Published Date: 12-11-2018
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According to a new report Needle Free Injection System Market (2018-2024), published by KBV Research, the Needle Free Injection System market is expected to attain a market size of $25 billion by 2024, growing at a CAGR of 16.3% during the forecast period. Needle free injection systems are used to introduce liquid formulations, drugs and vaccines as solid particle dosage form. Needle free injection technologies (NFIT) is gaining popularity in past few years as they were developed to prevent the growing number of needle stick injuries and associated problems. Additionally, these systems are novel ways to introduce different medicines in patients without piercing the skin with a conventional needle. As these systems improve the immune response to vaccines or medications, eliminate risks of needles, and reduce healthcare costs, the incorporation for these devices across healthcare settings has witnessed unprecedented demand.
Geographically, the market is dominated by North American region owing to the increasing demand of self-administration (especially in the case of diabetes) and increasing prevalence of chronic diseases in this region. In addition, high awareness among patient population regarding the benefits of needle free injection system and favorable reimbursement policies especially for insulin delivery has supplemented the market growth. However, Asia pacific region holds immense growth potential owing to the rising incidence of diabetes, growing awareness regarding lowering the burden of needle stick injuries and growing healthcare expenditure in the emerging economies such as China and India.
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The Jet-Based Needle-Free Injectors segment dominated the Global Needle Free Injection System Market by technology in 2017, and would continue to represent the same trend till 2024, growing at a CAGR of 15.2% during the forecast period. The jet based technology aids in the delivery through high pressure stream of liquid into a skin. The growing incidence of diseases especially diabetes have propelled the demand for these devices worldwide. For instance, according to the Centers for Disease Control and Prevention, in 2015, approximately 30.3 million people or 9.4% of the total population of the U.S. suffered from diabetes. In addition, in 2016, approximately 3.6 million people were diagnosed of diabetes in the UK. Therefore, growing incidence of diabetes would propel the market growth.
Insulin delivery segment has dominated the market by application in 2017, registering a CAGR of 14.9% during the forecast period. Insulin delivery devices such as insulin pens and jet injectors are the novel ways to introduce insulin into patients without piercing the skin. For instance, Insujet and Injex both utilize jet injector technology to deliver insulin at high velocity into the subcutaneous site. The rising utilization of needle free injector system for delivering insulin especially for the patient having needle phobia have propelled the market growth.
The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key influencing factors of the global Needle Free Injection System Market have been discussed in the report along with the elaborated company profiles of Endo International PLC, Antares Pharma, Inc., Pharmajet, Medical International Technology, Inc. (MIT), National Medical Product Inc., Valeritas Inc., European Pharma Group BV, Portal Instruments, Injex Pharma AG, Bioject Medical Technologies Inc.
Needle Free Injection System Segmentation
By Site of Delivery
By End User
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