Market Trends of Europe Injectable Drug Delivery Devices Industry
This section covers the major market trends shaping the Europe Injectable Drug Delivery Devices Market according to our research experts:
Self-injectable Drug Delivery Device Segment is Expected to Dominate the Market During the Forecast Period
The major factor attributed to the high growth of the self-injectable drug delivery device segment is the growing burden of chronic disease and the convenience associated with the device. The acceptance of these products has increased over the past few years owing to the advantages of self-injectable injections and increasing awareness of self-administration. Many global and domestic companies have expanded their portfolios in this field, resulting in new and innovative solutions.
For instance, in February 2021, Xeris Pharmaceuticals, Inc. received approval from the European Commission (EC) for Ogluo (glucagon) pre-filled pen for the treatment of severe hypoglycemia in adults, adolescents, and children aged 2 years and over with diabetes mellitus. Also, in July 2022, European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion and recommended the authorization for the use of Mounjaro (tirzepatide) auto-injector pen for type 2 diabetes. Hence, owing to these factors, the market is expected to grow in the forecast period.
Forthermore, the rise in the burden of chronic diseases drives the growth of the market as injectables are the major drug delivery systems in the treatment of chronic diseases. For instance, according to the report of GLOBOCAN 2020, in Europe, more than 530,000 patients are diagnosed with breast cancer each year and it alone accounts for approximately 29% of all cancers in women. Thus, raise in the chronic diseases increases the usage of self-injectable drug delivery devices like prefilled syringes and auto-injectors which are majorly used in the treatment.
Thus, due to the above-mentioned factors, the self-injectable drug delivery device segment is expected to grow significantly during the forecast period.
United Kingdom Holds a Significant Share in the Market and is Expected to do Same Over the Forecast Period
The United Kingdom contributes a significant share among the Europe countries for injectable drug delivery devices due to the rising number of chronic diseases that may influence the usage of injectables and sophisticated healthcare systems compared with other countries in Europe. For instance, as per the International Diabetes Federation (IDF) Diabetes Atlas 2021, the age-adjusted comparative prevalence of diabetes in the United Kingdom for 2021, 2030, and 2045 were estimated as 6.3%, 7.0%, and 7.5% respectively. This shows a gradual raise in the prevalence of diabetes in the forecast period which is expected to increase demand for self-injectable drug delivery devices.
Furthermore, the developments and authorizations of COVID-19 vaccines and treatments in the United Kingdom help the growth of the injectable drug delivery devices market during the study period. For instance, in April 2022, The COVID-19 vaccine developed by Valneva received approval from the Medicines and Healthcare products Regulatory Agency (MHRA) in the United Kingdom. Also, in February 2022, Nuvaxovid, the COVID-19 vaccine developed by Novavax received approval from the MHRA in the United Kingdom. This helps in the usage of injectable drug delivery devices which helps in the growth of market.
Thus, due to the above-mentioned factors, the United Kingdom segment is expected to grow significantly in the market during the forecast period.
