Subcutaneous drug delivery has emerged as a promising and viable alternative to intravenous administration. The rising demand for subcutaneous drug delivery is attributed to the rapid development of biologics. Moreover, the subcutaneous route of administration is generally preferred, as it enables self-medication, improves quality of life, and thus reduces healthcare costs.
Request a sample copy of this report:- https://www.coherentmarketinsights.com/insight/request-sample/2933
Furthermore, convenience and safety for both patients and medical professionals offered by subcutaneous devices are major factors leading to growth of the global subcutaneous drug delivery market. According to the World Health Organization, 2014, around 2 million healthcare professionals suffered from infectious diseases as result of needlestick injuries, globally. The retractable nature of prefilled syringes help to overcome this problem, thereby acting as an ideal device to reduce the occurrence of needlestick injuries.
Increasing focus of manufacturers on adoption of inorganic growth strategies such as collaboration and partnership, in order to strengthen their product portfolio of subcutaneous drug delivery systems is expected to drive the market growth over the forecast period. For instance, in October 2017, EVER Neuro Pharma GmbH acquired PHARMAGEN CZ s.r.o, a company that specializes in injectable segment, located in Slovakia, Europe.
Preference for safety injection devices is increasing among healthcare professionals and manufacturers, as these devices decrease the chances of needlestick injuries. For instance, WHO recommended the use of safety syringes with sharp injury protection (SIP) in order to prevent needlestick injuries. Moreover, in May 2017, Innovative Neurons LLC announced its plan to commercialize its patented auto retractable multi-needle syringe known as FAST (fast, accessible, safe, and technology), to decrease needlestick injuries. In 2016, Nipro Medical Corporation launched 'SafeTouch' safety needle, which protects patients from needlestick injuries.
The unavailability of approved products due to increasing number of product recalls by various developers is a factor hindering growth of the global subcutaneous drug delivery market. For instance, on May 18, 2020, Bausch & Lomb UK Limited announced a recall of Emerade 500 microgram auto-injectors, owing to error in one component of auto injector, which caused the failure to activate the pen and deliver adrenaline drug. Moreover, in April 2018, Becton Dickson and Company announced recall of PosiFlush Heaparin Lock Flush Syringe and Prefilled normal saline syringe, owing to contamination with Serratia marcescens bacterium.
COVID-19 can affect the economy in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and by its financial impact on firms and financial markets. Supply chain and manufacturing activities in India, China, and the U.S. are being disrupted due to global lockdown while many countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another.
The stockpiling of subcutaneous or oral formulations due to the lockdown may cause a spike in demand for certain products. According to an article published in the Center for Biosimilars (American Journal of Managed Care), on February 27, 2020, manufacturers such as Novartis AG who have manufacturing facilities in Austria, Europe, are particularly at risk on the supply side.
Thus, the impact of the coronavirus (COVID-19) pandemic is expected to limit growth of the global subcutaneous drug delivery market during the forecast period.
Major players operating in the global subcutaneous drug delivery market include Becton Dickinson and Company, Novo Nordisk A/S, Johnson & Johnson, Sanofi S.A., Novartis International AG, Amgen, Inc., Teva Pharmaceutical Industries Ltd., F. Hoffmann-La Roche AG, Consort Medical plc, Eli Lilly and Company, and Merck & Co., Inc., Novartis International AG, Insulet Corporation, West Pharmaceutical Services, Inc., and Gerresheimer AG.
Get the main link:- https://www.coherentmarketinsights.com/market-insight/subcutaneous-drug-delivery-market-2933
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Email: [email protected]
Visit our news Website: http://www.coherentchronicle.com/