Sales of Needle-Free Injectors Set to Rise by 11.4% CAGR as Application Soars in Response to Increasing Cases of Diabetes Worldwide: Future Market Insights
PUNE, INDIA–(Korea Newswire) January 12, 2022 — According to the latest study by Future Market Insights (FMI), global Needle-Free Injectors’ sales are expected to reach US$ 12.3 Bn in 2021, surging at 11.4% CAGR during the forecast period (2021-2031).
Needle-free injection is an innovative drug delivery technology that drives drugs to the skin using force which virtually nullifies the use of hypodermic needle. With a growing preference for non-invasive drug delivery systems and vaccines, the adoption of needle-free injectors is expected to improve over the coming years.
The application of needle-free injectors is increasing with the rising incidence of diabetes and other chronic diseases across the globe. With an increasing number of surgeries, demand for minimally invasive procedures is accelerating the sales of needle-free injectors.
According to the Centers for Disease Control and Prevention (CDC), more than 51% of adults in the U.S. had at least 1 chronic condition, and 27.2% had multiple chronic conditions in 2018.
Other factors driving the global demand are cost-effectiveness and safety related to needle-free injectors.
Key Takeaways from Needle-free Injectors Market study
· By load type, the liquid injections segment will hold around 88.0% of value share globally.
· Based on the technology, the spring-loaded jet injector is dominating the market, with over 48.0% of the market share.
· Based on the delivery site, the intradermal injector is expected to hold over 33% of the market share.
· Application of drug delivery will spur the sales of needle-free injectors, with the segment accounting for 65% of the market share.
· Based on the usage, reusable needle-free injectors are highly sought-after, contributing over 78% of the market revenue.
· Hospitals are expected to be the primary end-users, holding a market share of 28% during the forecast period.
· By region, North America will dominate the global needle-free injectors market, holding 42% of total market share.
· Europe is expected to be the second-largest market, with Germany spearheading the market growth.
· India will emerge as the most lucrative market across South Asia, accounting for nearly 50% of market share in 2021.
· China will hold a leading position in East Asia and is expected to account for nearly 46% of the market share.
“Growing prevalence of chronic diseases coupled with the rising preference of non-invasive drug delivery system will improve the adoption of needle-free injectors. With rising demand for needle-free injectors, key players are introducing new product launches and are aiming for fast track approvals to capitalize on existing opportunities and sustain their position in the industry,“ says the FMI Analyst.
Who is Winning?
New product launches and approvals, agreements, and collaborations are some of the key growth strategies adopted by the key players. By focusing on these strategies, key players intend to expand their global presence and strengthen their existing product portfolio.
· In November 2019, Antares Pharma collaborated with Idorsia for the development of a novel self-administered drug-device product.
· In June 2020, Vitaeris Inc., a biotech company was acquired by CSL Limited. The acquisition was carried out by CSL Limited to achieve the motive of addressing the unmet needs of patients.
The key market players covered by FMI include Pfizer, Inc., Gerresheimer AG, Ferring Pharmaceuticals, CSL Limited (Seqirus UK Limited) and others.
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