Needle Free Drug Delivery Devices Market is Projected to Touch US$13 Billion by the 2023-end, Says TMR
ALBANY, New York, January 8, 2019 /PRNewswire/ --
Transparency Market Research provides complete insight in its recent report on the global needle free drug delivery devices market. According to the report, the needle free drug delivery devices market [https://www.transparencymarketresearch.com/needle-free-delivery-devices-market.html ] is projected to rise at a staggering growth rate of 9.90% from 2015 to 2023. Growing at this rate might help the market to attain a valuation of US$13 bn by the end of 2023 progressing from US5.4 bn earned in 2014.
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Application of needle free drug delivery devices is seen in various areas, but it is prominent in insulin delivery. Changing lifestyle and the rising prevalence of diabetes are the key reason for the growth of needle free drug delivery devices in insulin delivery. Based on geography, North America leads the market by holding maximum share. This growth is attributed to the rising number of geriatric population and rising number of patients in the region.
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Increasing Number of Chronic Diseases to Obstruct Growth
Needle free drug delivery devices are widely used by diabetes patients to inject insulin in their bodies. The increasing numbers of chronic diseases such as Dengue, AIDS, Hepatitis, and others have also grown. Thus, the rapid growth in chronic diseases has also augmented the demand for needle free drug delivery devices at the global level.
Adding further, increasing demand to prevent and minimize the effect of needle-stick injuries are projected to drive demand in the needle free drug delivery devices market. Rising inclination towards self-administration of drugs and the adoption of advanced technologies in the healthcare sector has also fueled the growth in this market.
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Deposition of Polymer in Skin Due To Micro-Needle to Deter Market Performance
However, adoption of advanced technology has benefited the needle free drug delivery devices market, few restraints still persists that can deter the growth in this market. The novel needle technology used in this market includes pen needle and micro-needle. Out of these two, micro-needle patches have some economic and practical restraints. A limited quantity of drug, which can be covered on a definite surface area with the help of using micro-needle, it creates problems of sufficient properties of physio-chemical. Moreover, the arrangement of polymer present in skin, flow resistance and blockage of the needle openings at the time of skin insertion make them objectionable to use. These restrictions associated with micro-needle are expected to obstruct the growth in this market.
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The presence of numerous large and small players operating in the needle-free drug delivery devices market has formed a fragmented market structure in this market. Several players in the market are focusing on strengthening their position in the market by developing new and improved products. They are also focusing on research and development activities and numbers of manufacturers are investing in this market to attain more market share. Competition in the market is expected to increase in the coming years as various companies are deploying new and advanced technologies. In this report, various prominent players have been analyzed some of them are Zogenix Inc., Pharmajet Inc., Antares Pharma Inc., and Glide Pharmaceutical Technologies Ltd.
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The information presented in this review is based on a TMR report, titled "Needle Free Drug Delivery Devices Market (Technology - Jet Injectors and Competing Needle-Free Technologies (Novel Needle Technology, Inhaler Technology, and Transdermal Patch Technology); Application - Insulin Delivery, Vaccine Delivery, Pediatric Injections, and Pain Management) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023."
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