The global needle-free drug delivery devices market is set to hit $14.6bn by 2024, according to a report by Grand View Research. The market size is currently progressing at a compound annual growth rate (CAGR) of 10.2% through its forecast period. The market growth is being attributed to the increased number of people worldwide living with chronic illnesses such as hepatitis A and hepatitis B (350 million people worldwide according to WHO), as well as patient preference for it over hypodermic needles.
There are a number of needle-free drug delivery devices currently on the market, the most popular being jet injectors, inhaler technology, transdermal patches and novel needle-free technology. Jet injectors have the leading revenue share of the market with 30% as of 2015. Transdermal patches have a growing CAGR of more than 10% due to recent improvements in the technology such as an expanding roster of drugs it can now deliver.
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All of the needle-free drug delivery devices have the obvious advantage of reduced pain when compared to the alternative, hypodermic needles. For patients who have to take medication everyday for illness, such as diabetes sufferers, pain management can lead to a significant improvement to the quality of their lives, as well as other advantages such as reduced infection transmittance. For other chronic diseases sufferers, such as the 36.7 million people living with AIDS worldwide for whom a simple infection can be fatal, needle-free devices are also preferable to hypodermic needles.
Grand View Research also found that North America is currently dominating the global needle-free devices market with a 41% share as of 2015, which has been attributed to more R&D investments in the market, especially by the big industry players. Another influencing factor is North America's particularly well-informed patient base when it comes to novel products.
However, the global market is also expanding its market share size, with the Asia-Pacific region predicted to experience a CAGR of more than 12% during the forecast period, primarily due to its large target population. Africa is also set to witness market size growth as, according to global AIDS and HIV educational foundation, AVERT, the continent accounts for 70% of all people living with AIDS, making needle-free drug delivery devices ideal for medication and vaccination efforts.