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.”
“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.
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Needle-Free Devices: Technologies and Global Markets( HLC178B )
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