The size of the European Injectable Drug Delivery Market was calculated at USD 1256.64 million in 2022. It is further estimated to be growing at a CAGR of 11.90%, to reach USD 2204.75 million by 2027.
A few of the key factors driving the growth of the injectable drug delivery market in the European region are the increasing use of biologics, high prevalence of chronic diseases, and presence of a large population increased expenditure on healthcare, and constant research and development. In addition, an injectable drug delivery system has benefits over other drug delivery techniques such as convenience, ease of use, quick delivery, increased drugs absorption rate and pain reduction, and easy availability. An article published by PHARMAC indicates, global spending on all drugs increased by 25%. According to the Guttmacher Institute, in 2015, over 2,650,000 women used injectables for contraception. Noristerat Injection is a prescription reversible contraceptive method common in the UK and other parts of Europe. According to the European Commission report, around 555,000 premature deaths in the European Union were attributed to chronic diseases, including heart attacks, strokes, diabetes, and cancer.
Biologics currently represent around 72% of the ten best-selling drugs in the world. Since biosimilar and antibiotics are primarily administered by injection, the biologics market is expected to drive the European injectable drug delivery growth in the coming years. Favorable reimbursement policies also drive the market, a higher incidence of cancer, HIV, and diabetes, an increase in vaccinations, a growing number of hospitals and other healthcare facilities, and greater patient adherence to injectables.
However, there have been several products recalls in the market due to strict regulatory policies. If a product is recalled, the process of recovering and replacing the defective product can cause a business or manufacturer to incur significant losses associated with the replacement and repair of faulty products. This is expected to reflect a negative impact on the market and result in failure.
One of the main factors restraining the market growth is the high number of needle stick injuries. The European Biosafety Network estimated that in 2010 there were over a million needlestick injuries per year in Europe. Furthermore, the world Health Organization (WHO) has estimated that these numbers are expected to increase by at least 25% for upcoming years. Again, according to the European Center for Disease Prevention and Control, people who inject drugs or abuse drugs are at increased risk of HIV infection in Europe. In 2015, an HIV prevalence of 7% or more was observed among 19 European countries, including France, Switzerland, Spain, and Italy. Hence, safety related to injectable drug delivery is an important issue that could slow the market's growth.
Complications with needlestick injury can cause serious health consequences, such as damage and blockage of blood vessels, nerve damage, inflammation, phlebitis, edema, allergic reaction, risk of embolization, and infection. Hence, with the increase in side effects and high-risk rates by the needles, the patients are reluctant to use the injections, which is hampering the growth of the European injectable drug delivery market.
This research report on the European injectable drug delivery market has been segmented and sub-segmented into the following categories:
By Device Type:
By Therapeutic use:
By End User:
European countries such as France and Italy are anticipated to gather significant CAGR over the forecast period. The market growth in these regions can be attributed to the advancing pharmaceutical sector with growing healthcare needs, high healthcare expenditure, and improving economies. According to the European Federation of Pharmaceutical Industries and Associations, around thirty pharmaceutical organizations are satisfied with drug administration technologies in France. As a result, key market players are focusing on developing better and improved drug delivery technologies to meet the increased demand for generics, which is projected to drive market growth.
The growth of the injectable drug market in the United Kingdom and Germany will have a good market share in the European market. Market growth can be attributed to the new injectable drugs, high incidence of chronic diseases such as cancer, improving healthcare awareness, and growing investments focused on advancing technologies.
KEY MARKET PLAYERS:
Companies playing a prominent role in the European Injectable drug delivery market profiled in the report are Antares Pharmaceuticals Ltd, Baxter International, Becton Dickinson Company, Elcam Medical, Eli Lily and Company, Unilife Corporation, and West Pharmaceutical Inc.
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