Needle Free Injection System Market to Reach 20.17bn by 2021, MarketsandMarkets Predicts.
(C)2016 M2 COMMUNICATIONS
- The global market for needle free injection systems, in terms of value, is projected to reach USD 20.17bn by 2021 from USD 9.81bn in 2016, at a CAGR of 15.5% during the forecast period, according to a new report from India's MarketsandMarkets.
Growth in this market is mainly driven by growing prevalence of chronic disease, increasing incidence of communicable disease due to needle stick injuries, rising demand for biosimilars and vaccination, advantages of drug delivery technology, increasing demand for self-injection devices.
On the other hand, high development cost of needle-free injection systems over the conventional needle injection may hinder the growth of this market during the forecast period.
The report segments the Needle-Free Injection System Market based on product, technology, type, site of delivery, applications, end user and regions.
Based on the technology, the market is divided into Jet-based needle-free injectors, spring-based needle-free injectors, laser-based needle-free injectors and vibration-based needle-free injectors.
The jet-based needle-free injectors are expected to witness the highest growth during the forecast period, due to their advantages over the other injector systems.
Based on the Applications, the market is segmented into vaccine delivery, insulin delivery, Oncology, pain management and other applications; the vaccine delivery application segment is projected to be the fastest-growing segment during forecast period in 2016.
The growth of this market primarily attributed to factors such as the rising incidence of chronic diseases, technological advancement, and growing preference for self-medication.
Based on region, the Needle-Free Injection System Market is segmented into North America, Europe, Asia, and the Rest of the World. North America is further subsegmented into the US and Canada; while Europe is further subsegmented into Germany, France, the UK Italy, Spain, and Rest of Europe (RoE); Asia is further subsegmented into Japan, China, India and Rest of Asia.
In 2016, North America is expected to dominate the market, followed by Europe. The increasing demand for self-administration, and rising prevalence of chronic diseases and conditions (such as heart disease, stroke, cancer, type 2 diabetes, obesity, and arthritis), advantages offer by needle-free injection system are driving market growth in North America.
However, Europe is expected to grow at the highest CAGR during the forecast period.
High growth in this market is attributed to the rising demand for biologics, growing prevalence of chronic diseases, technological advancements, mergers and acquisitions by major companies in the market, favourable reimbursement policies, increasing healthcare expenditure and regulatory approvals of new injection system are key factors driving the market growth in Europe.
The Needle-Free Injection System Market is a fragmented market, with several big and emerging players.
Key market players include Antares Pharma, Inc., Endo International plc, PharmaJet, Bioject Medical Technologies Inc., Medical International Technology, Inc., INJEX Pharma AG (Germany), National Medical Products Inc., Valeritas, Inc., European Pharma Group (Netherland), PenJet Corp., Crossject SA (France).
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|Date:||Dec 1, 2016|
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