According to the American Journal of Managed Health Care, biologics form the fastest-growing segment in the pharmaceutical market. An article published by PHARMAC stated that between 2007 and 2012, the global spending on all medicines increased by 24%; in the same period, the spending on biologics increased by 367%.
According to an article published by The Economist, in the U.S., more than 900 biologics are under development for the treatment of more than 100 diseases. It is estimated that approximately USD 170 billion is spent on biologics globally, and this figure is expected to grow to approximately USD 220 billion by 2017.
A major factor responsible for this trend is the rising demand for vaccines, insulin, human growth hormone, and many modern medicines used to treat cancer and other chronic diseases. As biologics are mainly administered through the injectable route, the significant growth in the biologics market is expected to drive the injectable drug delivery and prefilled syringe market in the coming years.
By type, the formulation segment to witness the highest growth during the forecast period (2016–2021).
Based on type, the injectable drug delivery market is further segmented into formulation, and devices. The formulation segment is expected to grow at the highest CAGR during the forecast period. The high growth of this market segment is attributed to the growing prevalence of chronic diseases, patient adherence, and the rising adoption of self-injection, new technologies, and biologics.
By facility of use, the hospitals and clinics segment to dominate during the forecast period
The hospitals and clinics segment are expected to dominate the market. The large share of this segment is attributed to the rising prevalence of chronic diseases, patient compliance, and technological advancements.
North America to account for the largest market size during the forecast period.
North America is expected to hold the largest market size in autoinjector market during the forecast period, followed by the European region. Factors such as the increasing incidence of chronic diseases, growth of biologicd market, and increasing demand of self-injection devices.
Asia is the third-largest market for Needle-free injector market. This market is poised to witness the highest growth due to the increasing prevalence of chronic diseases, rise in disposable income, growing awareness on safety and comfort, and increasing number of partnerships in this market space.
Revenue Growth Expectations:
MarketsandMarkets forecasts the injectable drug delivery market to grow from USD 362.4 billion in 2016 to USD 624.5 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period.
Prominent players in the injectable drug delivery market include Becton, Dickinson and Company (U.S.), Baxter International (U.S.), Pfizer (U.S.), Gerresheimer AG (Germany), Schott AG (Germany), Eli Lilly and Company (U.S.), and Terumo Corporation (Japan).
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