Report: Japanese drug delivery devices market projected to reach $3.4bn by 2023
The Japanese drug delivery devices market is expected to increase from $2.56bn in 2016, to $3.4bn by 2023, according to a report by GlobalData.
Titled ‘Japan Drug Delivery Devices Market Outlook to 2023, – Central Venous Catheters, Infusion Systems, Needle Free Injections and Metered Dose Inhaler Devices’, the report anticipates the market to grow at a compound annual growth rate (CAGR) of 4.7% between 2016-2023.
The drug delivery devices market includes central venous catheters, needle-free injections, infusion systems, and metered-dose inhaler devices.
The market is dominated by both domestic and international companies, with Terumo Corp being the leading domestic player with a 13.5% share in 2016.
The anticipated growth in the market is attributed to a number of factors, including an increase in chronic diseases, rise in demand for controlled drug release, and advanced technologies.
GlobalData Healthcare analyst Tina Deng opines that companies will need to keep an eye on existing and emerging market trends to succeed in the market.
An estimated 60% of the Japanese drug delivery devices market is dominated by infusion systems, which are projected to grow at a CAGR of 4.7% during the forecast period. The segment is highly competitive, with domestic companies Terumo Corp and Nipro Corp holding a combined market share of 30.5% in 2016.
The infusion systems segment is expected to continue growing during the forecast period due to new product launches, innovations, as well as research and development.
The metered-dose inhaler devices segment is projected to grow at a CAGR of 3.5%, while the central venous catheters market is forecast to grow at a CAGR of 3.4%.
Deng adds that the demand for painless and effective drug delivery devices will propel the growth of the needle-free injections segment, which is expected to grow at a CAGR of 3.9%.