Injectable Drug Delivery Devices Market Trends

Risk of infectious diseases to propel market growth

The conventional vial-and-syringe drug administration method has a significant risk of infections and is prone to dosing and handling errors. Alternatively, as they are a secure and highly efficient method of drug delivery to the body, this can be reduced by utilizing pre-filled syringes and reusable glass syringes. Growing patient knowledge and enthusiasm for an easy-to-use, minimally invasive method of injectable drug delivery is what's driving the market's expansion globally. The development of low-cost systems due to their efficiency, precise delivery, and simplicity is another factor boosting the market for injectable medication delivery.

Additionally, it is projected that the booming innovations for creating unique drug delivery methods and the quick development of healthcare infrastructure would increase product sales, assisting in the market's growth throughout the forecast period. Thus, this factor is driving the market CAGR.

Technological advancements have significantly impacted the drug distribution sector. For instance, Lexaria Bioscience announced in March 2020 that it would begin researching its Dehydra Tech drug delivery system to combat COVID-19. The upgrade of OXYCAPT, a multilayer plastic vial and syringe that enables numerous qualities, such as an exceptional oxygen barrier, UV barrier, and others, was also announced by Mitsubishi in October 2019. Therefore, it is anticipated that increasing R&D spending and launching cutting-edge products by competitors will foster the market's expansion.

During the forecast period, there will be increased usage of wearable, pen-injector, and needle-free injectors for managing infectious and chronic diseases. Numerous pharmaceutical businesses have started updating their offers by reviewing their packaging and sterilizing providers as a result of COVID-19's impact on public awareness of hygiene and safety. The goal of the combination between Catalent and Bristol-Myers Squibb is to provide sterile product manufacturing and packaging. Customers will likely have access to sterilized goods and packaging as a result of the outbreak.

Additionally, SCHOTT and West Pharmaceuticals Services signed a collaboration agreement in November 2019 to make sterile-packed, simple, easy-to-use injectable drug delivery systems available to the public. Thus, it is anticipated that this aspect will accelerate Injectable drug delivery market revenue globally. 

There is a high potential for infection and dosage and handling mistakes to occur when using the traditional vial and syringe method of administering drugs. On the other hand, this may be minimized by switching to pre-filled syringes or reusable glass syringes, both of which are a safe and highly effective form of medication administration to the body. Increases in patient education and interest in less-intrusive injection methods are fueling the market's growth throughout the world.

The market for injectable drug administration is growing for a number of reasons, including the advent of low-cost devices that are efficient, accurate, and easy to use. Product sales are expected to rise, contributing to the market's expansion throughout the forecast period, and new developments in healthcare infrastructure and novel approaches to medicine administration are expected to fuel the market's expansion. Because of this, the market's CAGR is rising.

June 2023: Vertiva, an On-Body Delivery System (OBDS) designed to be suitable for a wide range of subcutaneous therapies, was introduced in June 2023 by Stevanato Group, S.p.A., a global provider of drug containment and delivery solutions to the pharmaceutical, biotechnology, and life sciences industries. The innovative design of Vertiva includes a disposable pod that comes with a pre-filled and pre-loaded 3mL ISO cartridge, as well as a controller that may be used several times. A unique magnetically connected driving mechanism facilitates communication between these two components.

The device is flexible enough to allow for the delivery of both small-molecule medicines and biologics.

The Global Global Injectable Drug Delivery Market Industry is experiencing a surge in demand for biologics, which are increasingly recognized for their efficacy in treating chronic diseases. Biologics, including monoclonal antibodies and vaccines, require precise delivery methods, thus driving the growth of injectable drug delivery systems. The market is projected to reach 124.7 USD Billion in 2024, reflecting a growing preference for these advanced therapies. As healthcare providers and patients seek more effective treatment options, the need for innovative delivery mechanisms becomes paramount, further propelling the market forward.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market of Injectable drug delivery grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the Injectable drug delivery industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Injectable drug delivery industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Injectable drug delivery industry has provided medicine with some of the most significant benefits. The Injectable drug delivery market major player such as Eisai Co. Ltd, Antares Pharma, AstraZeneca, Becton, Dickinson and Company, Eli Lilly and Company.

With its corporate headquarters in Düsseldorf, Gerresheimer AG is a German manufacturer of packaging materials for medication and drug delivery systems manufactured of special-purpose glass and plastics. The corporation operates production facilities in Asia, the Americas, and Europe. Gerresheimer increased the scope of its collaboration with Taisei Medical Co. Ltd. in 2016 to promote its ClearJect syringes and offer technical support to customers. Additionally, the business intends to expand its line of COP syringes in collaboration with Taisei Medical by producing Gx RTF ClearJect brand syringes that combine ClearJect and its glass RTF (ready-to-fill) idea.

This partnership is intended to assist the company in expanding both its clientele and product line in the syringe needles sector.

An American international healthcare corporation, Baxter International Inc., has its corporate headquarters in Deerfield, Illinois. The company's main areas of concentration include chronic and acute medical disorders, including kidney illness. The leading manufacturer of active pharmaceutical ingredients, ScinoPharm Taiwan, Ltd., and Baxter International Inc. partnered strategically in February 2017. (API). Five injectable medications will need to be developed, produced, and made available for sale as part of this collaboration.