The global injectable drug delivery market is anticipated to rise at a CAGR of 12.9% to reach USD 1,251.28 billion by the end of 2027 owing to the increasing prevalence of various diseases and the need for easy drug delivery to various target sites. Injectable drug delivery helps to provide effective drug delivery experience with speedy delivery. It is also considered as one of the most efficient routes of administration, thus ensuring improved patient experience. As per a report by Fortune Business Insights, titled, “Injectable Drug Delivery Market Size, Share & COVID-19 Impact Analysis, By Device Type (Conventional Injectable, Pre-filled syringes, Auto- injectors, Pen Injectors, and Wearable), By Product Type (Freeze-dried Products, Injectable Sterile Products), By End User (Hospitals, Homecare Settings, Clinics, and Others), and Regional Forecast, 2020-2027,” the value of this market was USD 483.45 billion in the year 2019 and the forecast period is set between 2020 and 2027.
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Increasing Popularity of Minimally Invasive Diagnostics to Bolster Growth
The increasing prevalence of various diseases such as diabetes, cancer, heart diseases, psoriasis, rheumatoid disease, and others stands as the key factor boosting the global injectable drug delivery market growth. In addition to this, the current COVID-19 pandemic and the increasing number of coronavirus cases worldwide are also propelling the demand for injectable drugs in the market. Moreover, the advent of technological advancement in healthcare and medical technology and the increasing popularity of minimally invasive therapeutic procedures will help the market to gain impetus in the forecast duration.
However, the high cost of devices may pose a major challenge to the market. Nevertheless, the advent of smart healthcare devices such as wearables and the rising inclination towards self-injecting drugs are likely to create lucrative growth opportunities for the market in the near future.
Drivers & Restraints-
Rising Awareness about Minimal Invasive Treatment Mode to Add Impetus
The rising geriatric population and their vulnerability to various diseases stand as key factors boosting the global injectable drug delivery market growth. This, coupled with the rising prevalence of chronic diseases such as cancer, diabetes, heart disorders, and others will also add impetus to the market. Moreover, clinical studies and the adoption of innovative products for drug delivery are expected to boost the market growth. The current COVID-19 pandemic that has propelled the intensity of casualty cases in medical centers all over the world is also aiding in the expansion of the market.
On the contrary, factors such as high cost of the devices and the lack of adequate reimbursement policies may hamper the market growth in the coming years. Nevertheless, the increasing adoption of minimally invasive treatment methods and their ascending success rate are expected to create lucrative growth opportunities for the market in the coming years.
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