The Chinese drug delivery devices market is projected to reach $638.4m by 2023, according to a report by GlobalData.
Titled ‘China Drug Delivery Devices Market Outlook to 2023, – Central Venous Catheters, Infusion Systems, Needle Free Injections and Metered Dose Inhaler Devices’, the report states that the top 15 companies operating in the market space are overseas players.
Consumer demand for quality is the key factor responsible for the dominance of overseas players in the Chinese drug delivery devices market.
Despite the presence of several domestic companies, products sold by overseas players are perceived as being safer by doctors as they are fully approved by multiple regulatory authorities.
The drug delivery devices market includes four categories, namely infusion systems, metered-dose inhaler devices, central venous catheters, and needle-free injections.
The infusion systems category holds the biggest market share of 58% and was worth $285m in 2016.
The segment is expected to grow at a compound annual growth rate (CAGR) of 4.1% during the forecast period. Metered dose inhaler device category with a sales worth $178.8m in 2016 is projected to grow at a CAGR of 3.5%.
Central venous catheters segment recorded sales worth $25.3m in 2016, while the needle-free injections segment was worth $1.8m.
GlaxoSmithKline (GSK) is the biggest overseas player in the market and held a market share of 10.9% of the $490.9m market in 2016. The company achieved the dominance through aggressive pricing strategy and price reduction, states GlobalData Medical Devices analyst James Spencer.
Opaque and continually changing regulatory guidelines regarding commercialisation of devices pose challenges for investors. The market, however, is expected to grow at a CAGR of 3.8% during the forecast period despite the anticipated challenges.
Unit sales of drug delivery devices is forecast to increase from 27.2 million in 2016 and to 37.1 million in 2023, representing a CAGR of 4.5%. The rise in incidences of chronic diseases is expected to further drive demand, states Spencer.