LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global needle free drug delivery market to grow to USD 10.61 billion by 2021, at a CAGR of more than 10% over the forecast period, according to their latest report.
The research study by Technavio on the global needle free drug delivery market for 2017-2021 provides a detailed industry analysis based on product/technology (jet injectors and transdermal drug delivery systems), application (insulin delivery, vaccination, and pain management), and geography (the Americas, EMEA, and APAC).
|The market is being driven by the rise in the number of biopharmaceuticals, growing demand for the self-administration of drugs, increasing the incidence of needle stick injuries, and regulations for safety injection practices to avoid needle stick injuries. Needle-free drug delivery technologies are used to deliver biologics such as insulin, vaccines, human growth hormone (hGH), and drugs for pain management into the patient’s body without using a traditional needle.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global needle free drug delivery market:
- Enhanced product lifecycle management
- Increasing prevalence of chronic and infectious diseases
- Rising demand for self-administration of drugs
Enhanced product lifecycle management
“The needle free drug delivery systems help pharmaceutical companies to enhance the patent lifespan of their products. Many prominent companies like Teva, Eli Lily, and Ferring Pharmaceuticals have launched needle free drug delivery devices to gain a competitive edge in the market,” says Ramakrishna Edupulapati, a lead analyst at Technavio for orthopedics and medical devices research.
For instance, the Human Growth Hormone (hGH) market is highly competitive with pharmaceutical companies like Lilly, Roche, Pfizer, Sandoz, Teva, and Merck Serono marketing somatropin. To gain a competitive advantage over other major pharmaceutical players, Ferring Pharmaceuticals launched its drug with needle free drug delivery device (ZOMA-Jet) in 2014.
Increasing prevalence of chronic and infectious diseases
The increasing prevalence of chronic diseases such as diabetes, multiple sclerosis, rheumatoid arthritis, and growth hormone deficiency is estimated to increase the demand for needle free drug delivery systems. Centers for Disease Control and Prevention (CDC) recommends that children, by the age of 18, should get 69 doses of 16 vaccines, which will create significant demand for needle free drug delivery systems.
The rapid growth in older population is another factor increasing the incidences of chronic diseases. Chronic diseases such as diabetes and growth hormone deficiency require daily drug administration. To avoid pain and reduce the burden of hospital visits, patients are likely to prefer needle free devices.
Rising demand for self-administration of drugs
The patient preference for self-administration of drugs using needle free delivery devices is increasing due to the need to reduce healthcare costs. According to a survey conducted on the adaptation of self-injectable medications in rheumatoid arthritis patients, the number of patients opting for self-administered medications increased from 53% to 70% with the offering of with needle free option.
“Self-administration of drugs by needle free delivery systems enable patients to receive treatment in non-medical settings, eliminate the risk of needle-stick injuries and cross-contamination, and reduce healthcare expenses,” says Ramakrishna.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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