Injectable drug delivery market worth US$624.50 billion by 2021

According to a new market research report "Injectable drug delivery market by type (device, formulation), therapeutic (cancer), usage pattern (immunization), administration (skin, musculoskeletal), distribution channel (hospital), patient care setting (hospital, home care) – forecast to 2021", published by MarketsandMarkets, the global market, in terms of value, is projected to reach US$624.50 billion by 2021 from US$362.38 billion in 2016, at a CAGR of 11.5 percent during the forecast period.

Growth in this market is mainly driven by increasing prevalence of chronic diseases, rising aging population, increasing use of biologics, and increasing number of needlestick injuries. On the other hand, growing use of alternative delivery methods, safety concerns, and risk of transmission of blood-borne infections and needlestick injuries may hinder the growth of the market.

The injectable drug delivery is segmented based on type, formulation packaging, therapeutic application, usage pattern, site of administration, distribution channel, facility of use, and regions.

By therapeutic applications, the market is segmented into autoimmune diseases, hormonal disorders, cancer, orphan diseases, and other therapeutic applications (pain management, allergies, hepatitis C, aesthetic treatment, and hemophilia). Cancer segment is expected to register the highest CAGR during the forecast period.

Based on formulation packaging, the market is segmented into the ampules, vials, cartridges, and bottles. Ampules are expected to dominate the Injectable drug delivery market, in 2016. The large share of this market segment can be attributed majorly due to its good barrier properties as compared to other types of packaging; moreover, they offer better protection at a lower cost. Ease of transportation and low cost of manufacturing are the factors driving the growth in this segment.

Based on region, the injectable drug delivery market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is further subsegmented into the U.S. and Canada; while Europe is further subsegmented into Germany, France, the U.K., Italy, Spain, and the Rest of Europe (RoE); Asia is further subsegmented into Japan, China, India, and the Rest of Asia (RoA). Along with this, the rise in disposable income, the growing awareness of safety and comfort, and the increasing number of partnerships in this market space are also contributing to the growth. In 2016, North America is expected to dominate the market, followed by Europe. The large share of North America is attributed to the increasing prevalence of chronic diseases and the number of companies that are focused on collaboration and partnerships to ensure the availability of high-value products.

Asia is projected to be the fastest-growing region in the injectable drug delivery market from 2016 to 2021, due to the rising incidence of chronic diseases and the growing aging population. Moreover, high penetration of self-injection technologies in Asian countries such as China, Japan, and India adds to the demand for injectable devices.