Vancouver, British Columbia--(Newsfile Corp. - April 14, 2021) - The global injectable drug delivery market size is expected to reach USD 1,235.5 Billion in 2027 at a CAGR of 11.3% during the forecast period, according to a current analysis by Emergen Research. Increasing prevalence of chronic diseases, growing demand for biologics, and the advent of technologically advanced products are key factors expected to drive market revenue growth over the forecast period. Rising investment for developing technologically enhanced and improved devices is also expected to contribute to revenue growth of the market over the forecast period. Attributes such as cost-effectiveness and hassle-free procedure of injectable drug delivery devices are crucial factors boosting adoption of the product and this is expected to further fuel revenue growth of the market over the forecast period.
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Increasing global burden of chronic diseases such as cardiovascular diseases, diabetes, cancer, and obesity has increased need for medical interventions and have boosted demand for syringes, particularly disposable syringes. Rising use of syringes as a part of treatment regimen has contributed significantly to market revenue growth as they are convenient, user-friendly, and do not cause pain. Growing use of biologics due to escalating demand for insulin, vaccines, and medicines to treat chronic illnesses such as cancer is also expected to fuel revenue growth of the market over the forecast period.
The emergence of coronavirus pandemic has positively impacted the global injectable drug delivery market as the rising patient pool significantly boosted demand for medical supplies such as disposable syringes and injections. This has compelled major manufacturers in the market to boost their production capacity and this is expected to continue to contribute to market growth over the forecast period. However, product recalls by manufacturers and increasing risk of infection and injuries caused by the needles can restrain market growth to an extent over the forecast period.
Some Key Highlights from the Report:
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For the purpose of this report, Emergen Research has segmented the global injectable drug delivery market on the basis of product type, therapeutic application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Therapeutic Application Outlook (Revenue, USD Billion; 2017-2027)
End-User Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
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