Drug Delivery Devices Market: Increase in Funding for Drug Research and Changing Lifestyles to Drive the Market

Wilmington, Delaware, United States, Transparency Market Research Inc. – Drug delivery devices are specialized tools used for the delivery of a drug or therapeutic agent through a specific route of administration. The devices are used one or more than one times for medical treatments. Drug delivery devices present unique challenges in all aspects of product development from regulatory strategy to design and material considerations through devising and implementing testing methodologies.

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Drug delivery is an important method of administration of pharmaceutical compounds, which achieve therapeutic effect in humans or animals. A rise in the number of diabetes patients and an increase in the incidence of cancer and respiratory diseases are driving the use of drug delivery devices among patients and physicians.

According to the Indian Council of Medical Research, diabetes mellitus has become a growing problem in the contemporary world. India has become the diabetes capital of the world. There are over 20 million diabetes patients in the country, and the number is likely to increase to 57 million by 2025. Moreover, development of nanotechnology, radiotherapy devices, and digital mode devices are likely to propel the drug delivery devices market. This is expected to create a significant opportunity in the pharmaceutical and medical device market during the next few years.

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The global drug delivery devices market is driven by rapid development in technology, increase in funding for drug research, changing lifestyles, rise in patient preference for drug delivery devices, and increase in government support for research & development. Moreover, a rise in the prevalence of diabetes, which leads to hyperglycemia, is expected to drive the drug delivery devices market.

Additionally, a rise in the number of patients preferring the use of new drug-delivery systems needed to support patient mobility is estimated to augment the market in the near future. However, high cost of research & development and devices, high maintenance cost, and introduction of alternate therapy in oC

The drug delivery devices market can be segmented based on application, device, route of administration, distribution channel, and geography. In terms of application, the drug delivery devices market can be classified into type diabetes, cancer, respiratory disease, and others. Based on device, the drug delivery devices market can be categorized into syringes, inhalers, patch pumps, and others. In terms of route of administration, the drug delivery devices market can be classified into topical, transmucosal, inhalation, and injection. Based on distribution channel, the drug delivery devices market can be divided into hospital pharmacies, retail pharmacies, and e-commerce.

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In terms of geography, the drug delivery devices market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global drug delivery devices market due to the availability of different types of approvals and funding from government in the research & development of drugs. Additionally, physicians’ preference for drug delivery devices over other therapy is driving the medical biotechnology and pharmaceutical market. This, in turn, is expected to drive the drug delivery devices market in North America.

Europe is a prominent region of the drug delivery devices market due to favorable government policies regarding health care infrastructure; high incidence of chronic diseases due to environmental conditions; and rise in awareness about diabetes, cancer, and other major chronic diseases.

The market in Asia Pacific is expected to expand at a rapid rate due to a rise in demand for drug delivery products from the diabetic population, rise in the incidence of diabetes due a rise in the geriatric population, changing lifestyles, increase in the prevalence of chronic diseases, and rise in awareness among patients about special administration drugs.

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In addition, economic growth is supporting the improvement of health care infrastructure in developing countries such as South Africa, Israel, and Brazil. This is projected to propel the drug delivery devices market in Middle East & Africa and Latin America region during the next few years.

Major players operating in the global drug delivery devices market are Panacea Pharmaceuticals Inc., Aptar Pharma, Koninklijke Philips N.V., Nemera, Biocorp Production, Valeritas Holdings Inc., Ethicon, Eli Lilly and Co., Accord Healthcare Ltd., PharmaC LLC, and other significant players worldwide.

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