Pharmaceutical Drug Delivery Market Size, Report 2021-2030
The global pharmaceutical drug delivery market size was estimated at USD 1,476.19 billion in 2021 and growing at a CAGR of 3.7% from 2021 to 2030.
The rapidly growing prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, respiratory diseases, and neurological disorders coupled with the surging geriatric population across the globe are the two major factors that are fostering the demand for numerous medicines and hence contributing to the growth of the global pharmaceutical drug delivery market.
The technological advancements and development of innovative drugs in the pharmaceutical industry has significantly fostered the growth of the new and innovative pharmaceutical drug delivery market. Furthermore, the rising investments in the biopharmaceutical industry towards the development of new life-saving drugs to treat various diseases such as cancer and diabetes has significantly boosted the demand for the pharmaceutical drug delivery devices across the globe. The presence of numerous top manufacturers and the various developmental strategies adopted by them plays a crucial role in the overall growth of the pharmaceutical drug delivery market.
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Market Size in 2020
USD 1430 Billion
Growth Rate from 2021 to 2030
US Market Share in 2020
- Depending on the route of administration, the oral was the most dominant segment in 2020. Oral drug delivery is the most common, convenient, and most preferred route of administration owing to the huge availability of tablets and syrups for numerous illnesses and ailments. The development of several innovative drugs that can cure the chronic diseases with low or no side-effects are gaining rapid traction among the consumers and the availability of such therapeutics in the form of tablets and capsules has significantly fostered the growth of the oral route of administration segment.
- Based on the application, cancer segment dominated the pharmaceutical drug delivery market in 2020. According to the GLOBOCAN report by the International Agency for Research on Cancer (IARC), there were about 10 million deaths and 19.3 million new cases associated with cancer reported in the year 2020. The new cancer cases is expected to rise by 47% from 2020 to 2040. The rapidly growing cases of cancer is significantly boosting the demand for the cancer curing drugs across the globe, which is subsequently augmenting the growth of the pharmaceutical drug delivery market.
- On the basis of end user, the home healthcare is expected to exhibit the fastest growth rate during the forecast period. The rising geriatric population along with the growing adoption of the healthcare services at home healthcare setting is expected to boost the growth of the global pharmaceutical drug delivery market.
- North America led the global pharmaceutical drug delivery market in 2020. The increased prevalence of chronic diseases and the high healthcare expenditure in the region has contributed to the increased demand for the pharmaceutical drug delivery devices. It is estimated that more than half of the US population is suffering from one or more chronic illnesses. The availability of favorable government policies regarding the reimbursements has played a significant role in the demand for the pharmaceutical drug delivery devices. The high health awareness and enhanced access to the advanced healthcare facilities has fostered the market growth in North American region.
- Asia Pacific is expected to be the fastest-growing pharmaceutical drug delivery market during the forecast period. The rising burden of chronic diseases owing to the various factors such as rising consumption of alcohol and tobacco, smoking, unhealthy eating habits, and physical inactivity are anticipated to boost the demand for the various drugs in the near future. The surging demand for the drugs in the region is expected to have a significant demand for the various pharmaceutical drug delivery devices.
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Future of Pharmaceutical Drug Delivery Market
The home healthcare and self-administration of drugs are the trending factors that are expected to have a significant impact on the market growth in the foreseeable future. With the rising number of old age people and growing consumer knowledge regarding the use of advanced drug delivery devices, the demand for the pharmaceutical drug delivery is expected to grow at a burgeoning rate during the forecast period.
COVID-19 Impact Analysis:
- The increased demand for the various medicines like vitamin C, antivirals, Zinc tablets, and multivitamins during the COVID-19 pandemic spiked the demand for the pharmaceutical drug delivery.
- The difficulties in the procurement of raw materials for manufacturing pharmaceutical drug delivery devices were a major challenge posed by the outbreak of the COVID-19 pandemic.
Key Developments in the Marketplace:
- In July 2021, Johnson & Johnson acquired the US FDA approval for its subcutaneous formula called Darzalex, which helped to reduce the treatment time for multiple myeloma indication.
Segments Covered in the Report
By Route of Administration
- Infectious Diseases
By End User
- Ambulatory Services
- Home Healthcare
- North America
- Asia Pacific
- Rest of the World
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