Needle-free drug delivery devices market to reach USD 13.1 billion by 2023
The global needle-free drug delivery devices market is expected to reach USD 13.1 billion by 2023 at a CAGR of 9.9% from USD 5.4 billion in 2014. The key aspects contributing to the growth of the market include increased acceptance of needle-free drug delivery devices over the past few years, increasing number of chronic pain sufferers and rising awareness about vaccination. Geographically, North America had captured the largest market share for needle-free drug delivery devices in 2014, due to high awareness among physicians and patients, continuous investment in research and development activities and government initiatives for introduction of needle-free drug delivery devices in community vaccination programs. Additionally, the presence of major players such as 3M Health Care, Antares Pharma, Pharmajet and Zogenix in the U.S. is a driver of the needle-free drug delivery devices market in North America. High healthcare expenditure of patients and favorable reimbursement scenario are also boosting the market in North America. Europe was the second largest market for needle-free drug delivery devices in 2014. The U.K., Germany, France, and Italy had accounted for major share of the market in the region in 2014 due to strategic collaborations of major companies. Latin America accounted for negligible share of the global needle-free drug delivery devices market in 2014 due to less awareness among physicians and patients. However, the improving health care scenario and rising investment by major players are expected to fuel the market during the forecast period.
