A new report rolled out by MarketsandMarkets has gone on to forecast that the injectable drug delivery market is going to be reaching almost 9% CAGR between 2024 and 2029.
This market is expected to be valued at $1139 billion by 2029.
It is well to be noted that injectable drugs happen to be widely adopted in terms of treatment for chronic infections like HIV/AIDS as well as tuberculosis. The treatment scenario when it comes to the latter is mostly a mix of oral antibiotics along with injectable drugs like rifampin, isoniazid, as well as streptomycin, said the report.
On the other hand, injectable vaccines go on to activate the immune system so as to help prevent infections such as influenza. Apparently, this system within the body gets stimulated to create antibodies in order to prevent infection, as underscored by the research.
Notably, in 2023, North America happened to comprise of the largest market share because of the readiness of the region to invest in innovative solutions like injectable drug delivery systems. This, in a way, helped boost the growth of the market along with the adoption of these treatments in the region.
The study also went on to share that major drivers when it came to the injectable drug delivery market happened to include bigger advancements when it comes to technology, chronic diseases, which were more chronic, and higher funding coming in from governments around the world.
The report went on to additionally find out that the sector happens to be witnessing a surge because of elements like economies, which happen to be emerging seeing fast urbanization as well as much better infrastructure in the healthcare gamut. All this has led to more access to injectable drugs. In order to support this growth, pharma players within the injectable drug delivery segment happen to be diverting their attention towards broadening their presence in the markets.
Approvals when it comes to the injectable drug delivery market
In November 2023, the US FDA went ahead and approved the first and only obesity drug, which was Zepbound, an Eli and Lilly’s injection. Furthermore, GSK BOOSTRIX’s got approved for infants under 2 months of age in October 2022. The report went on to state that the major players when it comes to the injectable drug delivery market are Teva Pharmaceuticals Industries Ltd., Sandoz, and Eli Lilly and Company.
