Drug delivery devices enable pharmaceutical manufacturers to differentiate their new drugs from already existing products, thereby providing ways for extending patent protection, as well as discover novel treatments. Parenteral drug administration is among the most common route of drug delivery and the major advantage associated with it is high bioavailability of the active pharmaceutical ingredient. Currently, parenteral drug delivery devices constitute the major share of the global drug delivery devices market.
Factors such as increasing usherance of novel biological products and biosimilar are leading to the development of advanced parenteral drug delivery devices for effective delivery of these products. In the drug market, polymer-encapsulated medicines, hormones and central nervous system agents are gaining importance that further requires parenteral drug delivery. Also, wide availability of pen injectors, IV catheters, vial bag infusion systems and retractable pre-fillable syringes will lead to increased market share of these parenteral drug delivery devices as they provide advantages of infection prevention.
The increasing prevalence of chronic disorders such as diabetes, cardiovascular diseases and cancer, growing demand for self-administration and home healthcare devices; the rising incidence of chronic diseases such as cardiovascular diseases, diabetes, and cancer; the growing focus on pediatric and geriatric patients; and the increasing demand for minimally invasive surgeries are other factors contributing to growth in the drug delivery market. In addition, pharmaceutical companies are increasingly adopting drug delivery technologies to differentiate their products in the highly competitive environment.
The global advanced parenteral drug delivery devices market is segmented by applications, products, and geography. On the basis of products, the global advanced parenteral drug delivery devices market is classified into IV catheters, pre-fillable syringes, hypodermic syringes, injector cartridges, and other parenteral delivery devices. In addition, on the basis of applications, the global advanced parenteral drug delivery devices market is bifurcated as central nervous system agents, hormones & related agents, respiratory agents, gastrointestinal agents, anti-infective agents, cardiovascular agents, genito-urinary agents, and nutritional agents.
The global advanced parenteral drug delivery devices market is segmented by region into Asia-Pacific (APAC), Europe, North America, Latin America, and Middle East and Africa. Factors such as increasing usherance of novel biological products and biosimilar are leading to the development of advanced parenteral drug delivery devices for effective delivery of these products. Also, wide availability of pen injectors, IV catheters, vial bag infusion systems and retractable pre-fillable syringes will lead to the increased market share of these parenteral drug delivery devices as they provide advantages of infection prevention.
North America is analyzed to possess the largest market share in terms of revenue owing to the rising patient awareness levels and increasing acceptance and adoption of high-tech healthcare systems. On the other hand, the European market trails the North American market in terms of revenue, owing to increasing acceptance and adoption of high-tech healthcare systems. The global advanced parenteral drug delivery devices market in Asia-Pacific is analyzed to be the most lucrative market owing to the increasing penetration of advanced healthcare technology and products, and rapidly improving healthcare infrastructure in emerging economies of India and China. Thus, the Asia-Pacific region serves as a great untapped opportunity for key market players in this industry.
The global advanced parenteral drug delivery devices market is highly competitive with respect to pricing and technological advancements. A few of the key players dominating the global advanced parenteral drug delivery devices market include Abbott Laboratories, AptarGroup Incorporated, Amgen Incorporated, AstraZeneca plc, Becton, Dickinson and Company, Baxter International Incorporated, Boston Scientific Corporation, GlaxoSmithKline plc, Bristol-Myers Squibb Company, Novartis AG, Roche Holding Limited, and Pfizer Incorporated, among others.
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