The global subcutaneous drug delivery devices market is expected to reach US$ 17,290.47 Mn in 2027 from US$ 9,243.80 in 2018. The market is estimated to grow with a CAGR of 7.4% from 2019-2027.
The increased number of chronic disease prevalence around the globe, significant number of vaccination and immunization programs that incorporate the use of subcutaneous drug delivery devices for therapeutic administration, rise in the research and development of new products leading to the subsequent introduction of novel solutions and devices in the market are expected to account for the growth of the market. However, risk of infections and other diseases associated with the use of injections and syringes is likely to hamper the market growth.
Research and development (R&D) is an essential and crucial part of the company’s business. Pharmaceutical and medical devices companies focus on the research and development (R&D) to come up with new molecules for various therapeutic applications with the greatest medical and commercial potential. The companies invest majorly on the R&Ds with the aim of delivering high quality and innovative products to the market. R&D spending by the biopharmaceutical companies has also increased over the years. According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies has increased from US$49.6 billion 2012 to US$ 58.8 billion in 2015. Also, Evonik Corporation has invested more than $50 million over the last 4 years to advance its competencies in medical devices, and production of RESOMER polymers for drug delivery and bio-reabsorbable medical devices. Thus the growing R&D expenditure drives the subcutaneous drug delivery systems market during the forecast period.
The global subcutaneous drug delivery devices market, based on the technology was segmented into syringes, pens, patches and others. In 2018, the syringes segment held the largest share of the market, by technology. However, the patches segmented is anticipated to witness fastest growth in the subcutaneous drug delivery devices market, based on technology. In the recent years, the increasing use of single-use syringes have helped to successfully reduce the rates of cross contamination thereby propelling the growth of syringes in the subcutaneous drug delivery devices market in the coming years.
Some of the major primary and secondary sources included in the report for the subcutaneous drug delivery devices Market are the World Health Organization, Organization For Economic Co-Operation And Development, Centers for Disease Control and Prevention, National Health Services, National Center for Biotechnology Information, Japan Chronic Disease Self-Management Association, Council Of Scientific And Industrial Research, and others.