PUNE, India, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The Global Subcutaneous Drug Delivery Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global subcutaneous drug delivery devices market was worth US$ 22.4 billion in 2019 and is expected to reach US$ 71 billion by 2030 at a CAGR 11% during 2020 and 2030. Subcutaneous drug delivery refers to the medication being injected in the subcutaneous layer (layer between the skin and muscle) of an individual. This type of medication is generally common in people suffering from diabetes, cancer, etc. Subcutaneous type of drug delivery has become an efficient option to the intravenous type of drug administration in. These kinds of injections are shallower than those injected in the muscles directly. Subcutaneous type of drug administration has proven to be safe, well-tolerated, effective, and is preferred by healthcare providers and patients. This mainly results in optimization of drug delivery costs. Rising number of chronic diseases among the people along with the availability of self-administrative drug delivery devices have propelled the growth of global subcutaneous drug delivery devices market. These drug delivery devices make it possible for the patient to self-medicate them anywhere, anytime in absence of professional help.
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Despite the convenience they bring to patients, there is always possibility of risks related to high dosage of medicine resulting into fatal health conditions. This is challenging for the health care providers and patients as well. Manufacturers should come up with devices that can update the doctor the exact amount, time and frequency of the medication exactly after the patient has taken the medication. This would help them to stay updated about the patients self-medicating techniques and can notify them in real time.
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Cost Efficiency Associated with The Device
Subcutaneous drug medication has highly motivated self medication techniques as may not necessarily require professional help. Patients suffering from diabetes for instance mostly take insulin doses on their own in their homes. Self administration with the help of drug delivery devices has led the patient with reduction in the hospital and professional charges. Home care makes it more convenient for the people to monitor their health parameters related to chronic disease they are suffering with. Self monitoring and medication related to chronic diseases such as heart disease, diabetes, respiratory problems, etc. will save the patients the upfront medical administration costs.
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COVID-19 has led to increase in home care treatments
COVID-19 cases have been increasing day by day almost all over the globe. The fatality of this virus especially for the people already suffering from high blood pressure, diabetes, or other chronic diseases is tremendously high. People with these kinds of health issues prefer to stay at home and avoid going to any public places. Visiting hospital, care centers or solo clinics for regular medication can be fatal or harmful for these patients. This pandemic situation thus have surged the demand for home medication drug delivery devices. Drug delivery devices providing self medication abilities will help the people to medicate themselves without stepping out of the house, thus saving them from dangerous impacts that COVID-19 virus could cause.
Asia Pacific region holds high potential as compared to the western regions
Although North America holds the largest share in the global subcutaneous drug delivery devices market, Asia Pacific shows major potential for the market during the forecast period of 2020-2030. This is mainly due to development in biomedicine, medical devices and healthcare awareness among the people. As stated in 3rd International conference on Diabetes, Hypertension and Metabolic Syndrome 2019 report the prevalence of diabetes among the adults in the globe was about 6.4% affecting about 285 million people in 2010. This number would increase to 439 million in 2030. The report stated that there would be 69% of rise in adult diabetic patients in developing countries and 20% rise in adult diabetic patients in developed nations.
Major players active in the global subcutaneous drug delivery devices market include Gerresheimer AG, Ypsomed AG, Novo Nordisk, Becton, Dickinson and Company, PharmaJet, Inolife Sciences, Medtronic Plc, Elcam Medical Group, Insulet Corporation, West Pharmaceutical Services, Inc. and Unilife Corporation. Companies looking forward to integrate real time connectivity with their medical devices will gain significant demand in the market. Moreover, inorganic growth strategy with significant collaborations or partnerships will help the players to expand their base of operations and customers as well.
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