The market for drug delivery devices was valued at US$ 258,800.0 million in 2022 and is anticipated to grow at a CAGR of 7.4% from 2023 to 2030 to reach US$ 423,431.7 million. Due to the rising prevalence of chronic/non-communicable diseases and the widespread use of technologically advanced drug delivery devices, the market for these devices is expanding rapidly. Additionally, the market is anticipated to grow as the global geriatric population rises and the biologics market expands. However, the market’s growth is anticipated to be hampered by factors like product recalls and the risk of needlestick injuries.
The global market for drug delivery devices is divided into five regions based on geography: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Due to the region’s rising chronic disease burden, rising demand for drug delivery devices, and rising awareness of the benefits of such devices, North America is anticipated to gain the largest market share over the course of the forecast period. For instance, Corium announced in March 2022 that the FDA had approved ADLARITY (donepezil transdermal system) as a treatment for people with mild, moderate, or severe Alzheimer’s-related dementia. The only once-weekly patch that continuously and consistently administers doses of donepezil through the skin is ADLARITY.
Due to the rising prevalence of non-communicable diseases and increased demand for drug delivery devices in these regions, Europe and Asia Pacific are also anticipated to experience significant growth in the global market for drug delivery devices. For instance, non-communicable diseases (NCDs) are the main cause of death in the European Region, according to the World Health Organization (WHO/Europe). Nearly 75% of fatalities in the area are caused by NCDs, which include chronic respiratory diseases, cancer, diabetes, and cardiovascular diseases. As a result, Europe and the Asia-Pacific region are seeing a sharp increase in demand for drug delivery systems.
Click Here to Get a Sample Copy @ https://www.coherentmarketinsights.com/insight/request-sample/5419
Over the forecast period, it is anticipated that the global burden of chronic/non-communicable diseases will fuel market growth for drug delivery devices. For instance, innovative patient solutions for chronic diseases are provided by implantable drug delivery systems. Non-communicable diseases (NCDs), such as heart disease, stroke, diabetes, cancer, and chronic lung disease, are to blame for 74% of all fatalities worldwide, according to the World Health Organization (WHO). More than 75 percent of deaths from NCDs take place in low- and middle-income nations. In turn, this is anticipated to support the expansion of the market for drug delivery systems globally.
Over the course of the forecast period, it is anticipated that there will be a rise in the use of technologically advanced drug delivery devices for efficient drug delivery. For instance, Gufic Biosciences introduced the dual-chamber bags (DCB), a new drug delivery system (NDDS) in India in June 2022 at a competitive price. These two-chamber IV bags are made of polypropylene (DEHP free) and have an aluminium foil that can be peeled off to store unstable medications that need to be reconstituted right before giving them to the patient. This is then anticipated to fuel the market’s expansion.
Players in the drug delivery device market should see significant growth opportunities as a result of the biologics market’s expected rapid growth. For instance, it is anticipated that drug delivery systems will enhance the targeted delivery of biologics. As a result, market players are concentrating on creating new drug delivery systems and devices. Additionally, over the course of the forecast period, research to create drug delivery systems for biologics is anticipated to increase, fueling market expansion. Bristol-Myers Squibb invested nearly US$ 900 million in a large biologics facility in Ireland, and Novartis invested US$ 700 million in its biologics facility in Singapore.
Global players in the market for drug delivery devices can anticipate lucrative growth opportunities due to the growing geriatric population. For instance, chronic diseases tend to be more prevalent in older people than in younger people around the world because older people are more likely to develop them. WHO estimates that by 2030, 1 in 6 people worldwide will be 60 years of age or older, and by 2050, there will be twice as many people worldwide who are 60 years of age or older (2.1 billion). It is anticipated that this will lead to an increase in demand for drug delivery systems globally.
The expansion of strategic initiatives and the creation of new products is the main trend propelling the market for drug delivery devices. For instance, Agile Therapeutics Inc. announced the release of Twirla (levonorgestrel and ethinyl estradiol) transdermal system, a new non-invasive contraceptive patch, in December 2020. The growth of the market is being fueled by the development of such products, which are fueling the use of drug delivery products.
Furthermore, the development of biologics is accelerating quickly all over the world along with the prevalence of chronic diseases. Players in the market are concentrating on creating and releasing technologically sophisticated drug delivery systems for biologics. Biologic medications are administered via parenteral drug delivery because of their large molecular size and delicate molecular structure. During the forecast period, this trend is also anticipated to persist, fueling the expansion of the global market for drug delivery systems.
