(PharmaNewsWire.Com, February 02, 2021 ) Major factors driving the growth of this market include growing prevalence of chronic disease, increasing incidence of communicable disease due to needle stick injuries, rising demand for biosimilars and vaccination, advantages of drug delivery technology, increasing demand for self-injection devices.
Major Growth Drivers:
The global needle-free injection system market, in terms of value, is projected to reach USD 20.17 Billion by 2021 from USD 9.81 Billion in 2016, at a CAGR of 15.5% during the forecast period.
Expected Revenue Growth:
Growth in this market is mainly driven by growing prevalence of chronic disease, increasing incidence of communicable disease due to needle stick injuries, rising demand for biosimilars and vaccination, advantages of drug delivery technology, increasing demand for self-injection devices. On the other hand, high development cost of needle-free injection systems over the conventional needle injection may hinder the growth of this market during the forecast period.
Accessories to Fuel the Growth of Needle-Free Injection System Market :
High development cost of needle-free injection system over the conventional needle injection may hinder the growth of this market during the forecast period. The report segments the market based on product, technology, type, site of delivery, applications, end user and regions. Based on the technology, the market is divided into Jet-based needle-free injectors, spring-based needle-free injectors, laser-based needle-free injectors and vibration-based needle-free injectors. The jet-based needle-free injectors are expected to witness the highest growth during the forecast period, due to their advantages over the other injector systems.
Based on the technology, the market is divided into Jet-based needle-free injectors, spring-based needle-free injectors, laser-based needle-free injectors and vibration-based needle-free injectors. The jet-based needle-free injector is expected to account for the largest market share in 2016, due to their advantages over the other injector systems.
Based on the Applications, the market is segmented into vaccine delivery, insulin delivery, Oncology, pain management and other applications; the vaccine delivery application segment is projected to be the fastest-growing segment during forecast period in 2016. The growth of this market primarily attributed to factors such as the rising incidence of chronic diseases, technological advancement, and growing preference for self-medication.
Based on the end user, the market is segmented into Hospitals and Clinics, home care settings, research laboratories, pharmaceutical and biotechnological companies and other end user. The hospitals and clinics segment is expected to grow at the highest rate in the forecast period. The growth in this segment can primarily be attributed to the advancement in the medication or drug delivery technology and rising geriatric population.
Based on the type, the market is segmented into Liquid-based, projectile-based, powder-based needle-free injectors. The liquid-based needle-free injectors segment is projected to be the fastest-growing segment during forecast period in 2016. The advantages of this mode of delivery have drawn the attention of a number of market players.
The market is dominated by North America, followed by Europe, Asia, and the Rest of the World. While North America is expected to dominate the market in 2016, Europe is expected to grow at the highest CAGR during the forecast period. The high growth in this market is attributed to the rising demand for biologics, growing prevalence of chronic diseases, technological advancements, mergers and acquisitions by major companies in the market, favorable reimbursement policies, increasing healthcare expenditure and regulatory approvals of new injection system are key factors driving the market growth in Europe
Key players in the Needle-Free Injection System Market :
Key players in the market in clude Antares Pharma, Inc. (U.S.), Endo International plc (U.S.), PharmaJet (U.S), Bioject Medical Technologies Inc. (U.S), Medical International Technology, Inc. (U.S), INJEX Pharma AG (Germany), National Medical Products Inc. (U.S.), Valeritas, Inc. (U.S.), European Pharma Group (Netherland), PenJet Corporation (U.S), Crossject SA (France).
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