Global subcutaneous drug delivery devices market expected to grow

According to a new report by ResearchAndMarkets, the global subcutaneous drug delivery devices market is expected to reach $17,290.47 million in 2027 from $9,243.80 million in 2018 and is estimated to grow at a CAGR of 7.4 percent from 2019-2027.

This growth, according to the report, is due to the increased number of chronic disease prevalence around the globe, significant number of vaccination and immunisation programmes that incorporate the use of subcutaneous drug delivery devices for therapeutic administration and a rise in the R&D of new products leading to the subsequent introduction of novel solutions and devices in the market.

However, risk of infections and other diseases associated with the use of injections and syringes is likely to hamper the market growth.

The report further states that the increased investment that companies are making into R&D is also aiding in the increase of the global subcutaneous drug delivery devices market.

Based on the technology, the global subcutaneous drug delivery devices market was segmented into syringes, pens, patches and others. In 2018, the syringes segment held the largest share of the market. However, the patches segmented is anticipated to witness fastest growth in the subcutaneous drug delivery devices market, based on technology.

Furthermore, the increasing use of single-use syringes has helped to successfully reduce the rates of cross contamination in recent years, thereby propelling the growth of syringes in the subcutaneous drug delivery devices market in the coming years.