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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