Pune, India, July 26, 2023 (GLOBE NEWSWIRE) -- The global drug delivery systems market size was valued at USD 39.55 billion in 2022 and is expected to be worth USD 42.71 billion in 2023. The market is projected to reach USD 78.76 billion by 2030, recording a CAGR of 9.1% during the forecast period.
A drug delivery system is a device that releases a medicine in the body and enhances its effectiveness and safety by controlling the time, rate, as well as place of release. Some of the popular examples of these systems include jet-injectors, auto-injectors, and syringes. The COVID-19 pandemic was instrumental in boosting the sales of these systems as there was a notable growth in the number of vaccination drives to contain the spread of the virus. Moreover, other factors, such as growing prevalence of chronic diseases and introduction of technologically advanced products will accelerate the drug delivery systems market growth.
Fortune Business Insights™ displays this information in a report titled, "Drug Delivery Systems Market, 2023-2030."
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Key Industry Development:
March 2022: Novo Nordisk A/S introduced smart connected insulin pens, NovoPen 6 and NovoPen Echo Plus in the U.K. These pens are insulin injections that record valuable information regarding the drug administration and dosage.
Key Takeaways:
- Strategic Collaborations and New Product Launches to Boost Market Growth
- Increase in Shift of Patients toward Advanced Drug Delivery Systems to Favor Market Growth
- Increasing Burden of Chronic Diseases to Drive Market Growth
- Product Recalls and Stringent Regulations to Hinder Market Growth
- Companies with Diversified and Strong Product Portfolios to Hold Key Market Share
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Gerresheimer AG (Germany)
- BD (Becton, Dickinson and Company) (U.S)
- Kindeva Drug Delivery (U.S.)
- Baxter (U.S.)
- West Pharmaceutical Services Inc. (U.S.)
- Ypsomed (Switzerland)
- Medtronic (Ireland)
- Nemara (France)
- E3D Elcam Drug Delivery Devices (Israel)
COVID-19 Impact:
Rising Number of Vaccination Campaigns Fueled Market Growth During COVID-19
The COVID-19 pandemic had decelerated the market growth due to factors, such supply chain disruptions, decreased hospital admissions, and temporary stoppage in manufacturing processes. Many key players in the market also witnessed a major decline in their revenue margins. However, governments across the world had initiated vaccination drives to mitigate the spread of the virus. This factor had a favorable impact on the demand for drug delivery devices, such as injectable systems to cater to the ever-growing medical requirements of patients across the world.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.1% |
| 2030 Value Projection | USD 78.76 Billion |
| Base Year | 2022 |
| Drug Delivery Systems Market Size in 2022 | USD 39.55 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 143 |
| Segments covered | By Type, Type Device, Distribution Channel And Regional |
Segments:
Injectable Drug Delivery Systems to Gain Momentum with Growing Demand for Syringes
Based on type, the market is segmented into inhalation, transdermal, injectable, and others. The injectable segment captured the largest drug delivery systems market share in 2022 and is projected to record the highest growth rate during the forecast timeframe as the demand for syringes is increasing every year due to the rising number of vaccination campaigns.
Conventional Drug Delivery Devices to be Widely Used due to Rising Need for Biosimilar Products
Based on device type, the market is segmented into conventional and advanced. The conventional segment accounted for the biggest market share in 2022 due to the rising demand for biosimilar products and availability of these devices at a lower cost.
Hospital Pharmacies to be the Main Distribution Channel with Growing Hospital Admissions
In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment is set to dominate the market as the number of patient visits in hospitals is increasing each year, thereby boosting the sales of efficient drug delivery systems from these pharmacies.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The market report gives a detailed analysis of the market and covers key aspects, such as technological innovations and new product launches. It also gives an overview of the market segments covered and leading developments in the industry, such as mergers, acquisitions, and partnerships. Besides the abovementioned factors, the report also highlights several qualitative and quantitative factors boosting the market growth.
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Drivers and Restraints:
Rising Patients’ Preference for Innovative Drug Delivery Devices to Favor Market Growth
More patients are increasing their inclination toward innovative drug delivery systems as they can administer a drug more selectively to a specific part of the body with much greater accuracy. They also have a decreased variation in their concentration level when a medicine is administered at regular intervals. These advantages have boosted the use of self-administered devices among patients.
However, strict product approval regulations and rising number of product recalls can impede the market growth.
Regional Insights:
North America to Dominate Global Market Due to Rising Number of Patient Admissions
North America is expected to hold a dominant position in the global market as the region is witnessing a notable increase in the number of patient admissions across hospitals. Countries, such as the U.S. also intensified their vaccination efforts during the COVID-19 pandemic, which further drove the product adoption rate.
Europe held the second-largest market share due to the growing awareness regarding the availability of smart drug delivery mechanisms and strong adoption of advanced healthcare products in the region.
Competitive Landscape:
Key Players to Diversify their Product Portfolios to Hold Key Market Positions
The market’s competitive landscape is highly fragmented and competitive due to the entry of small-scale companies in the market in 2022. West Pharmaceutical Services Inc., Gerresheimer AG, Becton, Dickinson, and Company (BD), and Baxter International Inc. are some of the most well-established players in the market. These companies are focusing on expanding their product portfolios to enhance their clients’ experiences and retain their dominance in the market.
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Table Of Content :
- Introduction
- Market Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launches
- Technological Advancements in the Drug Device Systems Market
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Impact of Drug Delivery Systems on Stakeholders
- Key Market Trends
- Impact of COVID-19 on the Market
- Global Drug Delivery Systems Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Inhalation
- Transdermal
- Injectable
- Others
- Market Analysis, Insights and Forecast – By Device Type
- Conventional
- Advanced
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospitals Pharmacies
- Retail Pharmacies
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Type
- North America Drug Delivery Systems Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Inhalation
- Transdermal
- Injectable
- Others
- Market Analysis, Insights and Forecast – By Device Type
- Conventional
- Advanced
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospitals Pharmacies
- Retail Pharmacies
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Type
- Europe Drug Delivery Systems Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Inhalation
- Transdermal
- Injectable
- Others
- Market Analysis, Insights and Forecast – By Device Type
- Conventional
- Advanced
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospitals Pharmacies
- Retail Pharmacies
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Germany
- U.K.
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
- Market Analysis, Insights and Forecast – By Type
Toc Continue..
FAQs
How big is the drug delivery market?
=> The global drug delivery systems market size was valued at USD 39.55 billion in 2022 and is expected to be worth USD 42.71 billion in 2023. The market is projected to reach USD 78.76 billion by 2030, recording a CAGR of 9.1% during the forecast period.
What are the key factors driving the drug delivery market?
=> The key factors driving the market are the surging number of COVID-19 vaccinations globally, new product launches, increased R&D, rising prevalence of chronic diseases, and emerging novel technologies.
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