Research Overview
Competition with Traditional Needle-syringes and Safety Syringes
Needle syringes and safety syringes are predicted to maintain their price advantage over needle-free devices. This is due to low technology involved in their manufacturing process. The usage of safety syringes is expected to increase dramatically in the coming years following the Needlestick Safety and Prevention Act. One of the advantages needle-free devices offer is prevention of needlestick injury, which is no longer a competitive factor because of growing acceptance of safety syringes. However, the competition with traditional needle syringes is expected to remain a competitive factor in this market for next 4-5 years.
Need for New Drug Formulations Restricts Profitability
Development of drug formulations available for needle free injection delivery may be required by needle free delivery companies. Reformulating and evaluating existing formulas as possible candidates for needle free injection incurs a cost. Needle free drug delivery companies may be required to formulate drugs to use in their devices. Taking any product through a research and development process can be costly. Needle free drug delivery companies may need to have funds on reserve, which is lacking right now. The revenues generated are limited and thus spending money on R&D is expected to impact the bottom line of the companies.
Self-Administration Spurs Market Expansion
Self-Administration of injectable-only drugs is slowly gaining acceptance among consumers. Administration of insulin and biotechnology drugs for chronic conditions such as rheumatoid arthritis are expected to drive the acceptance. With the reducing cost per injection and improving technologies, the needle-free devices are expected to become a mainstay administration technique for drugs that can be self-administered.
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