Global Subcutaneous Drug Delivery Devices Market is valued approximately at USD 9.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.4% over the forecast period 2020-2027.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
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Subcutaneous drugs are vaccinated in the layer of the skin called the cutis, which includes dermis and epidermis. The subcutaneous parenteral route of drug delivery is operative for managing vaccines and for continual release drugs and for goserelin, insulin, etc. The subcutaneous drug delivery systems are generally utilized by the end-users owing to the easy and consistent operating mechanism. Several pharmaceutical products are promoted and being established for numerous diseases, which are managed through subcutaneous routes. Drug manufactures are also emphasizing on easy administration process of drug delivery, so as the drug can be extremely effective among the patients. Many pharmaceutical companies are evolving and developing self-managed drugs, the adoption rate of subcutaneous drug delivery devices has grown across the globe. Moreover, the rise in prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer etc., growing production of biologics, and rising emphasis on self-administration, prevention of needlestick injuries and dosing errors are the few factors responsible for the high CAGR of the market during the forecast period.
According to the American Heart Association, cardiovascular diseases (CVD) is the leading cause of mortality and morbidity around the world. There were around 17.6 million deaths due to CVD reported in 2016, which is projected to reach almost 23.6 million by the year 2030. While as per the International Diabetic Federation (IDF), there were almost 463 million adults aged between 20-79 years are affected with diabetes in 2019, and this estimation is anticipated to reach at almost 700 million by the year 2045. This, in turn, is likely to strengthen the demand for subcutaneous drug delivery devices, thus accelerating the market growth around the world. However, the high cost of advanced delivery systems and lack of awareness about these devices are the few factors impeding the market growth over the forecast period of 2020-2027.
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The regional analysis of the global Subcutaneous Drug Delivery Devices market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rise in prevalence of cancer and cardiovascular diseases, along with the presence of substantial number of suppliers in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in number of diabetic and multiple sclerosis patients coupled with improving healthcare infrastructure in the developing nations, such as China and India, would create lucrative growth prospects for the Subcutaneous Drug Delivery Devices market across the Asia-Pacific region.
Major market player included in this report are:
Elcam Medical Group
Novo Nordisk A/S
Becton, Dickinson, and Company
West Pharmaceutical Services, Inc.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
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Rest of the World
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The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
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Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
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