Drug Delivery Systems Market to account to US$ 2,302.2 Bn by 2027 & to grow at a CAGR of 7.2% Says, The Insight Partners
According to The Insight Partners market research study titled "Drug Delivery Systems Market - Global Analysis and Forecasts by Route of Administration, Application, Distribution Channel, and End User, the global drug delivery systems market is expected to reach US$ 2,302.2 Bn in 2027 from US$ 1,243.1 Bn in 2018. The market is estimated to grow with a CAGR of 7.2% from 2019-2027. The report highlights the trends prevalent in the global drug delivery systems market and the factors driving the market along with those that act as deterrents to its growth.
Asia Pacific is the fastest growing geographic market and it is expected to be the second largest revenue contributor throughout the forecast period. The growth is contributed majorly by driving factors such as significant rise in the prevalence of chronic diseases across the countries, rise in the government support for the patient population. In addition, the market players are also developing novel products in the countries through robust R&D activities and partnerships and acquisitions.
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Drug Delivery Systems Market Competitive analysis and Landscape
Some of the prominent players operating in drug delivery systems market are, BD, Novo Nordisk A/S, 3M, Boston Scientific Corporation, Bausch Health Companies Inc., Baxter International, Inc., Boehringer Ingelheim, Novartis AG, GlaxoSmithKline plc., and Johnson & Johnson Services, Inc. among others.
The market players are focused towards bringing new and innovative products to sustain their position in the market. For instance, in January 2019, BD launched BD Nano 2nd gen pen needles reinforces BD’s commitment to providing the most advanced solutions possible for people with diabetes to help achieve better clinical management of insulin use. The developments performed by the companies are helping the market to grow in the coming years.
Rising Incidence of Chronic Diseases
Over the past few decades, Research and development (R&D) in drug delivery devices is increasing across the globe due to increasing prevalence of chronic disease. Drug delivery is the method or process of administering a pharmaceutical compound to achieve a therapeutic effect in humans. Various routes of administration are being studied in order to treat these chronic diseases. According to the Centers for Disease Control and Prevention (CDC) in the 2019, almost 6 in 10 people in the US suffer from at least one chronic disease and 4 in 10 people have two or more chronic diseases.
Some important technological advantages of nontherapeutic drug delivery systems (NDDS) include prolonged half-life, improved bio-distribution, increased circulation time of the drug, controlled and sustained release of the drug, versatility of route of administration, increased intercellular concentration of drug and many more.
Growing Demand for Non Invasive Drug Delivery Devices
With the improvements in medical devices and certain transdermal delivery technologies, the non-invasive mode of drug delivery is now ready to compete with traditional methods of oral and injectible routes of drug delivery. The Non-Invasive Drug Delivery Systems encompasses the broad field of non-invasive drug delivery systems which includes drug delivery via topical, transdermal-active (device- aided enhanced penetration), transdermal-passive, trans-ocular membrane, trans-mucosal membrane, as well as delivery via alveolar membrane from inhaled medication. Patient compliance has been found to be much higher when administrated by non-invasive routes due to decreased pain involved in drug delivery and therefore these techniques are considered to be a preferred mode of drug delivery.
Drug Delivery Systems Market Segmentation Review
The global drug delivery systems market by product segments was led by oral drug delivery segment. In 2018, the oral drug delivery segment held a largest market share of 50.2% of the drug delivery systems market, by route of administration. The transmucosal segment is expected to be the fastest growing segments the market in 2027 owing to rapidly rising incidence of chronic disorders, including gastrointestinal, respiratory, and autoimmune disorders.
Product launches and up gradation were observed as the most adopted strategy in global drug delivery systems industry. For instance, in January 2019, BD launched BD Nano 2nd gen pen needles reinforces BD’s commitment to providing the most advanced solutions possible for people with diabetes to help achieve better clinical management of insulin use. The developments performed by the companies are helping the market to grow in the coming years.
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