Needle-Free Injectors Market Set to Surpass US$ 36.3 Bn by 2031 amid Soaring Demand for Vaccines Worldwide: Future Market Insights
The needle-free injectors market study by Future Market insights (FMI) is intended to offer exclusive insights for various companies, helping them identify growth opportunities and navigate through challenges in the market. It covers growth drivers and restrains influencing needle-free injectors demand worldwide. The study also highlights growth prospects existing in key segments including load, technology, delivery site, application, end user and region.
DUBAI, UAE, Oct. 6, 2021 /PRNewswire/ -- ESOMAR-certified market research firm Future Market Insights (FMI) has forecast the Needle-Free Injectors Market to exhibit a year-on-year (YoY) growth of 11.9% in 2021, reaching a valuation of around US$ 12.3 Bn by the end of the year.
Owing to the increasing healthcare expenditure and rising prevalence of chronic diseases, the demand for needle-free injectors is set to rise at a CAGR of around 11.4% between 2021 and 2031, surpassing a valuation of around US$ 36.3 Bn by the end of 2031.
Increasing cases of needle prick injuries, high prevalence of chronic diseases, growing demand for self-injection devices, and various advantages associated with needle-free injection technology are some of the factors driving the needle-free injectors market. Needle-free injectors also are ideal for people who suffer from needle phobia.
As per the Centers for Diseases Control and Prevention (CDC), hospital-based healthcare personnel experience around 385,000 needle-stick/sharps injuries each year (2015). Needle stick injuries can lead to serious or potentially fatal infections due to potential exposure to blood borne pathogens such as hepatitis B virus, hepatitis C virus, and Human immunodeficiency virus (HIV).
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Initiatives launched by organizations such as Occupational Safety and Health Administration (OSHA), National Institution for Occupational Safety and Health (NIOSH), and Food and Drug Administration (FDA) to reduce needle stick injuries and the subsequent risk of blood borne pathogen transmission are positively impacting the needle-free injectors market.
Sales of needle-free injectors skyrocketed during the COVID-19 pandemic. Many pharmaceutical companies started administrating SARS-CoV-2 vaccine by using needle-free injection systems. For instance, in September 2021, Pharmajet, announced that its partner, Scancell has selected its devices to administer two SARS-CoV-2 DNA vaccine candidate, SCOV1 and SCOV2. The vaccines will be exclusively administered using the Pharmajet Tropis and Pharmajet Stratis Needle-free injection systems.
Growing popularity of needle-free injectors in cosmetic industry will further accelerate growth in the market. As per FMI, the cosmetic segment is set to witness maximum growth at a CAGR of 12.6% during the forecast period.
North America will continue to dominate the needle-free injectors market with around 42% of total market share. This can be attributed to the increasing investment in research and development, presence of leading market players, rise in diseases like diabetes, and growing preference for noninvasive procedures.
"Rising demand for self-injection drugs and increasing health consciousness among people will accelerate the growth of needle-free injectors market during the assessment period. Besides this, new product launches and approvals will play a key role strengthening footprint of various market players," says the FMI analyst.
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Key Takeaways from Needle-Free Injectors Market Survey
- The U.S. will continue to dominate the North America needle-free injectors market with over 94% share in 2021. The robust growth can be attributed to the rising prevalence of chronic diseases and growing preferences for non-invasive procedures.
- With increasing expenditure in healthcare, Germany is expected to account for 29.4% share in the European market during the forecast period.
- Japan is projected to hold over 34% share in the East Asia market during the assessment period.
- With around 46.8% share in the East Asia market, China will exhibit a CAGR of 12% between 2021 and 2031.
- Based on load, the liquid injections segment will hold around 88% share of the global market.
- In terms of technology, spring loaded jet injector is dominating the market with over 47.1% of the market share.
- By application, drug delivery segment is expected to hold dominant share in the global market, accounting for around 65% of the revenue share in 2021.
Key Drivers
- Rising demand for self-injection devices along with shifting preference for non-invasive procedures is positively impacting the market growth. These injectors not only reduce pain during drug delivery but also confine the drug more evenly in the dermis.
- Technically superior needle-free injectors are able to administer highly viscous drug products which cannot be administered by traditional needle and syringes.
- Needle-free injectors are ideal for mass vaccination and thus can help to counter pandemic situations like COVID-19.
Competitive Landscape
Key players operating in the needle-free injectors market are focusing on expanding their product portfolio by investing in research & development activities. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint.
- In January 2020, Gerresheimer Medical systems and Portal Instruments developed an innovative primary drug container for use in needle-free automatic injection system. The cartridge like container, made of the high-performance polymer Cyclo olefin polymer (COP), serves as the primary packaging for the sensitive active agent and is equipped with a nozzle, with which the hair-thin jet of medication is generated for the injection.
- In June 2021, Eton Pharmaceuticals, Inc announced that it has acquired the U.S. and Canadian rights to crossject's ZENEO hydrocortisone needless auto injector, which is under development as a rescue treatment for adrenal crisis.
- In October 2019, Antares Pharma, Inc. announced that it has received the final payment of $2.5 million from Ferring Pharmaceuticals in connection with the previously disclosed sales of Antares worldwide rights, including certain fixed assets for the ZOMAJET needle-free auto injector device to Ferring.
- In August 2021, Zydus Cadila announced that the company has received the Emergency Use Authorization (EUA) from the Drug Controller General of India (DCGI) for the only needle-free COVID vaccine in the world.
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Some of the prominent players operating in the needle-free injectors market profiled by FMI are:
- Gerresheimer AG
- Pfizer Inc.
- Antares Pharma
- CSL Limited (Seqirus UK Limited)
- Crossject
- Portal Instruments
- Ferring Pharmaceuticals
- PharmaJet Inc.
- PenJet Corporation
More Insights on the Global Needle-Free Injectors Sales Outlook
FMI provides an unbiased analysis of needle-free injectors market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for needle-free injectors with a detailed segmentation on the basis of:
Load:
- Liquid Injections
- Powder Injections
- Projectile Injections
Technology:
- Spring-loaded jet injector
- Battery-powered jet injector
- Gas-powered jet injector
Delivery Site:
- Intra dermal injectors
- Intramuscular injectors
- Subcutaneous injectors
Application:
- Drug Delivery
- Vaccines
- Cosmetic
- Others
End User:
- Home Care Settings
- Long Term Care Centers
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
Discover more about Needle-Free Injectors Market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/ask-question/rep-gb-13960
Key Questions Covered in the Needle-Free Injectors Sales Outlook Report
- The report offers insight into needle-free injectors demand outlook for 2021-2031
- The market study also highlights projected sales growth for needle-free injectors market between 2021 and 2031
- Needle-free injectors market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Needle-free injectors market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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