The global injectable drug delivery market was valued at USD 483.5 billion in 2019 and is projected to grow significantly, reaching USD 2,651.3 billion by 2032. This represents a robust compound annual growth rate (CAGR) of 13.1% during the forecast period from 2020 to 2032. Notably, the North American market accounted for USD 172.67 billion in 2019, representing 35.71% of the global share that year.
Traditionally, medications were primarily administered through tablets, pills, or capsules. However, advancements in technology have revolutionized drug delivery methods, introducing smarter and more efficient systems. These innovative systems enable the targeted delivery of drugs, allowing for greater precision and effectiveness, particularly in areas that are challenging to access through the bloodstream
Read More : https://www.fortunebusinessinsights.com/industry-reports/injectable-drug-delivery-market-101044
In March 2020, Becton, Dickinson and Company (BD) achieved a significant milestone by successfully completing a 50-subject human clinical trial for their investigational device, the BD Libertas Wearable Injector. This development demonstrates the company's commitment to advancing injectable drug delivery technologies and enhancing patient-centric solutions.
The global injectable drug delivery market is driven by the rising prevalence of chronic diseases, such as diabetes and cancer, which require advanced drug delivery methods. Innovations in biologics and personalized medicine are also propelling market growth. However, challenges such as high manufacturing costs and stringent regulatory requirements may restrain the market's expansion.