London, March 18, 2024 (GLOBE NEWSWIRE) -- Global drug delivery devices market is expected to accelerate at a staggering value of US$90.2 Bn by the end of 2033. This remarkable growth is marked by predicted CAGR of 6.2 from 2023 to 2033.
The drug delivery devices market is dynamic and evolving fuelled by factors such as patient preference for self-administration, increasing chronic diseases, and emerging markets.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2023 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2023 | US$35.4 Bn | |
| Estimated Market Size in 2030 | US$90.2 Bn | |
| CAGR | 6.2% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The market is witnessing increased adoption of smart drug delivery devices, driven by patients' desire for control and convenience in healthcare. These devices offer automated dosing, reminders, and data tracking, enhancing medication adherence and enabling remote patient monitoring in telemedicine.
“Continuous R&D efforts focus on creating novel drug delivery devices, with manufacturers collaborating with pharmaceutical companies, research institutions, and technology firms. These partnerships accelerate product development timelines, expand market reach, and promote the adoption of innovative technologies such as smart devices and wearable systems,” says the analyst.
The demand for smart drug delivery devices is further fuelled by the pharmaceutical industry's interest in developing and marketing digital therapeutics. By integrating drug delivery with technology, pharmaceutical companies can provide a more holistic approach to treatment, combining medication with data-driven insights and support for patients.
The growing demand for pain-free and needle-free drug delivery represents a significant demand-side trend in the drug delivery devices market. Patients, particularly in paediatric and geriatric demographics, are increasingly seeking painless alternatives to traditional injection methods.
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Key Research Insights
- Disposable drug delivery devices offer convenience and safety, especially in self-administration scenarios.
- North America leads the market with the continuous innovations in drug delivery technologies.
- Insulin pens is expected to dominate the global drug delivery devices market.
Insights into Segmentation Analysis
Disposable Drug Delivery Devices to be at the Forefront
- Disposable devices often provide greater convenience, especially in self-administration scenarios. They are easy to use, eliminating the need for cleaning or sterilisation between uses. This simplicity increases patient compliance and accessibility to treatments.
- Single-use disposable devices minimize the potential for medication errors that can occur when devices are reused or not adequately cleaned. This contributes to improved patient safety, and treatment effectiveness.
- The development of novel disposable devices has facilitated the advancement of drug delivery systems. For instance, advancements in prefilled syringes and auto-injectors have made self-administration of complex medications easier, expanding the range of drugs that can be delivered through these devices.
Convenience and Ease of Use Secure the Bestselling Potential of Insulin Pens
- Insulin pens are user-friendly and offer a convenient way for diabetic patients to self-administer insulin. They are portable, discreet, and simpler to handle compared to vials and syringes, making them more appealing to patients.
- The ease of use and reduced pain associated with insulin pens often lead to better patient adherence to prescribed insulin regimens.
- Patients are more likely to comply with their treatment plans due to the simplicity of using insulin pens, contributing to improved glycemic control.
- Insulin pens provide precise and accurate dosing, allowing patients to administer insulin more accurately compared to traditional methods. They also offer dosing flexibility, enabling users to adjust doses more easily according to individual needs.
Key Report Highlights
- The growing demand for pain-free and needle-free drug delivery represents a significant demand-side trend in the drug delivery devices market.
- Technological advancements enabling the development of novel drug delivery systems.
- Expansion of the market into emerging economies with growing healthcare infrastructure.
Insights into Regional Analysis
North America Stands Strong in the Drug Delivery Devices Market
- North America faces an increasing burden of chronic diseases such as diabetes, cardiovascular diseases, cancer, and respiratory disorders.
- The need for effective and targeted drug delivery systems to manage these conditions has driven the demand for advanced drug delivery devices in the region.
- Continuous innovations in drug delivery technologies, including the development of novel delivery systems, smart devices, and biocompatible materials, have contributed to the growth of the market.
- North America is a hub for technological advancements and investments in healthcare research and development, fostering the development and adoption of cutting-edge drug delivery devices.
Key Companies Profiled in the Drug Delivery Devices Market
- Eli Lilly and Company
- Becton Dickinson And Co.
- Novo Nordisk
- Sanofi
- Johnson & Johnson
- Roche
- Pfizer
- AbbVie
- Mylan N.V. (Viatris)
- Insulet corporation
- Medtronic Plc.
Global Drug Delivery Devices Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2033 - (By Product Coverage, By Usage Coverage, By Route of Administration Coverage, By Sales Channel Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/drug-delivery-devices-market
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