The increasing prevalence of diabetes and cardiovascular diseases stands as the key factor promoting the global subcutaneous drug delivery devices market growth. The World Health Organization (WHO) stated an estimate of about 30% of the world population, i.e., 17.3 million people worldwide died of CVD in the year 2008. Therefore, the rising cases of heart disease act as a major factor boosting the subcutaneous drug delivery devices market.
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Healthcare Sector Gaining Promising Revenue during COVID-19 Pandemic
The global pandemic of COVID-19 has had a major impact on most businesses. The imposition of complete lockdown resulted in shutting down manufacturing, transportation, and reselling altogether. The healthcare sector has however witnessed a promising revenue rate on account of the increasing number of patient population.
Global players operating in the market for subcutaneous drug delivery devices are adopting various strategies to gain a competitive edge. These include mergers and acquisitions, product launches, research and development, company collaborations, and others. Besides this, the entry of new players is expected to intensify the market competition. The increasing awareness about the advantages of opting for subcutaneous drug delivery devices will also bode well for the market in the coming years.
Sanofi’s Cost-Efficient Injection Pen will help Market Gain Impetus
The U.S. Food and Drug Administration announced the approval of Toujeo Max SoloStar by Sanofi S.A. in March 2018. The SoloStar is an injection pen with maximum unit used for reducing the number of injections and cut additional expenses. The cost efficiency of this injection pen helped the company gain significant revenues for the market and is further expected to continue doing so in the forecast period. Based on the current trends related to the global subcutaneous drug delivery devices market, the wearable injectable section is likely to earn the highest share during 2020-2030.
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