Recalls of products are predicted to impede the development of the global market for drug delivery devices. For instance, the U.S. FDA recalled Medtronic’s SynchroMed II systems in December 2019 after reports of patient deaths after having the SynchroMed II system implanted. A voluntary recall of specific SynchroMed II implantable drug infusion pumps was classified by FDA as a Class I event.
The market for drug delivery devices is predicted to grow slowly due to the risk of needlestick injuries. For instance, the majority of drug delivery systems on the market today are injectable ones that use needles to administer therapeutics to patients. In healthcare settings, it is well known that there are many instances of serious needlestick injuries. One of the most significant occupational hazards for healthcare workers worldwide is these injuries.
Ask For Discount Before Purchasing This Business Report : https://www.coherentmarketinsights.com/insight/request-discount/5419
Route of Administration, Application, End User, and Geography are the segments used to segment the drug delivery device market report.
The market is divided into Injectable, Topical, Ocular, and Other Routes of Administration based on route of administration. Due to the rise in the use of injectable medications to treat chronic and non-communicable diseases, the injectable segment is anticipated to dominate the drug delivery device market during the forecast period. The most efficient method of administration is via injection because it increases the drug’s bioavailability more than other methods do.
Due to the rise in diabetes prevalence, Topical Segment is anticipated to experience significant growth in the near future. Drugs that are administered transdermally are ones that are absorbed through the skin.
The market is divided into Cancer, Cardiovascular, Diabetes, Infectious Diseases, and Other Applications based on application. Out of these, the cancer segment is anticipated to rule the market over the anticipated time frame, and this is due to the rising burden of cancer.
Segment is anticipated to experience significant growth in the near future, and this is due to the rise in cardiovascular disease prevalence globally.
The market is divided into Hospitals, Ambulatory Surgical Centers, and Other End Users based on the end user. Due to the rise in the use of drug delivery devices in hospitals, the Hospitals Segment is anticipated to dominate the market over the course of the forecast period.
The Ambulatory Surgical Centers Segment is also anticipated to experience significant growth in the near term, and this is due to the centres’ increasing use of injectable medications.
Pfizer Inc. acquired Arena Pharmaceuticals in March 2022 to increase the number of therapeutic candidates it had available for use in dermatology, gastroenterology, and other fields.
To broaden its product offering in cutting-edge drug discovery technologies, Bayer AG acquired 100% of the shares of the biopharmaceutical company Vividion Therapeutics in August 2021.
Mallya is a cutting-edge medical device that Roche and Biocorp will introduce in April 2021 to enhance the daily lives of diabetic patients.
Key Companies Insights
The market for drug delivery systems is very crowded worldwide. This can be attributed to the rising demand for drug delivery devices globally, which has led to market players concentrating on introducing novel products.
Pfizer Inc., Novartis AG (Sandoz), F. Hoffmann-La Roche Ltd., Johnson & Johnson, Bayer AG, and other major companies are some of the market’s leading competitors.
Buy This Complete Business Report @ https://www.coherentmarketinsights.com/insight/buy-now/5419
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Drug Delivery Device Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Drug Delivery Device Industry Impact
Chapter 2 Global Drug Delivery Device Competition by Types, Applications, and Top Regions and Countries
2.1 Global Drug Delivery Device (Volume and Value) by Type
2.3 Global Drug Delivery Device (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Drug Delivery Device Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Drug Delivery Device Market Analysis
Chapter 6 East Asia Drug Delivery Device Market Analysis
Chapter 7 Europe Drug Delivery Device Market Analysis
Chapter 8 South Asia Drug Delivery Device Market Analysis
Chapter 9 Southeast Asia Drug Delivery Device Market Analysis
Chapter 10 Middle East Drug Delivery Device Market Analysis
Chapter 11 Africa Drug Delivery Device Market Analysis
Chapter 12 Oceania Drug Delivery Device Market Analysis
Chapter 13 South America Drug Delivery Device Market Analysis
Chapter 14 Company Profiles and Key Figures in Drug Delivery Device Business
Chapter 15 Global Drug Delivery Device Market Forecast (2022-2028)
Chapter 16 Conclusions
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Coherent Market Insights
533 Airport Boulevard, Suite 400, Burlingame,
CA 94010, United States.
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027