The global advanced parenteral drug market is expected to register growth during the forecast period. A steady rise in the number of parenteral drug administration has led to an increase in demand for advanced parenteral drug delivery devices. After oral administration, parenteral drug administration is the most common route of drug delivery owing to the advantages associated with it such as greater bioavailability of the active pharmaceutical ingredient with a narrow therapeutic index.
The advanced parenteral drug market is segmented into two types on the basis of application and products. The application segment is sub-segmented into cardiovascular agents, respiratory agents, gastrointestinal agents, central nervous system agents, nutritional agents, and anti-infective agents. The product segment is further subdivided into IV catheters, injector cartridges, prefilled syringes, and hypodermic syringes. Prefilled syringes are expected to be the fastest-growing segment of this market owing to enhanced safety, ease of administration, accurate dosage, and minimal risk of contamination. Rapid improvements in the field of biosimilars and biological products coupled with increasing usage of controlled drug delivery systems are also expected to fuel market growth in the forecast period. Advanced drug delivery device is capable of reducing the total number of injections in the drug therapy by sustained release drug delivery mechanism, which is of medical and economical importance.
The advanced parenteral drug market is studied with respect to four main geographies such as North America, Europe, Asia Pacific, and RoW. North American market is expected to have the largest market share due to increasing acceptance of technologically advanced healthcare systems and rising patient awareness levels. European market expected to follow North American market. Asia Pacific regional market is expected to be the most lucrative due to increasing penetration, greater untapped opportunity and rapidly improving healthcare infrastructure in emerging economies of China and India.
The advanced parenteral drug delivery devices market is competitive with respect to technological advancements and pricing. Key market players in an attempt to increase market penetration are implying various strategies featured in this report. Prominent players studied in this market include Amgen Incorporated, AstraZeneca plc, Abbott Laboratories, Baxter International Incorporated, Becton, Dickinson, and Company, Bristol-Myers Squibb Company, AptarGroup Incorporated, Novartis AG Pfizer Incorporated, GlaxoSmithKline Plc, and Roche Holding Limited.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.