Number of pages: 100 | Report Format: PDF | Published date: September 30, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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 drugs are a class of medications that are administered parenterally i.e., typically by injecting the medication directly into the patient's body either through intravenous, intramuscular, Intrathecal, or subcutaneous routes. They are absorbed directly into the bloodstream and provided with targeted drug delivery system. Parenteral drugs have a faster onset of action because they do not go through the liver.
Technology advancements in parenteral drug delivery have led to the development of novel devices that allow for advanced drug targeting and sustained release of medication thereby increasing the overall demand for the advanced parenteral drug delivery devices market. Moreover, the numerous improvements being made in biologics, like monoclonal antibodies, next-generation cell, and gene therapies, are also driving the growth of advance parenteral drug delivery devices market. Additionally, the rising number of approval and launch of biosimilars is further expected to propel the growth of the market in forecast period. The increased use of patient-specific dosage or precision medicine, which is required to achieve optimal drug levels can be administered via parenteral devices thus increasing the demand for prenatal devices. The increased demand for self-administered medications, as well as the rising prevalence of cardiovascular diseases, diabetes, and cancer, and the increasing investment in research and development with rise in number of clinical trials are also some of the driving factors. The increased use of patient-specific dosage or precision medicine, which is required to achieve optimal drug levels that can be administered via parenteral devices. For market growth. However, stringent regulations for the approval of advance parenteral drug delivery devices is hindering the market growth along with, complications associated with parenteral drugs, such as risk of infection, lack of drug reversal, and risk of hypersensitivity are restraining factors in addition with high cost, human error during administration, and packaging errors.
The global advance parenteral drug delivery devices market is analyzed from three perspectives: application, products, and region.
Advanced Parenteral Drug Delivery Devices Market by Application
Based on application the advance parenteral drug delivery devices is segmented into endocrine agents, cardiovascular agents, respiratory agents, gastrointestinal agents, central nervous system agents, nutritional agents, and anti-infective agents. The endocrine agents dominated the market in 2021. The larger share of the segment can be attributed to the increasing prevalence of endocrinal disorders worldwide which includes diabetes, thyroid disorders (hyperthyroidism and hypothyroidism). Diabetes has the highest prevalence rate compared to other endocrinal disorders. Moreover, unhealthy lifestyle and rise in obese population is also playing a pivotal role in the growth of the segment.
Advanced Parenteral Drug Delivery Devices Market by Products
Based on products the advance parenteral drugs delivery devices market is segmented into IV catheters, injector cartridges, prefilled syringes, and hypodermic syringes. The prefilled syringes market held the largest market share in 2021. This large share can be attributed to the accurate prefilled dosage, increased safety, ease of administration for patients and healthcare professionals, less risk of needle contamination, and lower chance of infection.
Advanced Parenteral Drug Delivery Devices Market by Region
Based on region, the global advance parenteral drugs delivery devices market has been segmented into North America, Europe, Asia Pacific, and the rest of the World. North America held largest market share of the advance parenteral drugs delivery devices market in 2021. Asia Pacific is the fastest growing regional market. The North America's significant market share can be largely attributed to the technologically developed infrastructure for health care and qualified staff. Additionally increased demand for self-administration of drugs with rapid innovation in development of biologics and generic (biosimilars) injectable. Moreover, rise in the chronic diseases like cancer, cardiovascular diseases, and diabetes, according to Centers for Disease Control and Prevention (CDC) 11.3% of U.S. population have diabetes which accumulates 37.3 million people, heart diseases are the leading cause of death in U.S. about 697,000 people died in 2020. Presence of top players in the region is also contributing to the growth of the regional market.
Some of the prominent players operating in the global advance parenteral drugs delivery devices market are:
The global advanced parenteral drug delivery devices market is estimated to reach US$ 4.99 billion in 2030.
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 are amongst others.
Geographically, North America has the largest market share followed by Europe; and Asia Pacific is the fastest growing regional market for advanced parenteral drug delivery devices.
Stringent regulation for the approval of advanced parenteral drug delivery devices, there are complications associated with parenteral drug delivery such as infection risk, a lack of drug reversibility, and hypersensitivity risk as well as human error while administration and packaging error are some restricting factors of the market.
The CAGR of the global advanced parenteral drug delivery devices market is to be expected at 4.1% in the forecasting period of 2022 to 2030.
*Insights on financial performance is subject to availability of information in public domain