Market Trends of Needle-Free Drug Delivery Devices Industry
Insulin Delivery Segment is Expected to Witness Good Growth in Application Segment Over the Forecast Period
- The insulin delivery segment is expected to witness significant growth over the forecast period owing to factors such as increasing cases of diabetes and increasing adoption of technologically advanced products.
- As per the International Diabetes Federation (IDF) 2021 report, the number of adults (20-79 years) with diabetes was 536.6 million in 2021, and it is predicted to reach 783.2 million by 2045. As per the same source, over 1.2 million children and adolescents under the age of 20 had type 1 diabetes in 2021.
- The demand for needle-free insulin delivery devices is expected to increase with the upsurge in the diabetic population and the advantages offered by these devices over other conventional insulin delivery systems such as pens, pumps, and needles. Hence, the high burden of type 1 diabetes is projected to bolster the demand for insulin delivery among the patient population, boosting the market segment's growth.
- According to an article published in Frontiers in Endocrinology Journal in April 2022, needle-free insulin therapy showed a better hypoglycemic effect as compared with traditional needle-injected insulin therapy. It significantly improved the satisfaction of patients with insulin therapy. Hence, based on various research studies, needle-free syringes are found to have better safety. The high number of research studies proving the efficacy and patient satisfaction is expected to create demand for needle-free insulin drug delivery systems and augment the segment growth during the forecast period.
- Furthermore, company developments with respect to needle-free drug delivery are expected to propel the growth of the segments. For instance, in June 2022, Transdermal Specialties Global completed a phase 3 clinical trial of a patented transdermal patch using the U-StripTM transdermal insulin delivery system. Thus, the increasing prevalence of diabetes and the technological advancements in needle-free insulin delivery devices are expected to drive the overall growth of the segment over the forecast period.
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North America is Expected to Hold a Significant Market Share Over The Forecast Period
- North America is expected to hold a significant market share owing to the factors such as the high burden of chronic diseases and the increasing research and development by the major players for the development of innovative devices.
- As per International Diabetes Federation (IDF) 2021 report, the number of adults (20-79 years) with diabetes in the North American region (including the United States, Canada, and Mexico) was 49.3 million in 2021. As per the same source, the number of diabetes in the North American region is predicted to reach over 55 million by 2030. The rising burden of diabetes in the region is expected to propel the demand for needle-free insulin delivery devices, thereby augmenting the market growth.
- In addition, according to the Alzheimer's Association, Alzheimer's Disease Facts and Figures 2022, it is estimated that 6.5 million Americans aged 65 and over will be living with Alzheimer's dementia in 2022. Both Alzheimer's and diabetes treatments involve using multiple drug delivery devices for effective drug administration. Thus, the significant prevalence of the diseases will, in turn, spur the demand for needle-free devices among the patient population.
- Furthermore, the rising approvals for needle-free drug delivery devices are projected to expedite the growth of the regional market. For instance, in March 2022, Corium, Inc. received approval from the United States FDA for ADLARITY (donepezil transdermal system) as a treatment for patients with mild, moderate, or severe dementia of Alzheimer's type.
- Also, in June 2022, NovaXS Biotech, based in the United States, revealed the new prototype for its needle-free injection therapy smart medical device. Telosis, a patent-pending technology from the company, delivers a narrow stream of medication without a needle in 0.3 seconds and evaluates injection data to enable wiser medical choices. The company claimed that its technology offered a simple and painless substitute for at-home medicine delivery, serving as the first remote medication and self-administration monitoring platform. IVF procedures are considered the first indication of NovaXS.
- Thus, owing to the above-mentioned factors, such as the high prevalence of chronic diseases and rising product launches, the studied market in the North American region is expected to register significant growth over the forecast period.
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