San Francisco, June 16, 2016 (GLOBE NEWSWIRE) -- The global needle free drug delivery devices market is expected to reach USD 14.6 billion by 2024, according to a new report published by Grand View Research, Inc. The increasing prevalence of chronic diseases such as Hepatitis B, Hepatitis C, and AIDS due to the extensive use of injections is a potent driver of the needle-free drug delivery devices market.
Additionally, the rising need for self-administration of drugs as in the case of diabetes and pain-free drug delivery have consequentially boosted the industry share of needle-free drug delivery devices.
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Moreover, controlled dosing ability, minimal damage to skin and rapid drug administration are the key associated benefits driving the physician preference thereby fueling the demand for the market. Furthermore, the increasing focus on the development of portable delivery devices has a high, positive impact on the needle-free drug delivery devices market.
These aforementioned advantages related to needle-free drug delivery devices are expected to serve as key driving factors spurring the growth of the needle-free drug delivery devices market over the forecast period.
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Further key findings from the study suggest:
- Jet injectors dominated the technology segment with a market share of over 30.0%, with respect to revenue in 2015, owing to its high usage rate and wide applicability in delivering a large range of drugs
- On the basis of application, the insulin delivery devices segment held the largest share of over 33.0% in 2015 owing to the high demand for painless insulin delivery by patients coupled with the requirement of insulin at regular intervals in diabetic patients, thus facilitating the growth of this segment. As per the WHO, the global diabetes prevalence is rising at a rate of 8.5%, thereby propelling the demand for needle-free insulin delivery devices.
- In 2015, North America dominated the needle-free drug delivery devices market at over 43.0%. The presence of multinational conglomerates, favorable reimbursement policies, and sophisticated healthcare infrastructure are key growth drivers of this regional market
- Asia Pacific is expected to be growing at the fastest CAGR of over 12.0% during the forecast period owing to the rising disposable income and the increasing number of investments by the western manufactures in the emerging economies pertinent to manufacturing facilities and untapped opportunities
- Some key players operational in this industry include PharmaJet, Valeritas, Antares Pharma, Inc., Bioject Medical Technologies, Inc., 3M, Glide Pharmaceutical Technologies Ltd., Zogenix, Inc., Akra Dermojet, Injex Pharma AG, PenJet Corporation, and D'Antonio Consultants International, Inc.
- These industry players are adopting strategies such as technology-oriented advancements, new product development, and strategic collaborations, such as mergers & acquisitions to maximize their industry share. In April 2014, Bioject medical Technologies, Inc. appointed Needle Free Solutions LLC as the exclusive distributor of its product Biojector 2000 with a view to enhance its distribution channel across North America.
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Grand View Research has segmented the needle free drug delivery devices market on the basis of technology, application and region:
Global Needle free drug delivery devices technology outlook (Revenue, USD Million, 2014 - 2024)
- Jet injectors
- Inhaler technology
- Transdermal patch technology
- Novel needle free technologies
Global Needle free drug delivery devices application outlook (Revenue, USD Million, 2014 - 2024)
- Vaccine delivery
- Pain management
- Insulin delivery for diabetes
- Pediatric injections
Needle free drug delivery devices regional outlook (Revenue, USD Million, 2014 - 2024)
- North America
- Asia Pacific
- Latin America
- South Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research