Industry Outlook and Trend Analysis
The Needle-Free Injection Device Market was worth USD 7.36 billion in 2014 and is expected to reach approximately USD 26.72 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 15.41% during the forecast period. Needle free injection technology (NFIT) includes an extensive variety of drug delivery systems that drive medication through the skin utilizing any of the powers as Lorentz, shock waves, pressure by gas or electrophoresis which pushes the medication through the skin, virtually invalidating the utilization of hypodermic needle. The devices accordingly are accessible in reusable forms. Rather than the customary syringes, NFIT not only provides the user opportunity from unnecessary pain but tranquilizes as solid pallets can be administered. The future of this innovation is promising guaranteeing painless and very proficient drug delivery.
Drivers and Restraints
Developing demand for self-administration and pain-free drug delivery is one of the key development stimulants of the market. The incorporation of these products is evaluated to advance patient's self-reliance alongside considerable reduction in hospital visits, in this manner decreasing clinic staff requirements and aggregate treatment cost. Furthermore, rapid progressions in technology are clearing path for these minimally invasive devices. Related advantages of such progressions incorporate moderate and controlled flow of medication into the body according to patient's needs, expanded portability, and minimal damage to the skin. Developing awareness in regards to the previously mentioned benefits is anticipated to make a rise in the interest for needle free drug delivery devices. One of the major disadvantages related with this innovation is postadministration "wetness" of the skin which may, if not dealt with, carry dust and other impurities.
The Needle-Free Injection Device Market is segmented on the basis of product and end user. Based on product the market is segmented into Powder Injections, Liquid Injections and Depot or Projectile Injection. On the basis of end user the market is segmented into Cosmetic Surgery Use and Drug Injection.
Regional Outlook and Trend Analysis
North America held the biggest income share of 41.0% in the worldwide market in 2015. This can be credited to increasing awareness among the patients in regards to the accessibility of novel products and expanding R&D ventures by conspicuous market players domiciled in this locale. Existence of well-structured repayment system is another factor boosting the provincial market. The Asia Pacific area holds noteworthy development potential.
The leading players in the market are Akra Dermo-Jet, PharmaJet, Glide Pharma, The National Medical Products Co. Ltd, Zogenix, Valeritas Holdings, Antares Pharma Inc, CROSSJECT and Inovio Pharmaceuticals Inc. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Needle-Free Injection Device Market is segmented as follows-
Depot or Projectile Injection
By End User:
Cosmetic Surgery Use
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?