ENTERPRISE, Nevada, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Drug Delivery Devices Market Overview:
- According to the DataM market research report, the global drug delivery devices market size was valued at USD 78.09 billion in 2021 and is estimated to reach USD 124.83 billion by 2029, growing at a CAGR of 5.6% during the forecast period (2022-2029).
- Due to an increase in the prevalence of chronic diseases such as cardiovascular, diabetes, cancer, neurodegenerative diseases, and infectious diseases, increasing demand for drug delivery devices boots the market worldwide. Technological advancements and adoption of different types of drug delivery devices in diseases such as diabetes, cancer and others. Self-management of patient treatments and reducing the number of visits to hospitals and clinics drive the drug delivery devices market.
- In drug delivery systems, devices carry drugs into or throughout the body. These devices include the delivery method, such as a swallowing pill or an injected vaccine. Continuing advances in drug delivery will help to facilitate the targeted delivery of drugs while mitigating their side effects.
Drug Delivery Devices Market Drivers:
- Diabetes mellitus is a type of metabolic disorder affecting how the body uses glucose, impacting around 9% of the population globally. According to the International Diabetes Federation, 537 million people worldwide live with Diabetes Mellitus, which is expected to rise to 783 million by 2045. Type 1 Diabetes (T1DM) accounts for about 10% of DM cases and typically grows in children or young adults – over 1.2 million individuals worldwide aged less than 20 years are currently living with T1DM.
- Pharmaceutical companies are continually seeking new ways to enhance the delivery of drugs and patient compliance through innovative product solutions. Improving the performance of primary components for parenteral packaging ensures the superior delivery of injectable medicines, benefitting the patient and drug company two-fold. For instance, in May 2021, Eli Lilly and Company signed strategic international agreements with four companies, including Glooko Inc., DexCom, Inc., myDiabby Healthcare and Roche, to improve connected solutions and streamline care for people living with diabetes in markets outside of the United States. These companies provide great diabetes management platforms compatible with Lilly's Tempo Pen, authorized in several global markets and Tempo Smart Button, now in late-stage development to help people with diabetes and healthcare professionals.
Drug Delivery Devices Market Restraints:
The stringent regulations and products recall limits the market growth. The newly developed drug delivery devices that are technologically advanced take time to receive approval from government agencies. If a product is recalled, the process of retrieving and replacing the defective product may cause a company or a manufacturer to incur huge losses associated with replacing and fixing faulty products. These factors restrict the growth of the market.
Drug Delivery Devices Market Opportunities:
- Medicines are changing, and these potential new therapies are different from the traditional small and current large molecules, often aimed at targets on the cell surface or delivered without a specific molecular-targeting strategy. As a result, advanced drug delivery systems need to be developed for the targeted and controlled release of novel molecules in tissues and cells to optimize their potential benefits for patients.
- The market players are engaged in developing new drug delivery systems. For instance, AstraZeneca is developing solutions for cell-targeted delivery, tissue-targeted delivery, controlled release, and alternative routes of administration. To deliver the invented drug, there is a need for a device that increases the opportunities in the market.
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COVID-19 Impact Analysis:
- The COVID-19 pandemic had a positive effect on the drug delivery devices market. During the pandemic, research and development activities increased to find a solution to treat COVID-19 symptoms. For instance, The Ohio State University Wexner Medical Center participated in a clinical trial aiming to enhance oxygen levels and treatment results for COVID-19 patients on mechanical ventilation. In the double-blind, placebo-controlled investigation, Ohio State Wexner Medical Center researchers evaluate the efficacy and safety of inhaled epoprostenol through the VentaProst aerosol drug delivery system developed by Aerogen Pharma. It produces and specifically delivers small, favorably respirable droplets of the medication in synchrony with patients’ breathing. Delivery of epoprostenol to the lungs may contribute multiple benefits for COVID-19 patients on mechanical ventilation.
- In addition, launching the products by market players drives the drug delivery market. For instance, in February 2022, HeroTracker Sense- a metered-dose inhaler (MDI) add-on was launched by Aptar Pharma- that transforms a standard inhaler into a smart connected drug delivery device. HeroTracker Sense was created to help improve the lives of patients worldwide suffering from chronic respiratory diseases such as COPD, asthma, Cystic Fibrosis and other respiratory conditions caused by COVID-19, to track their MDI usage and facilitate improved adherence to their prescribed therapy.
Recent Developments in the Industry:
- In September 2022, Nemera inaugurated a further facility in Lyon, France, which is projected to function as the company’s new headquarters and invention center in Europe to expand its business.
