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.

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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.

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"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."

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.

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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%.