Market Trends of Australia Drug Delivery Devices Industry
This section covers the major market trends shaping the Australia Drug Delivery Devices Market according to our research experts:
Cancer Segment is Estimated to Witness a Significant Growth Over The Forecast Period.
The oncology segment is expected to witness a significant share over the forecast period owing to the increasing prevalence of cancer cases in Australia. Cancer is a major cause of death and illness in Australia and has a substantial social and economic impact on individuals, families, and the community. For example, the Australian Institute of Health and Welfare reported in December 2021 that cancer accounts for 18% of the burden of ill health in Australians, and that over 1 million people in Australia are either currently living with cancer or have had it in the past.
Also, the increasing number of cancer cases is driving the growth of this segment. For instance, in 2020, the Globocan database reported that in Australia, cancer cases are expected to increase to 334.4 thousand by 2040. Thus, the high incidence of cancer cases is likely to drive the demand for oncology drug delivery devices and contribute to the growth of this segment.
Similarly, the partnerships and collaborations between key market players are contributing to the market's growth. For instance, in June 2022, EVERSANA and Accord BioPharma entered into a partnership to support the recent launch of CAMCEVI (leuprolide) 42 mg injection emulsion for the treatment of advanced prostate cancer in adults. Thus, such partnerships are leading to the development of better products, providing patients with better treatment, and driving the growth of the studied market.
So, because there are more people with cancer in Australia, the new treatments are likely to drive the growth of this segment over the next few years, which is likely to help the studied market grow.
Injectable Segment is Expected to Witness High Growth Over the Forecast Period.
The rising number of people affected by chronic diseases in Australia and innovative product launches improve the adoption of self-care devices, which is expected to further boost the segment's growth over the forecast period.
The increasing number of cases of chronic diseases is driving the growth of this segment. For instance, in 2022, according to Australian Institute of Health and Welfare data updated in June 2022, almost 1.2 million hospitalizations were associated with diabetes, with 5% recording diabetes as the principal diagnosis and 95% recording diabetes as an additional diagnosis, which represented 11% of all hospitalizations in Australia. These statistics indicate the presence of a diabetes burden in the country. Hence, these disease burdens are anticipated to create demand for insulin and, thus, increase demand for syringes and injectables and contribute to the growth of this segment.
Moreover, as per the Medical Technology Association of Australia update in September 2021, at least 18,000 Australian healthcare professionals suffer from needlestick injuries every year, which creates a need for advanced self-care devices such as prefilled syringes. Thus, the high number of needlestick injuries is expected to create demand for injectables, further contributing to the growth of this segment.
Also, the high evidence of cardiovascular diseases among the geriatric population in Australia is propelling the growth of this segment. For instance, an article published in the journal Neural Computing & Applications in January 2021 reported that 21% of the geriatric population was living with cardiovascular diseases in Australia in the year 2020. Thus, the increasing geriatric population is driving the demand for injectables and thus contributing to the growth of this segment.
Also, new product launches are contributing to the growth of this segment. For instance, in July 2022, Moderna, Inc. reported that the TGA in Australia had granted provisional registration for the use of Moderna's mRNA COVID-19 vaccine, Spikevax, in a two-dose series of 25 g per dose for active immunization to prevent COVID-19 caused by SARS-CoV-2 in children aged 6 months to 5 years in Australia. Thus, such product launches are contributing to the growth of this segment.
Thus, due to the increasing cases of chronic diseases coupled with an increasing geriatric population and new product launches, the injectables segment is expected to witness high growth over the forecast period.
