NEW YORK, Oct. 6, 2022 /PRNewswire/ -- According to the latest report published by Growth Plus Reports, the global advanced parenteral drug delivery devices market is expected to clock US$ 4.99 billion by 2030 and to grow at a CAGR of 9.0% during the forecast period. Owing to the development of novel devices and continues innovation in biologics this exclusive information is published by Growth Plus Reports in its report titled "Advanced Parenteral Drug Delivery Devices Market - Global Outlook & Forecast 2022-2030"
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Market Driver
New devices that enable advanced drug targeting and prolonged release of parenteral medication are developed as a result of technological advancements in parenteral drug administration and is the key factor for market growth. The market for advanced parenteral drug delivery devices is expanding because of the significant advancements in biologics such as monoclonal antibodies, next-generation cell, and gene therapies. For Instance, FDA approved 13 biologics in 2020 of which ten are monoclonal antibody, thus increasing the demand for advance parenteral drug delivery devices. Additionally, the rising number of biosimilars being approved and introduced is anticipated to fuel the market growth even further. The other factors fueling market growth include the rising prevalence of chronic diseases, increased demand for self-administrated drug devices, and increased number of investments by top players, for instance in February 2022, Eli Lilly and Co., invested US$1 billion to create new advanced manufacturing facility for parenteral (injectable) products and devices.
The global advanced parenteral drug delivery devices market has been analyzed from three different perspectives - application, products, and region.
Excerpts from 'By Application Segmentation'
The global advanced parenteral drug delivery devices market based on application is segmented into seven major segments, viz.
- Endocrine Agents
- Cardiovascular Agents
- Respiratory Agents
- Gastrointestinal Agents
- Central Nervous System Agents
- Nutritional Agents
- Anti-Infective Agents
The endocrine agents held the largest market share of the advanced parenteral drug delivery devices market in 2021. Cardiovascular agents have the second largest market share, which can be attributed to the rising prevalence of cardiovascular diseases (CVD). According to WHO, CVD is the leading cause of death globally, causing approximately 17.9 million deaths each year. Moreover, CVD like blood clots, heart failure, stroke, and high cholesterol can be treated with cardiovascular agents thus boosting the growth of the market.
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Excerpts from 'By Product Segmentation'
The global advanced parenteral drug delivery devices market based on product is segmented into four major segments, viz.
- IV Catheters
- Injector Cartridges
- Prefilled Syringes
- Hypodermic Syringes
The prefilled syringes segment dominated the advanced parenteral drug delivery devices market in 2021. The large share of the segment can be attributed largely to increased demand for prefilled syringes as it convenient to administrate. According to National Center for Biotechnology Information there are more than 50 injectable drugs and vaccines administrated through prefilled syringes. Additionally, the increased safety, precise dosage, and less risk of infection are also playing a pivotal role in the market growth. Moreover, the increased usage of controlled drug delivery devices for targeted therapy is further fueling the growth of the prefilled syringes segment.
Excerpts from 'By Region Segmentation'
The global advanced parenteral drug delivery devices market is segmented into:
- North America
- Europe
- Asia Pacific
- Rest of the World
North America held the largest share of the global advanced parenteral drug delivery devices market in 2021, followed by Europe, and Asia Pacific. Presence of top players, well-developed healthcare infrastructure, and availability of skilled professionals is boosting the market growth. Moreover, rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes are the other factors boosting market growth.
Excerpts from 'Competitive Landscape'
Some of the prominent players operating in the global advanced parenteral drug delivery devices market are
- AstraZeneca Plc
- Abbott Laboratories
- Amgen, Inc
- Baxter International; Inc
- Becton
- Dickinson and Company
- Bristol-Myers Squibb Company
- AptarGroup, Inc
- Novartis AG
- Pfizer, Inc
- GlaxoSmithKline Plc
- F. Hoffmann-La Roche AG
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years - 2020
- Base Year - 2021
- Forecasted Years - 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
TOC Continued…
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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About Us:
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