Drug Delivery Devices Market to Grow at 7.80% CAGR through 2029
The rising
prevalence of chronic diseases and technological advancements is expected to
drive the Global Drug Delivery Devices Market growth in the forecast period, 2025-2029.
According to
TechSci Research report, “Drug Delivery Devices Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2019-2029F”,
the Global Drug Delivery Devices Market stood at USD 240.62 Billion in 2023 and is
anticipated to project steady growth in the forecast period with a CAGR of 7.80% through 2029. The
Global Drug Delivery Devices Market is primarily driven by factors such as the
increasing prevalence of chronic diseases, growing demand for targeted and
controlled drug delivery systems, advancements in biotechnology and
nanotechnology, expanding geriatric population requiring long-term medication,
and the need for more convenient and patient-friendly drug administration
methods.
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"Global Drug Delivery Devices Market”
Technological
advancements in medical device manufacturing have led to the development of
innovative drug delivery devices that ensure precise administration of medicine
to patients. The increasing burden of chronic diseases such as diabetes,
cardiovascular diseases, cancer, and chronic obstructive pulmonary disease
(COPD) is driving the demand for drug delivery devices. The rapid growth of the
biopharmaceutical industry and the development of effective drugs for chronic
diseases further contribute to the demand for drug delivery devices globally.
The biopharmaceutical industry's growth is resulting in the development of
various new drugs for the treatment of different diseases. Increased
investments by drug manufacturers in clinical trials and the active role played
by regulatory authorities like the FDA and EMA are boosting the development of
innovative drugs. The introduction of new drugs to the market sometimes
requires innovative delivery devices, thereby increasing the need for various
drug delivery devices.
The market's growth is augmented by the presence of several key players and
strategic initiatives such as acquisitions, mergers, collaborations, and new
product launches. Furthermore, increased investments in marketing activities by
market players positively impact market growth. The rising prevalence of
chronic diseases, technological advancements, and the growth of the biologics
market are significant factors expected to drive the development of the drug
delivery devices market. Advanced drug delivery devices are increasingly
adopted due to their ability to deliver drugs more effectively, leading to
faster recovery among the targeted population.
Moreover, the
growing number of cancer, respiratory disease, and diabetic patients worldwide
is likely to promote the adoption of drug delivery devices and drive overall
market growth. According to data published by the International Agency for
Research on Cancer in 2020, globally, 1 in 5 people develop cancer during their
lifetime, with breast, colorectal, lung, cervical, and thyroid cancers being
common among women, and lung and prostate cancer being the most common among
men. This rising burden of cancer further increases the adoption of drug
delivery devices, contributing significantly to market growth. Technological
advancements in drug delivery devices are making them more patient-friendly,
accessible, and accurate. Players in the industry are investing heavily in
research and development to continuously innovate new technologies and advanced
drug delivery devices. For example, in May 2021, Phillips-Medisize launched its
Aria Smart Autoinjector platform, featuring advanced technologies such as a
modular drug delivery platform supporting various drug formulations and
built-in Bluetooth for connectivity to smartphones, tablets, and mobile apps.
Additionally, Roche developed a Port Delivery System with ranibizumab (PDS), a
drug delivery implant that eliminates the need for frequent eye injections for
patients with wet age-related macular degeneration. This PDS drug delivery
implant received priority review from the FDA. The active involvement of major
players is expected to have a significant impact on market growth. In
conclusion, the aforementioned factors are expected to drive market growth.
The Global Drug
Delivery Devices Market is segmented into application, route of administration,
end user, regional distribution, and company.
Based on the
route of administration, the market is divided into injectable, topical,
ocular, and others. The injectable drug delivery segment is anticipated to
experience growth due to technological advancements and increasing demand for
biologics. The demand for injectable drug delivery devices is projected to
rise, driven by the growing burden of chronic diseases and the benefits and
convenience they offer. This, in turn, will lead to an increased demand for
self-injectors and contribute to the growth of the biologics market. The
introduction of self-injection devices, such as auto-injectors, pen-injectors,
and needle-free injectors, has simplified the use of injectable drug delivery
(IDD). Patients can now administer drugs at home without the need for medical
assistance.
Based on region,
the North America is projected to dominate the market. The drug delivery
devices market in North America is projected to exhibit the highest compound
annual growth rate (CAGR) during the forecast period. The United States holds
the largest market share in the North American region. Heart disease remains a
significant cause of mortality, imposing a substantial burden on individuals,
communities, and healthcare systems. Additionally, the increasing prevalence of
cancer in the region contributes to the market growth. In the Asia Pacific
region, rapid economic growth is expected to drive the fastest growth rate
during the forecast period. Moreover, countries like Japan, China, and India
have a large patient population, leading to increased adoption of drug delivery
devices by various end-users. The growth in the region can be attributed to the
widespread use of drug delivery systems in healthcare facilities, favorable
reimbursement policies, rising prevalence of chronic diseases such as diabetes
and cancer, growing geriatric population, enhanced understanding of drug
metabolism, and the preference for individualized and customized therapy,
particularly for cancer.
Major companies
operating in Global Drug Delivery Devices Market are:
- Pfizer
Inc.
- Novartis
AG
- F
Hoffmann-La Roche Ltd.
- Johnson
and Johnson
- Bayer
AG
- Becton,
Dickinson and Company
- Altaris
Capital Partners, LLC
- Holozymes
Inc. (Antares Pharma Inc.)
- GlaxoSmithKline
PLC
- Teva
Pharmaceutical Industries Ltd.
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“The growth of
the drug delivery devices market is propelled by various factors, including the
escalating prevalence of chronic diseases, the expansion of the biologics
market, advancements in technology, and the introduction of new products.
Additionally, the global outbreak of the coronavirus has led to a sudden surge
in the demand for pharmaceutical drugs, particularly for infectious
applications. The market growth is anticipated to be driven by the increasing
prevalence of chronic diseases and the allocation of government funds. As a
result of the high incidence of cancer, significant research and development
efforts are being devoted to the development of novel drug delivery systems to
improve patient treatment outcomes. The market is also being driven by the
adoption of innovative technologies in drug delivery for cancer treatment.
Furthermore, the growing need for self-administration of drugs, such as in the
case of diabetes, has contributed to the expansion of the needle-free drug
delivery devices industry. Pharmaceutical companies are focusing on multiple
drug delivery technologies to maximize the advantages and enhance the outcomes
of their products. Therefore, the rising prevalence of chronic diseases,
leading to increased consumption of therapeutic drugs and therapies, is
expected to drive the growth of the drug delivery devices market.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Drug Delivery Devices Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, Segmented By Application (Cancer,
Cardiovascular, Diabetes, Infectious Diseases, and Other Applications), By
Route of Administration (Injectable, Topical, Ocular, and Others), By End User
(Hospitals, Ambulatory Surgical Centers, and Others), By Region and Competition, 2019-2029F”,
has evaluated the future growth potential of Global Drug Delivery Devices
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Drug Delivery
Devices Market.
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