Visiongain has published a new report entitled Drug Delivery Technologies Market Report 2024-2034: Forecasts by Route of Administration (Implantable Drug Delivery, Injectable Drug Delivery Nasal Drug Delivery, Ocular Drug Delivery, Oral Drug Delivery, Pulmonary Drug Delivery, Topical Drug Delivery, Transmucosal Drug Delivery), by Application (Cancer, Cardiovascular, Diabetes, Infectious Diseases, Others), by End-users (Ambulatory Surgical Centres, Hospitals, Home Care Settings, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The drug delivery technologies market is estimated at US$1,729.6 billion in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period 2024-2034.
Introduction of Advanced Technologies Fueling Drug Delivery Technologies Market Growth
Patients are increasingly gravitating towards advanced drug delivery systems due to their ability to offer enhanced consistency in drug concentrations and precise delivery to targeted sites. These sophisticated features of drug delivery systems have spurred the adoption of self-administered devices among patients. For instance on 28th February 2024, LTS LOHMANN Therapie-Systeme AG ("LTS"), a prominent player in pharmaceutical technology, announced that its client, Coherus BioSciences, Inc ("Coherus"), launched UDENYCA® on-body injector (OBI) utilizing the cutting-edge LTS Sorrel™ wearable drug delivery platform. UDENYCA® (pegfilgrastim-cbqv) is a biosimilar pegfilgrastim administered the day after chemotherapy to decrease the incidence of infection as manifested by febrile neutropenia. The UDENYCA® OBI has received approval from the U.S. Food and Drug Administration (FDA) in December 2024. The device sets new standards for performance, quality, reliability, and patient convenience in wearable injection devices.
Moreover, the digitization of medical devices brings about numerous advantages, including precise dosage control, needle-free injections, and increased flexibility in self-administration. A case in point is Biocorp, which obtained approval from the U.S. FDA for its smart sensor, Mallya, in December 2022. Mallya seamlessly integrates with insulin devices, collecting vital data and transmitting it to a dedicated application. The improved management of medical data sets a new standard for the market, further enhancing its capabilities.
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How has COVID-19 had a Significant Impact on the Drug Delivery Technologies Market?
The COVID-19 pandemic has had a significant impact on the state of medication delivery technologies. The need to minimise in-person interactions and lower the risk of virus transmission has led to a notable impact: a rise in demand for remote healthcare solutions. This has promoted a shift towards self-care and telemedicine practices by raising interest in drug delivery systems that enable patients to administer medication at home.
The pandemic has highlighted how crucial patient safety and convenience are. A greater focus is being placed on drug delivery technologies that are portable, easy to use, and low risk of infection because healthcare facilities are overcrowded and patients are reluctant to visit hospitals or clinics. Innovative solutions such as needle-free injection systems and wearable devices are becoming more popular because they give patients more control over their treatment plans and reduce their interaction with medical facilities.
The COVID-19 pandemic has also brought to light weaknesses in international supply chains, resulting in hiccups in the manufacturing and dissemination of medication delivery technologies. Manufacturing delays, component shortages, and logistical issues have created major obstacles for industry participants, making it more difficult for them to meet growing demand and successfully implement innovative solutions.
Furthermore, the pandemic has brought about a rapid uptake of specific drug delivery technologies and underscored the significance of patient-centric approaches; however, it has also posed significant obstacles for the industry to surmount concerning supply chain resilience and operational continuity. As the industry navigates the changing healthcare landscape in a post-pandemic world, adaptation and innovation will be essential.
How will this Report Benefit you?
