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(Health-NewsWire.Net, November 28, 2020 ) According to the new market research report by MarketsandMarkets, 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.
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.
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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.
North America accounted for the largest share of the Needle-Free Injection System Market
The market is dominated by North America, followed by Europe, Asia, and the Rest of the World. While North America is expected to dominate the market in 2016, 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
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Based on the technology, the Jet-Based Needle-Free Injectors 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 injector is expected to account for the largest market share in 2016, 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.
Based on the end user, the Jet-Based Needle-Free Injectors Market is segmented into Hospitals and Clinics, home care settings, research laboratories, pharmaceutical and biotechnological companies and other end user. The hospitals and clinics segment is expected to grow at the highest rate in the forecast period. The growth in this segment can primarily be attributed to the advancement in the medication or drug delivery technology and rising geriatric population.
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Some key players mentioned in the research report are:
Key players in the market include Antares Pharma, Inc. (U.S.), Endo International plc (U.S.), PharmaJet (U.S), Bioject Medical Technologies Inc. (U.S), Medical International Technology, Inc. (U.S), INJEX Pharma AG (Germany), National Medical Products Inc. (U.S.), Valeritas, Inc. (U.S.), European Pharma Group (Netherland), PenJet Corporation (U.S), Crossject SA (France).
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