Global Needle-Free Device Market Will See 9.3% Annual Growth Through 2023

Market Buoyed by Needlestick Injuries, Growth of Diabetes

April 02, 2019

WELLESLEY, Mass., April 2, 2019––The increasing incidence of needlestick injuries, growing demand for painless drug delivery, and expanding prevalence of diabetes are some of the factors helping to drive the global needle-free devices industry, according to a report by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 9.3% through 2023, when it could be worth $4.6 billion, according to the report, “Needle-Free Devices: Technologies and Global Markets.”

Major players in the market include 3M (MMM), Novartis (NOVN), Medtronic (MDT), Antares Pharma (ATRS) and Teva Pharmaceuticals (TEVA).

Research Highlights

• By product type, inhaler technologies will lead the market by size, with an estimated 2023 value of $2.1 billion, though transdermal patch technologies will lead by growth, with a CAGR through the period of 21.7%.
• By region, North America will lead the market by size, with an estimated 2023 value of $335.3 million, though the Middle East and Africa region will lead the market by growth, with a CAGR of 13.5%.
• By medication, liquid-based injectors will lead the market by size, with an estimated 2023 value of $458.8 million, followed by depot or projectile injectors at $415.1 million and powder-based injectors at $218.5.

“In terms of technological development, there is an exciting product pipeline for extensive research and development,” notes BCC Research analyst Nidhi Srivastava. “Healthcare providers seek devices and technologies that improve patient compliance and ease in drug administration. Hence, needle-free devices are expected to have a significant scope of growth.”

High Cost and Available Alternatives May Slow Growth

Though the market’s forecast is generally rosy, several factors are conspiring to restrain growth, the report adds. For starters, the set-up cost for needle-free technology is high, meaning that their use is often restricted to high-income countries. Further, there are plenty of alternatives available which also avoid needle use, including conventional oral drugs, gel formulations, topical creams, biodegradable implants and nasal formulations.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Needle-Free Devices: Technologies and Global Markets( HLC178B )
Publish Date: Mar 2019    

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