recalls by various developers are expected to hinder the market growth. For instance, in 2015, Sanofi US voluntarily recalled Auvi-Q (epinephrine injection, USP) including both 0.15 mg and 0.3 mg strengths from hospitals, retailers, and consumers, as the products had inaccurate dosage delivery, resulting in failure to provide intended drug dose.
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Key Market Takeaways:
- The injectable drug delivery market is expected to exhibit a CAGR of 8.3% during the forecast period (2018 – 2026), attributed to increasing prevalence of diabetes and anaphylaxis, rising adoption of prefilled syringes, and prevention of needlestick injury. According to the National Center for Biotechnology Information (NCBI), April 2018, an estimated 451 million population diagnosed with diabetes in 2017 and expected to increase by 693 million patient with diabetes till 2045 globally.
- Market growth is attributed to rising adoption of prefilled syringes. According to the Growth & Benefits of Pre-Filled Syringes by Fisher Clinical Service, in 1989, around 13 biotechnology products were available commercially in the market, which increased to 210 in 2012. By the following year, the prefilled syringes segment was expected to account for a quarter of the total injectables drug delivery systems market, which includes around 35 of the 100 top-selling drugs.
- Key players in the market are focused on adopting collaboration and acquisition strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in November 2017, SHL Group and QuiO, a New York-based startup partnered to combine SHL's drug-delivery systems and QuiO's ConnectedRx solution, thereby, integrating connectivity into drug-delivery devices for enhancing user experience and adherence.
- Key players operating in the global injectable drug delivery market include, Becton, Dickinson and Company, Pfizer Inc., Novo Nordisk A/S, Gerresheimer AG, Carl-Zeiss-Stiftung, Terumo Corporation, Vetter Pharma-Fertigung GmbH & Co. KG, SHL Group, Owen Mumford Limited, and Injex Pharma GmbH
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SOURCE Coherent Market Insights