Subcutaneous Drug Delivery Devices Market Expected To Witness A Substantial Growth Of $46.6 Billion By 2027: Grand View Research Inc.

 


The global subcutaneous drug delivery devices market size is expected to reach USD 46.6 billion by 2027, expanding at a CAGR of 10.4%, according to a new report by Grand View Research, Inc. The increasing prevalence of chronic conditions combined with regular medicine administration to relive disease symptoms has enhanced the demand for in-home drug administration devices. As per the Centers for Disease Control and Prevention (CDC), in 2018, about 54.4 million adults, amounting to 22.7% suffered from arthritis, fibromyalgia, gout, or lupus in the U.S. The CDC further stated that by 2040, an estimated 78.0 million adults accounting for 26.0% will be diagnosed with arthritis.

In addition, a rising number of biologic medicine approvals for the treatment of life-threatening conditions in patients requiring large dose volumes or extended delivery periods accelerate the demand for subcutaneous drug delivery devices. According to the study published by Informa U.K., in February 2020  , the total number of medicines in the clinical trial pipeline increased from 53.0% in 2018 to 55.0% in 2020   for parenteral administrations, with an overall decrease in oral medicine formulations from 33.0% in 2018 to 31.0% in 2020  .

Availability of advanced minimally invasive drug delivery devices, rising prevalence of diabetes and Cardiovascular Diseases (CVD), and a surge in biologic drug development have driven the demand for subcutaneous self-administrating drug delivery devices. According to the International Diabetes Federation (IDF), the diabetic population is anticipated to grow by 48.0% annually between 2017 and 2045 globally. IDF further stated that diabetes incidence will majorly rise drastically in low and middle-income countries, as compared to the developed countries. Also, as per the World Heart Federation, adults with type 2 diabetes are highly susceptible to develop CVD, as compared to non-diabetics.

Increasing adoption of subcutaneous drug delivery devices has resulted in the reduction in dosage errors and the prevention of needlestick injuries. Higher treatment adherence is observed in patients with devices having easy drug administration protocols. According to the Annals of Internal Medicine, nearly 50.0% of patients with prescriptions for chronic conditions stop taking it within the first year. Moreover, the study also stated that lack of treatment adherence leads to 125,000 deaths, 10.0% hospitalizations, and costs USD 17 billion to the American healthcare system annually. Thus, pain-free subcutaneous drug delivery devices can directly have an impact on managing several chronic medical conditions.

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Subcutaneous Drug Delivery Devices Market Report Highlights

  • North America accounted for the largest revenue share in 2020   owing to the rising prevalence of chronic diseases in the geriatric population and high disposable income
  • By product, injection pen is expected to register the highest CAGR during the forecast period owing to ease in providing multi-dose medicine and affordability
  • By distribution channel, the retail pharmacies segment accounted for the largest market share as they include large pharmacy chains and attractive schemes and discounts for the novel medicine delivery devices
  • Market players are adopting several strategies such as strategic collaborations and product innovations to cater to the increasing patient demand in the global market.

The market for subcutaneous drug delivery devices is highly fragmented with the presence of various large and medium-scale vendors offering a variety of subcutaneous drug delivery devices indicated for different disease conditions. Product launch, strategic acquisitions, and product innovation are the major strategies adopted by the market players to retain their market share. In June 2018, Insulet Corporation received the U.S. FDA approval for the Omnipod DASH insulin management system. These digital platforms enable better patient outcomes in diabetic patients. Some of the prominent players in the subcutaneous drug delivery devices market include:

  • Gerresheimer AG
  • Medtronic Plc
  • Ypsomed AG
  • Elcam Medical Group
  • Novo Nordisk
  • Insulet Corporation
  • Becton, Dickinson and Company
  • West Pharmaceutical Services, Inc.
  • PharmaJet
  • Unilife Corporation
  • Inolife Sciences       

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

 

 

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