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Needle-Free Injection System Market Sale to hit US$ 272 Billion by 2026 and expand at a CAGR of 17.0 %, says MarketsandMarkets™

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Needle-Free Injection System Market Sale to hit US$ 272 Billion by 2026 and expand at a CAGR of 17.0 %, says MarketsandMarkets™

March 14
04:48 2023
Needle-Free Injection System Market Sale to hit US$ 272 Billion by 2026 and expand at a CAGR of 17.0 %, says MarketsandMarkets™
North America accounted for the largest share of 58% of the needle-free injection market, followed by Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa.
Needle-Free Injection System Market by Technology (Jet, Spring, Micro-array Patch), by Product (Prefilled, Fillable), Type of Medication (Liquid, Powder), Application (Vaccination, Dermatology), End Users (Hospital, Homecare) – Global Forecast to 2026

The needle-free injection system market is projected to reach USD 272 million by 2026 from USD 124 million in 2021, at a CAGR of 17.0% from 2021 to 2026. The growth of this market is mainly driven by technological advances, increasing demand for self-injecting devices and increasing incidence of chronic diseases.

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Key Market Players of Needle-free Injection System Market:

PharmaJet (US), Portal Instruments (US), Medical International Technology, Inc (MIT) (US), NuGen Medical Devices (Canada), Crossject SA (US), and Bioject Medical Technologies (US).

Impact of Covid-19 on Needle-Free injection system market

To assess the impact of COVID-19 and provide market forecasts, scenario-based approaches are considered.

In the optimistic scenario, it could be assumed that the COVID-19 pandemic has created a positive impact on the overall needle-free injection system market. About 6.8 billion COVID-19 vaccinations have been administered globally, almost double the number of routine vaccines, compared to the total manufacturing capacity of about 6 billion immunization syringes a year. As per the WHO, there could be a shortage of one to two billion syringes needed to administer COVID-19 vaccinations in 2022, which could also impact routine immunizations and undermine needle safety. This has resulted in multiple product investments and research of COVID-19 vaccine delivery devices, with surplus production and distribution of these devices across regions to serve the rising demand. Also, the increasing incidence of communicable diseases due to needlestick injuries, difficulties in vaccine storage, and needle phobia have led to their high uptake and acceptance, especially for the screening for vaccination and insulin delivery.

In the realistic scenario, it could be assumed that the effect of COVID-19 on the needle-free injection system market is positive but could be transient. In this scenario, the major application segment vaccination is expected to be the most positively impacted.

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OPPORTUNITIES

1. Rising demand for biosimilars and vaccination processes

Biosimilars are increasingly being used in the treatment of diseases such as cancer, diabetes, hepatitis, anemia, and several other acute and chronic diseases. With the rising prevalence of these diseases, the need for biosimilars is also increasing. This, in turn, is presenting a significant opportunity for pharmaceutical & medical device manufacturers to develop innovative delivery solutions for biosimilars.

2. Increasing number of emerging markets 

The needle-free injection system market in emerging countries is expected to witness significant growth in the coming years. This can primarily be attributed to the rising prevalence of chronic diseases, robust economic growth, and increasing purchasing power.

Recent Developments:

  • PharmaJet partner, Nykode Therapeutics announces phase 1/2 clinical trial with next-generation DNA-based COVID-19 vaccine candidates
  • PharmaJet partner Zydus Cadila announced Emergency Use Authorization approval for world’s first plasmid DNA COVID-19 vaccine deliver via needle-free injection.
  • Enesi pharma achieves key milestone in development of thermostable solid-dose live vaccines against Measles and Rubella and soon entering into clinical trials   

Speak to our analyst for a discussion on the above findings @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=165815861

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