The global “Drug Delivery Systems Market” is projected to reach USD 71.75 billion by 2029, exhibiting a CAGR of 9.0% during the forecast period. Increasing prevalence of multiple chronic conditions (MCCs) worldwide is expected to be the leading factor driving the growth of this market, finds Fortune Business Insights™ in its report, titled “Drug Delivery Systems Market Size, Share & Industry Analysis, By Type (Inhalation, Transdermal, Injectables and Others), By Device Type (Conventional and Advanced), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others) and Regional Forecast, 2022-2029”. MCCs refer to the existence of more than one chronic condition in an individual. According to a study published by the World Economic Forum (WEF), 33% of adults around the world suffer from a combination of MCCs such as cardiovascular disease with diabetes and depression or even cancer. Precision Drug Delivery Systems can play a crucial role in managing these conditions as they are able to administer drugs at the exact location of the disease. As incidence of chronic conditions rises, the demand for these systems is likely to spike in the coming years.
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North America to Hold Dominant Lead in the Market; Europe to Follow Closely
Among regions, North America is expected to dominate this market share during the forecast period owing to the active adoption of advanced drug delivery systems, especially for care of the elderly populace. Besides this, increased funding for medical R&D activities is also feeding the growth of this market. In 2019, the market size in the region was at USD 10.65 billion.
As per the report findings, the market value was at USD 26.08 billion in 2019. The report also offers the following information:
- Comprehensive analysis of the impact of COVID-19 outbreak on the market;
- Detailed assessment of the market trends, drivers, and restraints;
- In-depth examination of the regional dynamics and competitive environment shaping the market; and
- Careful study of all the possible market segments.
Coronavirus Pandemic to Create Multiple Opportunities in the Market
The drug delivery systems market growth is set to enter an animated period on account of the exponential spread of the COVID-19 infection. With the absence of a vaccine, healthcare professionals have been forced to rely on curative measures to alleviate the suffering of COVID-19 patients. In such dire circumstances, there is growing reliance on efficient drug delivery mechanisms to provide quick treatment for the disease. Moreover, the situation has generated several innovation opportunities for companies. For instance, in May 2020, UK-based Senzer Pharmaceuticals announced that it was working on creating inhalable targeted antivirals for COVID-19. Similar efforts are being made at the University of Texas at Austin where an innovative inhaled formulation of niclosamide is being developed to treat COVID-19 symptoms. Thus, the outbreak of the coronavirus pandemic has renewed the interest in drug delivery research and innovation.
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Global Drug Delivery Systems Market Segmentation :
Segmentation By Type
By Device Type
By Distribution Channels
- Hospital Pharmacies
- Retail Pharmacies
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- The Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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