Drug delivery devices is used to inject a drug to the body through a specific direction with more accuracy, ease, and less frequent dosing. There are various types of drug delivery devices, some of which include drug eluting stents, smart pills, safety syringes, inhalers, and more.
Drug delivery devices is used to inject a drug to the body through a specific direction with more accuracy, ease, and less frequent dosing. There are various types of drug delivery devices, some of which include drug eluting stents, smart pills, safety syringes, inhalers, and more.
In addition, microneedle is considered as the best drug delivery device. It is fabricated using biodegradable polymers that makes that it a highly efficient and versatile medical device technology. Once, the microneedle dissolves in the skin, the drug gets released, allowing a wider range of molecules to pass the skin's barrier. Microneedle promotes low cost, painless penetration, relative safety, and excellent therapeutic efficacy.
Moreover, implantable drug delivery devices are used in the treatment of brain tumors and prostate cancer, as it allows for significantly lower doses of drug, thereby can reduce potential side effects. Implantable drug pumps are also used to inject insulin in the treatment of diabetics.
According to a report published by Allied Market Research, the global drug delivery devices market size is anticipated to reach $26.7 billion with a considerable CAGR from 2019 to 2026. Certain factors such as surge in geriatric population, rise in prevalence of chronic diseases such as cardiovascular diseases, diabetes, & cancer, and rise in adoption of biologics worldwide are driving the growth of the market in more than one way.
Furthermore, North America is currently holding the highest market share, attributed to availability of advanced drug delivery devices. The Asia-Pacific region, at the same time, is expected to manifest the highest growth rate, owing to evolution of the life science industry and rise in awareness regarding the use of drug delivery devices in the emerging economies like China, India, South Korea, and others.
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With this drift on board, the key market players are collaborating with each other in order to expand their business and to strengthen their product portfolio across several regions. For instance, a Danish pharmaceutical company named Leo Pharma in collaboration with Portal Instruments developed advanced needle-free drug delivery system.
Meanwhile, a Swiss based engineering and manufacturing company named Sulzer in acquisition with Haselmeier, a Swiss-German drug delivery device producer, is aiming to expand its presence in the global drug delivery devices market. Here it is worth mentioning that the global drug delivery devices market is expected to gather exponential growth in the near future.