Visiongain’s 328-page report provides 121 tables, 184 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the drug delivery technologies market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Drug Delivery Technologies. Get financial analysis of the overall market and different segments including route of administration, application, end-users and capture higher market share. We believe that there are strong opportunities in this fast-growing drug delivery technologies market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Burden of Chronic Diseases Projected to Drive Market Growth
In recent times, chronic conditions such as chronic obstructive pulmonary disease, asthma, diabetes, & cancer among others have become significant global health concerns, often resulting in fatalities. The increasing prevalence of these chronic illnesses, alongside advancements in treatment technologies, is projected to fuel market expansion in the foreseeable future. Notably, data sourced from the United Health Foundation highlights that in 2022, around 56 million adults in the U.S., constituting 16.9% of the total population, were aged 65 years and older. With this sizable elderly demographic being particularly prone to chronic ailments, a rise in the adoption of pertinent healthcare systems is anticipated.
Moreover, the uptick in product introductions and the increasing digitalization within the healthcare sector have created substantial growth prospects for market participants. These developments underscore a transformative shift in healthcare delivery, presenting significant opportunities for industry players to innovate and cater to evolving patient needs.
Increase in Shift of Patients Towards Advanced Drug Delivery Systems Projected to Boost Industry Growth
Patients are increasingly drawn to cutting-edge drug delivery systems due to their ability to provide consistent systemic drug levels and precise targeting of specific areas with heightened accuracy. These features have led to a rise in the use of self-administered devices among patients. Moreover, the digitalization of medical devices has significantly raised patient awareness of advanced products. Digitalization offers numerous advantages, including needle-free injections, precise dosing control, and increased flexibility in self-administration, thus encouraging the adoption of these devices. As patients transition towards advanced products and with the support of government initiatives aimed at promoting awareness of these innovations, the drug delivery systems market is expected to experience substantial growth in the coming years.
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Where are the Market Opportunities?
Many companies partner with universities and educational institutions to develop skilled workers for scientific and cGMP manufacturing needs. Collaboration opportunities exist across various sectors, such as innovators, CDMOs, and technology providers, to advocate for increased investment in workforce development.
Another crucial aspect is aligning advanced technology development with regulatory acceptance. While some FDA programs assist in early platform evaluation, new manufacturing and delivery platforms need to be associated with a product filing before receiving significant attention from regulators. However, this approach hampers early development for emerging modalities. Progress has been made, such as the recent US Congress legislation facilitating a pathway for advanced manufacturing technology approval by the FDA, enabling early interaction with technology developers and potential efficiencies in filing reviews for sponsors who adopt these technologies.
Collaboration is essential, whether through academia producing relevant research or industry working groups. Open collaborations involving all relevant stakeholders, including technology providers, are crucial for achieving the industry's goal of developing effective drugs delivered efficiently to patients.
Competitive Landscape
The major players operating in the drug delivery technologies market are Johnson & Johnson Services, Inc., Novartis AG, F. Hoffmann-La Roche Ltd., Pfizer Inc., Bayer AG, BD, GSK plc, Merck & Co., Inc., Sanofi, Amgen Inc., AbbVie Inc., Gilead Sciences, Inc., Boehringer Ingelheim, AstraZeneca plc, Eli Lilly and Company, Teva Pharmaceuticals Industries Ltd., Bristol-Myers Squibb, Gerresheimer AG, Boston Scientific Corporation. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 23rd November 2023, Bayer invested ~US$136 million in new production facility for innovative parenteral products. The facility features state-of-the-art technology, innovative production, and automated processes. The inauguration of the facility represents a key milestone in realizing Bayer's global manufacturing strategy for pharmaceutical liquid dosage forms, such as injection and infusion solutions.
- On 20th September 2023, Merck announced two new strategic drug discovery collaborations aimed at harnessing powerful artificial intelligence (AI)-driven design and discovery capabilities, further advancing the company’s research efforts. The partnerships, with BenevolentAI, London, U.K., and Exscientia, Oxford, U.K., are expected to generate several novel clinical development drug candidates with first-in-class and best-in-class potential in key therapeutic areas of oncology, neurology and immunology.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Dermatological Drugs Market Report 2024-2034
- Generic Drugs Market Report 2024-2034
- Respiratory Drug Delivery Market Report 2024-2034
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