Subcutaneous Drug Delivery Devices Market exhibiting CAGR of 11% from 2023 to 2032, due to rising prevalence of diabetes and cardiovascular diseases (CVD) | insightSLICE
The market for Subcutaneous Drug Delivery Devices was valued at US$ 23 billion in 2021, and between 2023 to 2032, it is expected to grow at a CAGR of 11%.
Drug administration through the subcutaneous layer, or the space between the skin and the muscle, is referred to as subcutaneous drug delivery. This kind of drug is typically used by those with diabetes, cancer, etc. An effective substitute for intravenous drug administration is now the subcutaneous technique of drug delivery.
Such injections are shallower than those taken solely into the muscles. Healthcare professionals and patients favor the subcutaneous route of drug delivery since it has been shown to be secure, tolerable, and efficient. The main outcome of this is the sector-wide optimization of drug delivery fees.
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The key players of the Global Subcutaneous Drug Delivery Devices Market are:
Becton, Dickinson and Company, Elcam Medical Group, Gerresheimer AG, Inolife Sciences, Insulet Corporation, Medtronic Plc, Novo Nordisk, Ypsomed AG, PharmaJet, West Pharmaceutical Services, Inc., and Unilife Corporation are the major rivals in the global market for subcutaneous drug delivery devices.
These corporations anticipate that incorporating real-time connections with their medical products would result in significant market demand. Additionally, an inorganic growth strategy involving significant alliances or partnerships will assist the participants in growing both their operational footprint and clientele.
Driving factors for the growth of Global Subcutaneous Drug Delivery Devices Market
The accessibility of self-administrative medication delivery devices and the rising prevalence of chronic diseases among people have both fueled the expansion of the global market for subcutaneous drug delivery devices.
In the absence of medical assistance, these medication delivery systems enable patients to self-medicate anywhere, at any time.
Despite the convenience, they offer patients, there is always a chance that risks associated with large dosages of medication could result in illnesses that are fatal to health. Both patients and healthcare professionals find this difficult.
The development of equipment that can immediately inform the doctor of the precise dosage, administration time, and frequency is required from manufacturers. They may be alerted in real-time and would be able to stay informed on the patients’ self-medication methods.
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The Subcutaneous Drug Delivery Device Has a High Cost-Efficiency:
Drugs administered subcutaneously have highly driven self-medication practices and may not always need expert assistance. Diabetes patients, for example, typically administer their own dosages of insulin at home.
The patient has reduced hospital and professional costs by self-medicating with the use of drug delivery systems. People who receive home care find it easier to keep track of health indicators connected to the chronic illness they are dealing with.
Patients will avoid upfront medical administration costs by self-monitoring and taking medication connected to chronic ailments including heart disease, diabetes, respiratory issues, etc.
Global Subcutaneous Drug Delivery Devices Market Key Segments:
By Product type:
- Auto- injectors
- Pre-filled Syringes
- Wearable injectors
- Needle free injectors
By Usability:
- Disposable devices
- Re-usable Devices
By Distribution Channel:
- Hospital Pharmacies
- Solo Clinics
- Online Consultants
By Geography:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
The leading market segments of Global Subcutaneous Drug Delivery Devices Market
Home care services have increased as a result of COVID-19:
Cases of COVID-19 have been rising steadily practically everywhere in the world. This virus has a very high mortality rate, especially for those who already have diabetes, high blood pressure, or other chronic conditions.
These kinds of health conditions cause people to prefer staying at home and avoiding going anywhere in public. For some individuals, going to a hospital, care facility, or standalone clinic for routine medication can be lethal or dangerous.
The need for home prescription drug delivery devices has therefore increased due to the pandemic condition. Drug delivery systems with self-medication capabilities will enable people to take care of themselves without leaving the house, protecting them from the potentially dangerous effects of the COVID-19 virus.
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The region of the Asia-Pacific is highly promising and may lead the subcutaneous drug delivery market:
Although North America dominates the global market for subcutaneous medication delivery devices, Asia Pacific has significant growth potential between 2020 and 2030. This is mostly a result of advancements in biology, medical technology, and public awareness of healthcare issues.
According to the study from the 2019 Third International Conference on Diabetes, Hypertension, and Metabolic Syndrome, the prevalence of diabetes among adults worldwide was 6.4% in 2010, affecting nearly 285 million people.
In 2030, this figure would rise to 439 million. According to the estimate, the number of adults with diabetes would increase by 69% in developing countries and by 20% in affluent countries.
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