Drug Delivery Devices Market Outlook:
According to the research report published by DataM Intelligence, the global drug delivery devices market size was worth USD 36,440 million in 2021 and is further predicted to reach USD 64,316 million by 2029, with growth at a CAGR of 7.6% during the forecast period 2022-2029.
Drug delivery is an essential way of administration of pharmaceutical compounds, which achieve a therapeutic effect in humans or animals. The devices face unique challenges in all aspects of product development from a regulatory strategy to design and material considerations through devising and implementing testing methodologies.
Hospitals have taken matters into their own hands by ‘outsourcing’ this low-risk medical procedure that drains both precious healthcare professionals’ time and limited space and handing the baton over to home cares or patients themselves who are able to perform such drug injections in the comfort of their own homes.
However, quality and regulatory requirements in each industry are slightly different, and often the biggest challenges emerge when companies aren’t aware that the constituent products of a combination product are also governed slightly differently.
Market Drivers
The drug delivery device has seen plenty of innovation over the years. The drug delivery space has seen plenty of innovation over the years, and there are no signs of that slowing down any time soon.
Improvements upon established technologies like insulin delivery devices and inhalers have been presented by some, while others have unlocked new ways of delivering drugs through a variety of means.
Among the best innovations in the space are some of the heavy-hitting companies, like Medtronic and Tandem Diabetes Care. Some up-and-comers are beginning to make waves, too, while research continues to uncover new ways to deliver therapeutics.
Market Restraints:
In recent years, there has been numerous product recalls in the injectable drug delivery segment. Recalls can be voluntary or can result after the intervention of regulatory authorities.
Usability issues must be identified and addressed during the development process. The presence of visible foreign matter during the testing of retention samples in injectable can cause severe health consequences such as permanent impairment of a body function, damage and/or obstruction of blood vessels, local inflammation, phlebitis, allergic response, and/or embolization in the body and infection.
Market Opportunities
The identification and integration of novel future technologies combined with developments in drug discovery and biotechnology show promise in meeting the ever-increasing demands of stakeholders, including optimizing drug-delivery methods for an aging population.
Undoubtedly in the future, delivery devices and drugs will become more conjoined. In some cases, device or formulation development is beginning as early as the pharmaceutical discovery phase.
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Market Segmentation:
According to the research report, the global market is segmented into the following;
By Route of Administration:
- Oral Drug Delivery
- Injectable Drug Delivery
- Ocular Drug Delivery
- Pulmonary Drug Delivery
- Nasal Drug Delivery
- Transmucosal Drug Delivery
- Implantable Drug Delivery
- Passive Implantable Drug Delivery
By Applications:
- Infectious Diseases
- Cancer
- Autoimmune Diseases
- Central Nervous System Disorders
- Respiratory Diseases
- Diabetes
By End User:
- Hospitals
- Ambulatory Surgery Centers
- Home Care Settings
- Diagnostic Centers
- Others
Impact of COVID-19
At the outbreak of the COVID-19 pandemic, most pharmaceutical companies and governments are working toward offering efficient medical treatment to the COVID-19 patients, and drug delivery devices are expected to play a vital role in this context.
For instance, in June 2020, Chalmers University of Technology, Sweden, the University of Gothenburg, and AstraZeneca, announced a new pivotal project for investigating a nasal spray mRNA vaccine against COVID-19 by combining various novel approaches in drug delivery.
The project is being worked toward developing principles for nasal immunization, developing a biomimetic nanoparticle provided with both immune enhancers and a targeting protein.
Regional Analysis
The global market is regionally divided into majorly five regions as
- North America
- South America
- Europe
- Middle East and Africa
- Asia Pacific
- Rest of the Global countries
North America Drug Delivery Devices Market
North America has the highest market and will increase its share up to XX% in 2028. The presence of a large number of pharmaceutical companies, growing R&D expenditure, rising patient preference for drug delivery devices, new product launches, and technological advancements are driving the growth of the market in the region.
The United States owns the largest share of the drug delivery devices market in the North American region. Heart disease is a leading cause of death that creates an enormous burden on people, communities, and healthcare providers and systems.
The rising incidence of diseases and increasing demand for drug delivery is expected to drive the market growth of drug delivery devices in South America.
Europe Drug Delivery Devices Market
The Europe region held a significant market share of around 20% in 2020 and is growing at XX% in 2028. Developed economies and favorable regulatory procedures are some of the principal factors providing huge opportunities for the major market players in the region.
Germany has the presence of all the major pharmaceuticals and biotechnology companies. The companies are constantly taking initiatives to introduce new products in order to grow their presence in the market.
Asia Pacific Drug Delivery Devices Market
The Asia Pacific is expected to experience the fastest growth rate during the forecast period owing to high economic growth in the region. Moreover, a large patient pool in countries like Japan, China, and India is also leading to the adoption of drug delivery devices by various end-users.
Japan contributed XX% of the revenue in the region in 2020 and during the forecast period, the market will grow at a CAGR of XX% during the forecast period.
Middle East and Africa Drug Delivery Devices Market
The increasing product launches and FDA approvals in this region is expected to boost the market growth. For instance, on June 20, 2019, Syqe Medical in Israel launched the first pharmaceutical-grade metered-dose cannabis inhaler, allowing physicians to prescribe precise dosages that meet pharmaceutical standards.
Countries such as Saudi Arabia, UAE, and Israel are witnessing an increased demand for drug delivery devices.
Major Companies Leading the Global Market:
The drug delivery devices market is highly competitive and consists of several major players and the emergence of new players in the market. Some of the key players which are contributing to the growth of the market are Baxter International, Acromed AG, Medtronic, Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd, Novartis AG, 3M, Sanofi, Merck & Co., Inc, Pfizer Inc, Bayer AG, GlaxoSmithKline plc, Novosanis, among others.
Competitive Analysis and Recent Developments in the Global Industry
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the drug delivery devices market globally. For instance,
- In May 2020, Kindeva Drug Delivery, formerly 3M Drug Delivery Systems, launched as an independent company following its acquisition by Altaris Capital Partners in a transaction valued at $650 million. As part of the transaction, 3M will retain a 17% minority interest in Kindeva alongside Altaris.
- In January 2020, Pulmatrix, Inc., a biopharmaceutical company developing inhaled therapies for serious pulmonary diseases, entered into a research collaboration with Nocion Therapeutics to explore new technologies to enable and improve inhaled drug delivery. The collaboration will leverage Pulmatrix’s iSPERSE platform in an effort to transform promising assets to improve drug delivery and safety profiles.
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- Visualize the composition of the Global Drug Delivery Devices Market in terms of various types of technologies, system types, and their end-users highlighting the key commercial assets and players.
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