Advanced Parenteral Drug Delivery Devices Market | 2032

Report Description

Advanced Parenteral Drug Delivery Devices Market Outlook 2032

The global advanced parenteral drug delivery devices market size was USD 3.6 Billion in 2023 and is projected to reach USD 5.2 Billion by 2032, expanding at a CAGR of 4.2% during 2024–2032. The market growth is attributed to the rising number of developments in the field of medical devices for dose specification and drug delivery.

Parenteral drug delivery devices are innovative methods for administering drugs beyond oral dosage. They enable targeted drug targeting and controlled release, offering benefits in critical medical conditions, such as nausea and unconsciousness. These devices are efficient for active drug molecules with poor bioavailability and narrow therapeutic index. However, repeated injections cause discomfort for patients.

• In 2020, the FDA approved 13 biologics, of which 10 are monoclonal antibodies. Some of these approved drugs have been administered to various patients and they have shown positive responses as well.  Adults with refractory or relapsed multiple myeloma who have not responded to prior therapy are treated with talquetamab-tgvs injection (Talvey), a first-in-class medication. The FDA approved Nirogacestat (Ogsiveo) as the first treatment for adults with progressive desmoid tumors. Capivasertib (Truqap): This medication targets hormone receptor (HR)-positive, HER2-negative, locally progressed or metastatic breast cancer with particular genetic abnormalities when used in conjunction with fulvestrant. Therefore, these drugs drive the parenteral drug delivery device market.

Key players are investing in developing novel delivery systems to reduce patient discomfort and optimize therapeutics. The growing prevalence of cardiac diseases, diabetes, and cancer is driving the advanced parenteral drug delivery devices market, for instance,

• In May 2020, ApiJect Systems America received a contract of USD 138 million from the US Department of Defense and the US Department of Health and Human Services for "Project Jumpstart" and "RAPID USA," two initiatives aimed at enhancing US production capacity for medical-grade injectable devices.

• In May 2021, Phillips-Medisize launched the Aria Smart Autoinjector platform to unlock innovation and sustainability in the market. Aria smart autoinjectors are small and easy to use. It accommodates 1 ml and 2.25 ml staked needle pre-filled syringes and supports programmable 10-second injections, audio-visual user feedback, and a wide range of viscosities. It is a sustainable and environment-friendly autoinjector that minimizes waste and aligns with emerging global trends.

Rising advancements and discoveries in drug delivery systems are projected to boost the market in the coming years. For instance, on 09 August 2022, Frontiers published a research paper declaring that a transenteric delivery of antibodies through an orally ingestible robotic pill yields a high bioavailability compared to parenteral administration in awake canines.

Patients prefer orally administered medications over injections, and manufacturers often find it easy and less expensive to produce non-sterile medications such as tablets or liquids in specialized, controlled environments. This preference is particularly prevalent among patients with needle phobia. Additionally, preparing non-sterile medicines such as tablets or liquids is simpler and cheaper than manufacturing sterile medicines in highly specialized, controlled environments.

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Impact of Artificial Intelligence (AI) on the Advanced Parenteral Drug Delivery Devices Market

Artificial intelligence boosts the advanced parenteral drug delivery devices market. Artificial intelligence provides expedited solutions in the delivery of drugs and dosage calculations and presents transformative opportunities by testing sterility and maintaining efficacy. It also reduces patient compliance and human errors, leading to contamination-free dosage. Furthermore, AI contributes to reducing development costs by optimizing research and development processes. The real-time monitoring of parenteral drug delivery devices during their manufacturing process is crucial.

Advanced Parenteral Drug Delivery Devices Market Dynamics

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Major Drivers

Rising demand for enhanced parenteral drug delivery devices boost the market. Technological advancements in parenteral drug administration results in the introduction of innovative devices that enable the prolonged release of medication and advanced drug targeting. Moreover, the increasing advancements in biologics, such as gene therapies, next-generation cells, and monoclonal antibodies, propel the market.

Growing number of biosimilar approvals and launches fuel the market during the forecast period. Prenatal devices are in high demand due to the growing usage of patient-specific doses or precision medicine, which is necessary to attain ideal medication levels and eventually leads to the rise in the need for self-administered drugs. The increasing number of patients preferring precise and digital healthcare is also contributing to the market growth. For instance,

• In 2023, according to Cigna, 60% of consumers anticipate that their digital healthcare experience exactly the same as their in-store healthcare experience. Additionally, 57% of consumers said that they require at-home gadgets for remote monitoring of ongoing health conditions.

Existing Restraints

Adverse effects associated with the parenteral drugs are leading to numerous infections, hypersensitivity, and tissue damage. Additionally, poor patient compliance and the requirement of clinical supervision hinder the market.

Drug irreversibility is another factor restraining the market. The injections have limitations for sustained protein levels and require sterile preparation. Additionally, the high cost associated with these advanced parenteral drug delivery devices and errors during administration and packaging by humans is expected to restrain the market. High developmental and manufacturing costs, reimbursement challenges, and cybersecurity concerns are expected to hamper the market.

