Technological developments in subcutaneous drug delivery devices is expected to be responsible for the growth of global subcutaneous drug delivery devices market.
According to The Insight Partners market research study titled Subcutaneous Drug Delivery Devices Market - Global Analysis and Forecasts by Technology, Syringe Type, Distribution Channel and Geography. The global subcutaneous drug delivery devices market is expected to reach US$ 17,290.47 Mn in 2027 from US$ 9,243.80 in 2018. The market is estimated to grow with a CAGR of 7.4% from 2019-2027. The report highlights the trends prevalent in the global subcutaneous drug delivery devices market and the factors driving the market along with those that act as deterrents to its growth.
The global subcutaneous drug delivery devices market, based on the technology was segmented into syringes, pens, patches and others. In 2018, the syringes segment held the largest share of the market, by technology. However, the patches segmented is anticipated to witness fastest growth in the subcutaneous drug delivery devices market, based on technology. The syringes are among the most preferred method for subcutaneous drug administration, however, the reuse of these syringes can spread a variety of infectious diseases such as hepatitis and HIV among intravenous drug users.
The advancement in the field of the healthcare industry is driving to the players for more research and developments for the subcutaneous drug delivery devices for the administration purpose required during various medical conditions. Various manufacturers are coming up with innovative products to sustain in the highly fragmented global market. Moreover, the easy regulatory approvals in the Asian countries has led to mid-sized companies enter the market and compete with the local and established players. In April 2016, Emperra GmbH launched a new Bluetooth insulin pen model. The new ESYSTA BT pen is equipped with a Bluetooth interface and transfers the injected insulin doses directly to the patient’s digital blood glucose diary. Moreover, in January 2018, Hisamitsu Pharmaceutical Co., Inc. received approval for manufacturing and marketing for a transdermal drug product for the treatment of allergic rhinitis, ALLESAGA TAPE 4 mg and ALLESAGA TAPE 8 mg in Japan. Thus, owing to rising number of novel product launches and approvals, the subcutaneous drug delivery devices market is expected to witness rapid growth.
Some of the prominent players operating in the subcutaneous drug delivery devices market are Insulet Corporation, BD, Enable Injections, Consort Medical Plc, West Pharmaceutical Services, Inc., Elcam Medical, Amgen, Ypsomed AG, SCPharmaceuticals, Inc., Wilhelm Haselmeier GmbH & Co. KG, among others. The market players are focused on bringing new and innovative products and services through various organic strategies such as product launches and expansions to sustain their position in the market. Recently in June 2018, Insulet received FDA 510(k) clearance for the Omnipod DASHTM Insulin Management System (Omnipod DASH). This clearance set up the foundation for a stable pace of innovation that enables Insulet to allow users to enjoy simplicity, healthier lives, and freedom with their differentiated technology.
Global Subcutaneous Drug Delivery Devices Market, By Regions, 2018 (%)