- In November 2020, Biocorp introduced Mallya- a smart cap for pen injectors that automatically grabs data (such as the injection dose, date, and time) and transmits it in real-time via Bluetooth to companion software. Mallya (a non-medical device in Japan) is a smart sensor that directly attaches to the Novo Nordisk FlexTouch insulin pens.
Market Segmentation:
As per the research analysis, the global drug delivery devices market is segmented by type into Injectable Drug Delivery, Nasal Drug Delivery, Oral Drug Delivery, Topical Drug Delivery, Implantable Drug Delivery, Pulmonary Drug Delivery, Ocular Drug Delivery, and Other Drug Delivery Systems, by application into Infectious Diseases, Cancer, Autoimmune Diseases, Central Nervous System Disorders, Respiratory Diseases, and Diabetes and by end-user into the Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Home Care Settings, Clinics, and others.
- On the basis of type, the nasal drug delivery segment is estimated to grow at the highest CAGR of YY% during the forecast period (2022-2029). As per the article published in the International Journal of Pharmaceutics in October 2021, diabetes is a metabolic disorder defined by higher blood glucose levels in the body generally controlled by antidiabetic agents (oral) and insulin (subcutaneous). To evade the restrictions of the conventional routes, including lower bioavailability and pain at the site of injection in the case of the parenteral route, modified delivery systems are proposed like transdermal, pulmonary and inhalation delivery and among the other delivery systems, nasal drug delivery system that offers the advantages such as reduced frequency of dose, higher patient compliance, safety, ease of administration, prolonged residence time, improved absorption of the drug in the body, higher bioavailability and stability. The increasing demand for nasal drug delivery leads to driving the market worldwide.
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Geographical Classification:
The global drug delivery devices market is segmented into major countries including North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
North America Drug Delivery Devices Market:
This large revenue share is mainly due to the rising prevalence of chronic diseases, technological advancements and the growing senior population. The presence of a large number of key players and the availability of products drive the market in the region. In addition, the market players are applying different strategies, such as collaboration and product launches propelling the market in the North American region. For instance, in January 2022, Pfizer Inc. and Acuitas Therapeutics, a company concentrated on developing lipid nanoparticle (LNP) delivery systems to enable messenger RNA (mRNA)-based therapeutics, declared they have entered into a Development and Option agreement under which Pfizer will have the option to license, on a non-exclusive basis, Acuitas’ LNP technology for up to 10 targets for vaccine or therapeutic development.
Europe Drug Delivery Devices Market:
The active key players in the drug delivery devices market in the European region boost the market. For instance, Gerresheimer AG provides platforms that include a patented flow sensor to accurately monitor every inhalation maneuver of patients with chronic lung diseases. Also, Recipharm AB has a broad range of devices, including inhalers and pMDI valves, auto-injectors, nasal technologies, and point-of-care diagnostics.
Asia Pacific Drug Delivery Devices Market:
The growing population of chronic diseases such as cancer and diabetes, active key players in the region, increasing research and development to find solutions for advanced drug delivery systems, rising funding from private and government agencies and adoption of technologically advanced solutions propelling the market in the Asia Pacific region.
Competitive Analysis:
However, it is expected to grow rapidly in the next couple of years with intense competition among the players and a rising number of cases. A few key players are already being observed adopting strategies, such as collaboration for the development of therapies and drugs, which may make the market crowded with new products in the next couple of years.
Major Companies:
Major key companies which are contributing to the growth of the market include Pfizer Inc., Johnson & Johnson, Novartis AG, F. Hoffmann-La Roche AG, Becton, Dickinson and Company, Sanofi, Boehringer Ingelheim, Merck & Co., Inc., Boston Scientific Corporation, Teva Pharmaceuticals Industries Ltd and AbbVie Inc.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the global Drug Delivery Devices market segmentation by product type, application, end user, and regions highlighting the key commercial assets and players.
- By Type: Injectable Drug Delivery, Nasal Drug Delivery, Oral Drug Delivery, Topical Drug Delivery, Implantable Drug Delivery, Pulmonary Drug Delivery, Ocular Drug Delivery, and Other Drug Delivery Systems.
- BY Application: Infectious Diseases, Cancer, Autoimmune Diseases, Central Nervous System Disorders, Respiratory Diseases, and Diabetes.
- By End User: Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Home Care Settings, Clinics, and others.
- By Region: North America, South America, Europe, Asia Pacific and Middle East and Africa
- Identify commercial opportunities in the global Drug Delivery Devices market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as, porter's five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
- Excel data sheet with thousands of data points of global Drug Delivery Devices market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures, and close to 180 pages.
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