Pune, India, June, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Needle Free Injection Market Research Report.
The global needle free injection market size is expected to touch USD 25,057.4 million by 2023 owing to high prevalence of diabetes and chronic diseases. Market Research Future’s (MRFR) latest study reveals that the market is predicted a 15.28 % CAGR during the forecast period (2018–2023). Needle free injections are medical devices which deliver drugs directly via the skin instead of using hypodermic needles as a medium. High demand for needle free injectors in home healthcare in North America and Europe is expected to augur market growth. In addition, rising investments in biopharmaceuticals are expected to provide the market a much-needed impetus.
Awareness among patients regarding benefits of needle free injections is anticipated to prevent reuse of needles and reduce the probability of contamination. Increasing use of these injections by patients owing to its accurate dosage, pain relief, and low risks can lead to high market demand in the coming years. But high costs of these medical devices can pose a challenge to market growth.
Global Market for Needle Free Injection – Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the market based on product, technology, usability, type of medication, site of delivery, application, and end-user. By product type, the market has been segmented into fillable and prefilled needle free injectors. The fillable segment is expected to be the biggest product till 2023, with the syringe being beneficial to the practitioner, with the vaccine filled according to the disease. Technologies covered in the report include laser-powered, jet-based, and spring-based. Among these, the jet-based segment can touch a size of USD 10,391.3 million by 2023 owing to a faster method of delivery as compared to other technologies. By usability, the market is segmented into reusable and disposable. The reusable segment is expected to register a 15.90% CAGR over the forecast period.
By type of medication, the market is segmented into projectile/depot-based, powder-based, and liquid-based. The liquid-based segment held a large share of the market in 2017. It can continue to dominate till 2023 owing to its easy working mechanism. By site of medication, the market is segmented into intradermal, intramuscular, and subcutaneous injectors. The intramuscular segment is touted to generate maximum revenue for the needle free injection market owing to muscles absorbing vaccines at a much higher rate as compared to veins.
Applications include oncology, vaccination, and insulin delivery. The insulin delivery segment is projected to expand at a 14.9% CAGR over the forecast period fueled by large pool of diabetics demanding a pain-free solution for receiving insulin. Major market end-users include hospitals and clinics, ambulatory surgical centers, and homecare settings. The hospitals and clinics segment is projected to generate maximum revenue for the market by 2023 owing to high demand for sophisticated devices to deliver vaccines for chronic diseases.
The needle free injection market, on the basis of region, is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). The Americas are expected to dominate the global market owing to prevalence of chronic diseases and demand for self-administrative devices. Technological breakthroughs in pharmaceutical and biotechnology sectors, investments by industry participants, and high awareness among patients are factors anticipated to fuel market growth over the forecast period.
Europe is expected to register a significant growth rate over the forecast period due to the presence of well-established healthcare infrastructure and huge patient pool.
The APAC needle free injection market is projected to showcase a robust CAGR over the forecast period owing to strong economies of India and China. Increased healthcare expenditures of these developing economies coupled with a large patient pool can spur market demand. Enhanced safety and quality standards adhered by manufacturers of these medical devices can culminate in remarkable product sales.
The MEA market commands a smaller market share compared to others owing to stringent government policies and less emphasis on healthcare expenditure.
Global Market for Needle Free Injection – Competitive Dashboard
Some of the key players profiled in the market report PenJet Corporation, European Pharma Group, Endo Pharmaceuticals Inc., PharmaJet, Inc., National Medical Products Inc., INJEX Pharma GmBH, Valeritas Holdings, Inc., CROSSJECT, Antares Pharma Inc., MIKA MEDICAL CO., Inovio Pharmaceuticals Inc., Medical International Technology, Inc., and D'Antonio Consultants International, Inc. Investments in research and development and launch of new products are strategies employed by these players to acquire a larger market share.