Emerging Opportunities

­The growing demand for biologics and specialty drugs, sustainability and eco-friendly solutions, and ongoing technological advancements, such as microfluidics, nanotechnology, smart drug delivery systems, 3D printing, needle-free injection devices, wearable and implantable drug delivery systems, connected devices and telehealth integration are anticipated to create lucrative opportunities in the market. These advancements aim to improve patient care, medication adherence, and treatment outcomes.

Needle-free injection devices minimize pain and needle phobia, while wearable and implantable drug delivery systems offer continuous and discreet medication delivery. Connected devices and telehealth integration enable remote monitoring and data sharing with healthcare providers, enabling improved treatment management.

Scope of the Advanced Parenteral Drug Delivery Devices Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Advanced Parenteral Drug Delivery Devices Market Segment Insights

Application Segment Analysis

Based on application, the advanced parenteral drug delivery devices market is divided into endocrine agents, cardiovascular agents, respiratory agents, genito-urinary agents, obstetrics and gynecology agents, gastrointestinal agents, central nervous system agents, nutritional agents, and anti-infective agents.

The endocrine agents segment held a major share of the market in 2023 owing to a large patient base suffering from diabetes, thyroid, and other endocrinal disorders, which require regular parenteral drug delivery. According to WHO, around 422 million people are suffering from diabetes across the globe, out of which the majority of people are living in low- and middle-income countries and about 1.5 million deaths are attributed to diabetes each year. Additionally, the growing demand for self-administered drugs through autoinjectors, which allow patients to administer the right dosage by themselves at home, is also driving the segment.

The cardiovascular agents segment is expected to expand at a significant growth rate in the coming years due to the increasing prevalence of cardiovascular disease. In 2022, WHO stated that cardiovascular disease is the global leading cause of death, taking about 17.9 million lives every year. Cardiovascular agents help in treating high cholesterol, blood clots, stroke, and heart failure. 

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Product Segment Analysis

On the basis of product, the global advanced parenteral drug delivery devices market is segregated into IV catheters, injector cartridges, prefilled syringes, hypodermic syringes, wearable injectors, pens & auto-injectors, vial bag infusion system, and others. The prefilled syringes segment held a large market share in 2023 due to the convenience that it provides for a safe and prefilled dosage. These help to keep a contamination-free environment near the insertion, lowering the risk of infections. The Centers for Disease Control and Prevention (CDC) believes and stated that using safety measures such as prefilled syringes in hospitals reduces the risk of sharps-related injuries by 60-88%.

• In February 2022, Takeda received US FDA approval for TAKHZYRO (lanadelumab-flyo) injection in a single-dose prefilled syringe (PFS) for preventing hereditary angioedema attacks (HAE) in adult and pediatric patients.

The pens & auto-injectors segment is anticipated to expand at a substantial CAGR during the forecast period owing to their simplicity, reliability, and competence to be administered directly by the patient, eliminating the assistance of a physician. Therefore, pens & auto-injectors are gaining popularity.

Route of Administration Segment Analysis

Based on route of administration, the advanced parenteral drug delivery devices market is segmented into intra-arterial and intracardiac, intradermal, subcutaneous, intramuscular, intraspinal, and others. The subcutaneous segment dominated the market in terms of revenue generation in 2023. The segment growth is attributed to the administration of certain drugs, such as insulin, that are administered subcutaneously. Drugs are injected subcutaneously and are absorbed very quickly and consistently due to the high vascularity of the tissue.

The intravenous segment is projected to register a robust growth rate during the assessment period owing to the widespread usage of intravenous injectable medications, also known as intravenous bolus doses, which quickly raise the plasma concentration of drugs and have an immediate effect.

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Distribution Channel Segment Analysis

On the basis of distribution channel, the advanced parenteral drug delivery devices market is divided into retail pharmacies, hospital pharmacies, and online pharmacies. The hospital segment generated a major revenue share of the market in 2023 and is expected to continue its dominance during the forecast period. The increasing number of diabetic patients visiting hospitals for emergencies or complications related to their condition, the high number of injections administered daily in a single location, and the rising prevalence of hospital-acquired infections (HAIs) among diabetic patients are all contributing the segment growth.

The retail pharmacy segment is expected to lead the market in terms of revenue during the projection period. The growing desire for easy-to-take, portable pharmaceuticals which do not require any preparation ahead of time is projected to propel the segment.

Regional Outlook

In terms of region, the global advanced parenteral drug delivery devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a key share of the global advanced parenteral drug delivery devices market in 2023 due to rising patient awareness, technological advancement in drug delivery devices, and the growing incidence of chronic diseases in the region.

• The Centers for Disease Control and Prevention (CDC) estimates that 37.3 million people in America suffer from diabetes, accounting for 11.3% of the total population of the country. Heart disease remains the leading cause of death in the US, accounting for approximately 697,000 deaths in 2020.

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