A recent
report published by Infinium Global Research on the needle-free injection
system market provides an in-depth analysis of segments and sub-segments in the
global as well as regional needle-free injection system market. The study also
highlights the impact of drivers, restraints, and macro indicators on the
global and regional needle-free injection system market over the short term as
well as the long term. The report is a comprehensive presentation of trends,
forecast and dollar values of the global needle-free injection system market.
According to the report, the global needle-free injection system market is
projected to grow at a CAGR of over 16% over the forecast period of 2022-2028.
The revenue
of the needle-free injection system market in 2022 was nearly USD 16 billion
which is expected to reach over USD 39 billion by 2028 growing with a CAGR of
over 16%. Needle-Free Injection Technology (NFIT) is the new concept introduced
in the market, a wide range of drug delivery systems. Traditionally drugs are
released into the human body using needles and injections, but this new concept
has changed the entire drug delivery system. In the needle-free injection
technology, the drugs are delivered through the skin using forces like shock
waves, pressure by gas, or electrophoresis. Furthermore, needle-free injection
technology is free from hypodermic needle because these techniques or
influences propels the drug through the skin. Moreover, NFIT devices are
classified on the parameters such as their working, drug delivery mechanism,
site of drug delivery in the body, and type of load. This technique is
beneficial in mass immunization programs because it does not inflate any pain
to the patients and can deliver drugs to the most sensitive body parts such as
the cornea and others. Also, this technique has some limitations, like it can
be used after proper training and requires proper maintenance.
There is a
significant increase in demand for biologics (large-molecule drugs) due to the
growing prevalence of chronic diseases. But most large-molecule drugs are
still administered through injectables. An injectable system has many
advantages. It is relatively fast and safe, site-specific delivery of drugs,
low drug dosage requirement, reduced hospital stays, better reproducibility,
ease of use, and more. Furthermore, due to the growing prevalence of infectious
and chronic diseases, there is an increase in the demand for and development of
needle-free injection systems, which is expected to drive market growth to a
considerable extent over the forecast period. However, the overall development
cost of a needle-free injection system is relatively higher due to the
additional associated costs, such as high infrastructural and labor costs,
which can hamper the market’s growth. Also, there are some limitations with
large volume and intravenous administration systems, which are anticipated to
limit market growth over the forecast period. Nevertheless, the rising demand
for biosimilars and vaccination processes and the increasing number of emerging
markets can provide exponential opportunities.
The whole
needle-free injection system market has benefited from the COVID-19 epidemic.
Since the start of the pandemic outbreak in December 2019, self-injectable
devices have been the focus of mass immunization efforts. Most needle-free
market participants have made R&D investments throughout the epidemic and
entered into collaborations and agreements with other businesses and governmental
entities to create a needle-free injection system.
North
America accounted for a significant share of the needle-free injection market
and dominated the market in 2020. However, due to the rapidly developing
healthcare industry in China and India, growth in the aging population, rising
life expectancy, rising per capita income, increasing investments in the region
by key market players, the expansion of private-sector hospitals & clinics
to rural areas, the availability of low-cost labor for manufacturing, the
presence of a favorable regulatory environment, and growing demand for
self-injectable devices testing, APAC is expected to grow at higher CAGR.
The report
on the global needle-free injection system market covers segments such as
technology, product, type of medication, application, and end-user. On the
basis of technology, the sub-markets include jet, spring, and micro-array
patch. On the basis of product, the sub-markets include prefilled, and
fillable. On the basis of type of medication, the sub-markets include liquid,
and powder. On the basis of application, the sub-markets include vaccination,
and dermatology. On the basis of end-user, the sub-markets include hospital,
and homecare.
The report
provides profiles of the companies in the market such as PharmaJet, Portal
Instruments, Medical International Technology, Inc, NuGen Medical Devices,
Crossject SA, Bioject Medical Technologies, National Medical Products Co. Ltd.,
Amico Group, Inovio Pharmaceuticals, Inc., and InsuJet.
The report
provides deep insights into demand forecasts, market trends, and micro and
macro indicators. In addition, this report provides insights into the factors
that are driving and restraining the growth in this market. Moreover, The
IGR-Growth Matrix analysis given in the report brings insight into the
investment areas that existing or new market players can consider. The report
provides insights into the market using analytical tools such as Porter's five
forces analysis and DRO analysis of the needle-free injection system market.
Moreover, the study highlights current market trends and provides forecast from
2022-2028. We also have highlighted future trends in the market that will
affect the demand during the forecast period. Moreover, the competitive
analysis given in each regional market brings insight into the market share of
the leading players.
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