Saving Patients From the Needle Boosts Drug Delivery Company Revenues: Report
NEW YORK, NY--(Marketwire - Feb 20, 2013) - Led by needle-free delivery systems the advanced implantable/injectible drug delivery market reached revenues of $13.3 billion in 2012, according to their recently published report Injectable, Implantable and Needle-Free Drug Delivery Systems. In 2017, the implantable/injectable drug delivery market, is expected to reach revenues of $19.8 billion with a compound annual growth rate of 10.6%, as new products are developed and existing products gain customer acceptance.
Kalorama believes the products will find a welcome home in a healthcare system increasingly focused on delivering vaccines to adult populations. The development of better delivery systems in conjunction with the discovery of novel pharmacological compounds will lead to significant improvements in drug delivery and increased revenues for companies. Kalorama's market report covers novel implanted delivery systems such as parenteral depot formulations and needle-free systems. It does not include drug-eluding stents or regular syringes.
"Needles conjure up fear in patients and providers want to offer patients new solutions," said Mary Ann Crandall. "Providers and patients won't have to be sold on the benefits of losing the needle, though they need to work out the costs."
Kalorama believes that world-wide, needle-free jet injectors have an established market among diabetic patients. In the United States, more than a dozen needle-free jet injectors have been licensed by the Food and Drug Administration and are on the market. A few of these devices are being used in physicians' offices and clinics across the country. In Europe, needle-free injectors have become very popular as about 50% of insulin users utilize needle-free jet injectors. One of the more popular needle-free jet injectors used to deliver vaccines is the Biojector 2000. PharmaJet, recently received approval for its Stratis needle-free injector. The Stratis can deliver medications intramuscularly or subcutaneously by means of a high velocity fluid jet, which penetrates the skin. The products are especially adept for delivering vaccines.
Pharmaceutical manufacturers are seeking alternatives to conventional delivery systems to introduce patients to innovative platforms that promote compliance and reduce risks. This is putting pressure on the drug delivery companies to meet the demands and remain competitive in the implantable/injectable drug delivery. Within the implantable/injectable drug delivery market, there are a number of competitors. Competition in the segment has increased over the past 10 years, with top delivery technology companies such as ALZA, Pacira, Bioject, and Alkermes.
The report said that Needle-free jet injectors can be categorized as high-workload devices, which can inject more than 150 people per healthcare worker per hour and are designed for mass immunizations, or low-workload devices, which can inject about 30 people per healthcare worker per hour and are intended for use in physicians' offices. They are well suited for vaccine delivery. Long term, Kalorama believes manufacturers will have to figure out how to get complicated biological compounds to pass the system.
"The challenge for manufacturers of needle-free injectors is to develop similar devices that can be used in protein delivery," said Crandall. "This has proven to be a harder task."
The full report, The World Market for Injectable, Implantable and Needle-Free Drug Delivery Systems contains reviews of products and profiles of companies in the industry. The report breaks out what part of revenue is from the device and what part is from pharmaceuticals. The report can be found at http://www.kaloramainformation.com/Injectable-Implantable-Needle-7352791/
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.
