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Needle Free Drug Delivery Devices Market is expanding steadily at a CAGR of 9.90% till 2023, Noted TMR

1046 Days ago

Research and Development Playing a Vital Role Expanding Growth of the Needle Free Drug Delivery Devices Market

Albany, New York, July 16, 2019 (GLOBE NEWSWIRE) -- Healthcare industry across the globe is booming due to increasing importance on saving life and ensuring every person to get adequate healthcare facilities. Governments are also taking significant and carrying out programs to provide the best of the facilities to their citizens. Technological innovation and increasing efforts in research and development are the two major strategies used by the health care providers. One such development is seen in the way drugs are delivered to the patient. New ways to delivering drugs without using needles are gaining popularity and are being widely accepted nowadays. Thus, with the growing popularity of needle free drug delivery devices its market is expected to cross US$ 13 billion by the end of 2023. The global needle free drug delivery devices market is likely to experience a revenue growth of nearly US$ 7.6 billion over the period of eight years between 2015 and 2023. These figures are thoroughly analyzed and presented by Transparency Market Research in its recent publication on this market.

Witnessing the growth for needle free drug delivery devices, players providing these devices are working by adopting innovative ways to introduce new and advanced products. They are also innovating to improve the current devices to maintain development in the global needle free drug delivery devices market.  Likewise, different producers are significantly putting resources into the needle free drug delivery devices to accomplish more piece of the overall market. Though, this may increase rivalry among the players and intensify competition in the global market. Some of the most active players in the global needle free drug delivery devices market are Glide Pharmaceutical Technologies Ltd., Zogenix Inc., Pharmajet Inc., Antares Pharma Inc.,and Injex Pharma AG. They are putting immense efforts and resources to strengthen their position in North America to get bigger piece of share in this market.

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The Rising Occurrence of Diabetes to Spur Demand for Needle Free Drug Delivery Devices

The application of needle free drug delivery devices is vastly seen in insulin delivery and this segment is likely to lead the global needle free drug delivery devices market. The rising occurrence of diabetes and expanding shift towards unfortunate way of life propensities are considered major factors leading the demand for needle free drug delivery devices. Based on various researches in 2017 nearly 30.3 million people are dealing with diabetes globally. Thus, with increasing diabetes patients innovative technologies are being introduced to deliver insulin such as insulin pen, insulin micropump, inhalable insulin, insulin splash, and other novel stream injectors. Companies are making efforts to reduce the cost and provide effective means to deliver insulin for example; Novartis is projected to introduce an EpiPen that will cost roughly $250.0, which is less expensive than other EpiPen items accessible in the market. Other players are also introducing similar strategies that are estimated to support the growth in this market.

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North America Leading in Healthcare Technology Pushing Growth in Needle Free Drug Delivery Devices Market 

On the regional frontier, North America is projected to lead the global needle free drug delivery devices market in the forthcoming years, as the patient pool in the region is high as compared to other regions. Europe is also estimated to contribute significantly due to higher geriatric population in the region and higher demand for painless drug delivery devices in the market.

In addition, advanced healthcare services and extensive R&D expenditure by government associations and pharmaceutical organizations for diabetes and growing focus on chronic pain management are adding to the development of the market.

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The study presented here is based on a report by Transparency Market Research (TMR) titled “Needle Free Drug Delivery Devices Market (Technology – Jet Injectors and Competing Needle-free Technologies (Novel Needle Technology, Inhaler Technology, and Transdermal Patch Technology); Application – Vaccine Delivery, Pain Management, Insulin Delivery, Pediatric Injections, and Other Applications) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023”.

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About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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