New York, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The global drug delivery devices market size is predicted to grow at a CAGR of over ~5.5% from 2023 to 2035. The market is projected to garner a revenue of USD 541.5 billion by the end of 2035, up from a revenue of ~USD 270 billion in the year 2022.The major factor for its growth is the growing spread of various infectious diseases such as corona. Around 71% of the world's population, or more than 4 billion people, have gotten a dose of the Covid-19 vaccination. However, still number of people have not yet been vaccinated which would further boost the market growth.
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Moreover, other than COVI-19, disease such as poliovirus has also demanded huge amount of vaccination. According to the World Health Organization, since 1988, there have been fewer than 99% fewer cases of wild poliovirus, from an estimated 350,000 cases in over 125 nations with endemic disease to 6 reported cases in 2021. Of the three wild poliovirus strains (type 1, type 2, and type 3), type 2 was eliminated in 1999, while type 3 was eliminated in 2020. Also, they estimate that today, roughly 20 million individuals who might have otherwise been paralyzed can walk. The routine use of vitamin A during polio vaccination campaigns is thought to have avoided 1.5 million child fatalities. Therefore, the need for vaccination is growing further boosting the market for drug delivery devices. Moreover, even the government is encouraging the vaccination drive which is also encouraging the market growth.
Growing Geriatric Population to Boost the Growth of Global Drug Delivery Devices
According to the World Health Organization, globally, 1 in every 6 people is set to be old by 2030. Moreover, this number is projected to grow to grow to about 2.1 billion population. Hence, with this their need to consume medications is also estimated to rise. Due to the greater probability of having many chronic medical conditions including multiple forms of high blood pressure, diabetes, or arthritis, older persons tend to use more medicines than younger ones. The majority of medications elderly adults need for chronic disorders have been administered for years. Due to the greater probability of having many chronic medical conditions including multiple forms of high blood pressure, diabetes, or arthritis, older persons tend to use more medicines than younger ones. The majority of medications elderly adults need for chronic disorders have been utilized for years.
Drug Delivery Devices Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Investment in Medical Sector North America to Drive the Market Growth in North America
The drug delivery devices market in North America is set to generate the highest revenue by the end of 2035. This could be owing to growing investment in various medical applications. US national healthcare spending was about USD 12,913 per person or approximately USD 3 trillion in 2021 and is projected to be close to 5 trillion by 2028. Moreover, this region is expressing huge product launch in the field of drug delivery devices from major key players who is also driving the market growth.
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Rising Prevalence of Chronic Disease to Influence the Market Expansion in Europe
The drug delivery devices market in Europe is projected to have significant growth in the market over the coming years. The major factor for the growth in the region is growing chronic disease. In 2021, more than one-third (35.2%) of EU citizens reported having a persistent (chronic) health issue. Also, the preference for people in this region is growing home care therapy in order to avoid visiting hospitals every day.
Drug Delivery Devices, Segmentation by Route of Administration
- Oral
- Transdermal
- Injectable
The injectable segment is projected to capture a share of about 39% over the coming years. An injectable route of administration is highly acceptable when the drugs cannot be delivered orally. Additionally, there has been growing innovation in syringes such as batter powered pump and more. Moreover, according to the World Health Organization, there are 16 billion injections given annually. About 5% of these injections are employed to immunize kids and adults, and the remaining 5% are used for things including blood transfusions and injectable contraception.
Drug Delivery Devices, Segmentation by Distribution Channel
- Hospital
- Pharmacies
- Surgical Centers
The hospitals segment is expected to capture the significant share in the market over the coming years. The major factor for the growth of the segment is growth in number of hospitals. Currently, the United States has about 6128 hospitals.
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A few of the well-known industry leaders in the drug delivery devices market that are profiled by Research Nester are Antares Pharma, Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Novartis International AG, Johnson & Johnson, GlaxoSmithKline plc, Merck & Co, Inc., Otsuka Pharmaceutical Co., Ltd, Abbott Laboratories, Cipla Limited, and others.
Recent Development in the Drug Delivery Devices Market
- The Johnson & Johnson subsidiary Janssen Pharmaceutical Inc. announced that the FDA had approved the medication Darzalex Faspro for the treatment of multiple myeloma cancer.
- A collaborative cooperation to discover treatments for cancer has been announced by IDEAYA Biosciences, Inc. and GlaxoSmithKline plc.
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