Major factors driving the growth of this market include growing prevalence of chronic disease, increasing incidence of communicable disease due to needle stick injuries, rising demand for biosimilars and vaccination, advantages of drug delivery technology, increasing demand for self-injection devices.
What the Market Looks Like?
The global needle-free injection system market, in terms of value, is projected to reach USD 20.17 Billion by 2021 from USD 9.81 Billion in 2016, at a CAGR of 15.5% during the forecast period. North America is expected to dominate the market in 2016, with the U.S. accounting for a major share.
On the other hand, high development cost of needle-free injection system over the conventional needle injection may hinder the growth of this market during the forecast period. The report segments the market based on product, technology, type, site of delivery, applications, end user and regions.
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What are Key Trends in the Market?
The growth of the Needle-Free Injection System Market is primarily influenced by the following factors:
- Growing Prevalence of Chronic Diseases
- Increasing Incidence of Communicable Diseases Due to Needlestick Injuries
- Rise in Demand for Self-Injection Devices
Based on the technology, the market is divided into Jet-based needle-free injectors, spring-based needle-free injectors, laser-based needle-free injectors and vibration-based needle-free injectors. The jet-based needle-free injectors are expected to witness the highest growth during the forecast period, due to their advantages over the other injector systems.
Based on the Applications, the market is segmented into vaccine delivery, insulin delivery, Oncology, pain management and other applications; the vaccine delivery application segment is projected to be the fastest-growing segment during forecast period in 2016. The growth of this market primarily attributed to factors such as the rising incidence of chronic diseases, technological advancement, and growing preference for self-medication.
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North America is expected to dominate the market in 2016, with the U.S. accounting for a major share. However, Europe is expected to grow at the highest CAGR during the forecast period. The high growth in this market is attributed to the rising demand for biologics, growing prevalence of chronic diseases, technological advancements, mergers and acquisitions by major companies in the market, favorable reimbursement policies, increasing healthcare expenditure and regulatory approvals of new injection system are key factors driving the market growth in Europe.