Market Trends of United States Drug Delivery Devices Industry
This section covers the major market trends shaping the USA Drug Delivery Devices Market according to our research experts:
Cancer Segment is Expected to Hold a Major Market Share in the United States Drug Delivery Devices Market
The cancer segment is expected to hold a significant share of the market studied. According to the ACS 2022 update, the number of new cancer cases is estimated to be 1.9 million in the United States in 2022. As per NCI, prostate, lung, and colorectal cancers accounted for an estimated 43% of all cancers diagnosed in men in 2020. For women, the three most common cancers are breast, lung, and colorectal; they accounted for 50% of all new cancer diagnoses in women in 2020. Hence, the high prevalence of cancer cases in the United States is likely to boost the market growth.
There is an immense need for a better delivery system in the treatment of cancer to improve the outcome. Recent developments concerning the drug delivery system in cancer are further expected to accelerate market growth. For instance, as per the August 2022 press release by the USFDA, the FDA approved Enhertu (fam-trastuzumab-deruxtecan-nxki), an IV infusion for the treatment of patients with unresectable (unable to be removed) or metastatic (spread to other parts of the body) HER2-low breast cancer. This is the first approved therapy for patients with the HER2-low breast cancer subtype, which is a newly defined subset of HER2-negative breast cancer. Furthermore, increased government initiatives and funds to improve cancer drug delivery in the United States are boosting the market growth. For instance, as per the report of the NCI Budget 2022, the budget proposal included USD 50 million for the Childhood Cancer Data Initiative, as well as Cancer MoonshotSM funding, which was authorized in the 21st Century, Cures Act.
Thus, due to the growing burden of cancer cases, and the increase in healthcare expenditure the cancer segment is expected to record significant growth during the forecast period.
Injectable Segment is Anticipated to Witness Significant Growth Over the Forecast Period
The injectable segment is likely to observe significant growth in the market studied owing to factors such as an increase in vaccination and immunization in the country and the presence of a large patient population suffering from various chronic diseases. For instance, according to the WHO immunization data portal, the diphtheria-containing vaccine's fourth dosage (first booster) was administered to 81.6% of the population. With the increase in immunization, the utilization of syringes and needles also increases, which is expected to boost the segment's growth over the forecast period.
Furthermore, in June 2022, BD (Becton, Dickinson, and Co.) and Mitsubishi Gas Chemical Co. Inc. (MCG) signed a letter of intent to discuss a partnership to explore new ways to advance pre-fillable syringe technology for biologic drug delivery. The agreement stated that they are anticipated to investigate the development of Oxycapt, an innovation from MGC that integrates the best of plastic and glass for the plastic syringe.
The increased adoption of injectable drugs, technological advancements in syringes, and the growing number of vaccination and immunization programs are expected to drive the volume growth over the next few years. For instance, in January 2022, Nephron Pharmaceuticals Corporation launched the cyclic olefin copolymer syringe (COC). It has a glass-like appearance but is break-resistant and lightweight. COC syringes are suitable for a variety of medications, including highly viscous drugs, and provide an extended product shelf-life. The disconnected plunger allows for easier storage. Also, the expansion of facilities to produce syringes is anticipated to contribute to the growth of the market.
Hence, due to the rise in injectable product launches and the increase in vaccination coverage, the injectable segment is anticipated to witness growth over the forecast period.
