Technological Advancement is Leading the Growth of Advanced Parenteral Drug Delivery Devices Market

calendar_today 30 September, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the Global Advanced Parenteral Drug Delivery Devices Market was pegged at ~US$ 3.48 billion in 2021. The market is expected to witness a CAGR of ~ 4.1% from 2022 to 2030.

Parenteral drug delivery technology advancements have resulted in the creation of novel devices that enable advanced drug targeting and prolonged release of parenteral medication and thus being one of the factors responsible for market growth .Moreover, the rising prevalence of cardiovascular diseases, diabetes, and cancer, as well as the expanding demand for self-administered medications, and rising investment in research and development with the increase in clinical trials, are also contributing to the growth of this market. Innovations in the biologics and a large numbers of pipeline products with increasing approval for biosimilars is also fueling the growth of the market. But the approval of advanced parenteral medication delivery devices is subject to strict regulations. For example, the EU Medical Device Regulations (MDR) article 177, which requires extensive documentation and content requirements for drug/device combination product marketing applications, applies to products such as prefilled syringes, autoinjectors, and needle safety devices, limiting market growth. Parenteral medications have various complications, such as infection risk, lack of drug reversibility, and hypersensitivity risk. Additionally, high-cost, human error, and packaging errors are some of the other restraining factors of the market.

There is rise in innovation in biologics such as monoclonal antibodies, next-generation cell, and gene therapies, which is leading the increased in the launch of new products. In 2020 the U.S. FDA has approved 53 drugs 13 of which were biologics and ten monoclonal antibodies, two antibody drug conjugates, three peptides, and two oligonucleotides. There are approximately 621 total biologics approved by FDA, boosting the growth of the advanced parenteral drug delivery devices market. The rise in the research and development related to biologics and large number of pipeline products is playing a vital role in the market growth.

Until January 2022 there are around 33 FDA approved biosimilar in U.S. of which 21 are commercially available in the market. More than 90 biosimilars are in developing phase corresponding to 28 brand name reference biologics, thus increasing the demand for the parenteral drug delivery devices.

Cardiovascular diseases are the major cause of death worldwide it accounts for 17.9 million death each year which is 32% of all deaths globally. Moreover, around 6.7 million people die each year from diabetes, which affects approximately 537 million adults worldwide in which 10% people have type 1 diabetes and thus requires insulin which is leading the demand for prefilled syringes. However, there are serval complications related to parenteral drug delivery devices like difficulty in drug reversal, chances of infection, and risk of hypersensitivity as parenteral drugs are administrated in the systemic circulation of the body. If there is contamination in the vile or the device like virus, fungus, or bacteria’s and if directly administrated inside the can lead to infection or death thus restricting the growth of advanced parenteral drug delivery devices market.

Asia Pacific has the fastest growing rate in global advanced parenteral drug delivery devices market. The region's rapid expansion can be primarily due to elements like expanding healthcare infrastructure, increased research and development expenditures, and new launch of product by significant players. APAC nations like India, China, and Japan are expected to present considerable growth opportunities. Moreover, rising adoption of advance technology and expanding access to qualified healthcare workers is also playing a pivotal role in the market growth.

Some of the prominent players operating in the global advanced parenteral drug delivery devices market are AstraZeneca Plc; Abbott Laboratories; Amgen, Inc.; Baxter International; Inc., Becton, Dickinson, and Company; Bristol-Myers Squibb Company; AptarGroup, Inc., Novartis AG; Pfizer, Inc.; GlaxoSmithKline Plc; and F. Hoffmann-La Roche AG

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