As per Precedence Research, the global drug delivery devices market size is expected to reach US$ 365 billion by 2030 and is growing at a CAGR of 7.5% over the forecast period 2021 to 2030.
As per Precedence Research, the global drug delivery devices market size is expected to reach US$ 365 billion by 2030 and is growing at a CAGR of 7.5% over the forecast period 2021 to 2030.
The drug delivery devices assist in the detection and treatment of various disorders. One of the primary factors boosting the growth of the global drug delivery devices market is the growing geriatric population. The people with 60 and above have low immunity in the body. This means they are more vulnerable to the chronic disorders. The drug delivery devices help to reduce the burden of such diseases. As a result, this factor is driving the demand for the drug delivery devices in the market at a steady pace.
The growing government initiatives for the growth and development of the global drug delivery devices market is also contributing towards the growth of the market. The technological advancements and innovation in the field of medical devices is also paving way for the expansion of the global drug delivery devices market. The major market players are launching new and advanced feature products and devices in the drug delivery devices market during the forecast period.
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The wide presence of market players in developed and developing regions is propelling the growth of the global drug delivery devices market. These players are constantly working on the strategies for the improvement of sales revenue. The strategies adopted by market players in the drug delivery devices market are partnership, acquisition, product launch, and merger. This has opened new opportunities for the regional expansion of their market. Moreover, the government initiatives for the launch of new products are also propelling the growth of the global drug delivery devices market.
Report Highlights:
- Based on the route of administration, the oral segment dominated the global drug delivery devices market in 2020 with largest market share. The oral form of drugs is easy to take and consume. This type of drug can be consumed by any age group.
- On the basis of application, the cancer segment holds the largest market share the global drug delivery devices market in 2020.The growing incidents of cancer is boosting the growth of the global drug delivery devices market over the forecast period.
- Based on the end use, the hospitals segment dominated the global drug delivery devices market in 2020 with largest market share. The first preference for people who are suffering from certain disorders and want precise treatment are hospitals. The increased hospital visits have resulted in the growth of the drug delivery devices market.
- North America is the largest segment for drug delivery devices market in terms of region. The drug delivery devices market is growing at a rapid pace in North America region. This is attributed to the existence of large number of market players.
- Asia-Pacific region is the fastest growing region in the drug delivery devices market. This is due to change in habits and life patterns of people, increase in prevalence of chronic disorders, and growing geriatric population.
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Future of Drug Delivery Devices Market
The global drug delivery devices market is expected to grow due to growing prevalence of chronic disorders such as diabetes, asthma, and cardiovascular disorders. According to the World Health Organization, in 2019, the diabetes is major cause of mortality and 1.5 million of people died due to diabetes. In addition, 262 million people were affected due to asthma. Moreover, every year 17.9 million are dead globally, due to cardiovascular diseases. This number is growing at a rapid pace and is expected to grow severely in coming years. Thus, due to this the demand for drug delivery devices is expected to grow in the near future.
COVID-19 Impact Analysis:
- The outbreak of the COVID-19 pandemic resulted into drastic changes in the field of healthcare and medical devices.
- The impact of the coronavirus outbreak on the global drug delivery devices market was quite positive due to growing cases of various common disorders.
Key Developments in the Marketplace:
- Novartis AG invested in Credence MedSystems in January 2021 to help the development and scale up of its drug delivery devices. Novartis AG was able to use the Credence Technology in its injectable medicines as a result of this endeavor.
- SMC Ltd. stated in December 2016 that it has acquired Oval Medical Technologies Ltd. in order to expand its product portfolio by incorporating the latter’s innovative autoinjectors.
- Croda International PLC signed a deal with Pfizer Inc. in November 2020 to supply new drug delivery devices for Pfizer’s COVID-19 vaccine candidate.
- DelSiTech and Bayer struck a collaboration and technology license agreement in September 2016 to develop new ophthalmic delivery technology.
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Market Segmentation
By Route of Administration
- Oral
- Ocular
- Inhalation
- Nasal
- Injectable
- Topical
- Others
By Application
- Cardiovascular
- Diabetes
- Cancer
- Infectious Diseases
- Others
By End User
- Hospitals
- Ambulatory Services
- Home Healthcare
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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