The global needle free drug delivery devices market is expected to reach £10bn ($14.6bn) by 2024, according to a new report published by Grand View Research
The increasing prevalence of chronic diseases such as Hepatitis B, Hepatitis C, and AIDS due to the extensive use of injections is a potent driver of the needle-free drug delivery devices market, Grand View Research said.
Additionally, the report highlighted that the rising need for self-administration of drugs as in the case of diabetes and pain-free drug delivery have consequentially boosted the industry share of needle-free drug delivery devices.
Controlled dosing ability, minimal damage to skin and rapid drug administration are the key associated benefits driving the physician preference thereby fueling the demand for the market and increasing focus on the development of portable needle-free drug delivery devices, the study showed.
These aforementioned advantages related to needle-free drug delivery devices are expected to serve as key driving factors spurring the growth of the needle-free drug delivery devices market over the forecast period.
Further findings from the study reveal:
- Jet injectors dominated the technology segment with a market share of over 30.0%, with respect to revenue in 2015, owing to its high usage rate and wide applicability in delivering a large range of drugs.
- On the basis of application, the insulin delivery devices segment held the largest share of over 33.0% in 2015 owing to the high demand for painless insulin delivery by patients coupled with the requirement of insulin at regular intervals in diabetic patients, thus facilitating the growth of this segment. As per the WHO, the global diabetes prevalence is rising at a rate of 8.5%, thereby propelling the demand for needle-free insulin delivery devices.