Published Date : 06 Dec 2022
The global subcutaneous drug delivery devices market size accounted for USD 27.86 billion in 2022 and is expected to hit around USD 56.9 billion by 2030, growing at a CAGR of 9.3% during the forecast period from 2022 to 2030.
The rising adoption of various subcutaneous drug delivery devices by consumers to control and manage their chronic health conditions is fueling market growth. The growing prevalence of chronic illnesses among the global population, growing government support through approvals and favorable reimbursement policies, rising awareness regarding advanced drug delivery devices, and rising healthcare expenditure are the prominent drivers of the global subcutaneous drug delivery devices market. The rising investments by the manufacturers in research & development and clinical trials has paved the way for the growth of the subcutaneous drug delivery devices market in the past few years. The continuous engagement of the market players in various developmental strategies such as acquisition, new product launches, and partnerships has positively impacted market growth. For instance, in April 2021, Medtronic introduced a wearable injector that can be worn by patients for 7 days for the treatment of diabetes.
Subcutaneous Drug Delivery Devices Market Report Scope
|Market Size In 2022||USD 27.86 Billion|
|Market Size By 2030||USD 56.9 Billion|
|Growth Rate from 2022 to 2030||CAGR of 9.3%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Product Type, By Distribution Channel|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
North America dominated the global subcutaneous drug delivery devices market, garnering a market share of more than 43% in 2020. North America is characterized by the presence of developed healthcare infrastructure, increased prevalence of chronic diseases, increased healthcare expenditure, favorable reimbursement policies of the government, and increased awareness regarding the various drug delivery devices. According to the CDC, around 34.2 million US people were living with diabetes in 2020 and around 88 million people have prediabetes. The newly diagnosed cases of type 1 and type 2 diabetes in the US has increased rapidly. This is a major factor that has boosted the growth of the North America subcutaneous drug delivery devices market.
Asia Pacific, on the other hand, is estimated to be the most opportunistic market during the forecast period. Asia Pacific has a huge population. According to the International Diabetes Federation, Asia has around 60% of the global diabetic population, which is presenting a lucrative growth opportunity to the market players operating in the global subcutaneous drug delivery devices market. Moreover, the geriatric population in the Asia Pacific is growing rapidly, and old age people are more prone to various chronic illnesses. According to the United Nations, the global geriatric population is estimated to reach 2 billion by 2050, and around 80% of them are estimated to be living in low and middle-income countries.
Driver: Rapidly rising cases of chronic illnesses
The number of people with chronic illnesses is growing at an alarming rate. The International Diabetes Federation has estimated that the global diabetic population will reach 783 million by 2045. According to the International Agency for Research on Cancer, there will be a rise of 47% is expected from 2020 to 2045 in the number of new cancer cases across the globe. The rising consumption of processed food in developing nations, the rising obese population, and rising physical inactivity are the prominent factors responsible for the surging cases of cardiovascular diseases. Therefore, the rapidly growing prevalence of chronic diseases is expected to drive the growth of the global subcutaneous drug delivery devices market during the forecast period.
Restraints: Lack of health awareness and inadequate healthcare infrastructure
There is a lack of awareness regarding various diseases, drugs, and drug delivery devices in developing and underdeveloped economies. The lack of healthcare facilities results in an increased number of deaths due to chronic illnesses. Most of the rural population remains undiagnosed and untreated. Moreover, the high prices of drugs and drug delivery devices restrict the adoption of subcutaneous drug delivery devices in several nations. This is a major factor that may hinder market growth.
Opportunities: Growing demand for biosimilar and biologics
The rapid growth in the popularity of biosimilar and biologic drugs is offering various growth avenues to the market players in the global subcutaneous drug delivery devices market. The rising demand for various drugs for the treatment of chronic illnesses is fueling the demand for subcutaneous drug delivery devices across the globe.
Challenges: Improper use may give rise to needle stick injuries
The lack of proper education and proper training regarding the use of subcutaneous drug delivery devices may lead to various problems like an overdose of drugs and needle stick injuries. This may restrict the patients to opt for various alternatives for drug delivery. Moreover, the risks of blood-borne diseases associated with injection needles may prove to be a major challenge.
Key Players in the Report:
By Product Type
By Distribution Channel
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