Injectable drug delivery market to value $1139.4b by 2029
Posted: 7 May 2024 | Catherine Eckford (European Pharmaceutical Review) | No comments yet
Key drivers of the global injectable drug market include technological advancement and an increase in chronic diseases such as cancer, due to treatments utilising this drug delivery method.
A new report by MarketsandMarkets™ has predicted that the injectable drug delivery market will reach an 8.6 percent compound annual growth rate (CAGR) between 2024 to 2029. The market is anticipated to value $1139.4 billion by 2029.
Injectable drugs are adopted widely as treatments for chronic infections such as HIV/AIDS and tuberculosis (TB). Treatment approaches for the latter condition is often a combination of oral antibiotics plus injectable drugs such as rifampin, isoniazid, and streptomycin, the report noted.
Injectable vaccines activate the immune system to help to prevent infectious conditions such as influenza. This system in the body is stimulated to produce antibodies to prevent infection, the research highlighted.
In 2023, North America accounted for the biggest market share due the region’s readiness to invest in innovative solutions such as injectable drug delivery systems. In turn, this helped to boost market growth and adoption of these treatments in the region, according to the report.
major drivers for the injectable drug delivery market include a greater advancement in technology”
The research also shared that major drivers for the injectable drug delivery market include a greater advancement in technology, more widespread chronic disease, and higher funding from government around the world.
The report found that additionally, the sector is seeing growth due to factors such as emerging economies experiencing rapid urbanisation and better infrastructure within healthcare. This has resulted in more access to injectable drugs. To support growth, pharmaceutical players within the injectable drug delivery market are directing their attention on widening their presence in the markets.
Approvals in the injectable drug delivery market
In Nov 2023, the US Food and Drug Administration (FDA) approved the first and only obesity medication, Eli and Lilly’s Zepbound injection. Additionally, GSK BOOSTRIX’s (Tetanus Toxoid, Reduced Diphtheria Toxoid and Acellular Pertussis Vaccine, Adsorbed; Tdap) was approved for infants under two months old, in Oct 2022.
The report stated that key players in the injectable drug delivery market include Pfizer Inc., Teva Pharmaceuticals Industries Ltd., Eli Lilly and Company and Sandoz.
Related topics
Data Analysis, Drug Markets, Immunisation, Industry Insight, Technology, Therapeutics, Vaccines, Viruses
Related organisations
Eli Lilly and Company, Marketsandmarkets, Pfizer, Sandoz, Teva Pharmaceutical Industries Ltd
