New York, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Increasing healthcare expenditure and investments in the medical sector, accompanied with the expiration of existing international patents, are boosting the development of new drugs and treatment methods. According to The World Bank, global health expenditure per capita in 2019 was USD 1,121.796, which was a significant increase from USD 874.497 in 2009. The method by which a drug is delivered can have a significant influence on its efficacy. Novel drug delivery system is a new approach to facilitate targeted drug delivery, addressing the limitations of traditional drug delivery systems.
Research Nester has evaluated the current market opportunities in ‘Global Novel Drug Delivery Systems Market’ for the period, i.e., 2022-2031 including the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players along with worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
The growing prevalence of chronic diseases, including cancer, diabetes mellitus, coronary obstructive pulmonary diseases, ischemic heart diseases, and mental disorders are increasingly boosting the need for research and development activities in the field. According to the data by the World Health Organization (WHO), in 2019, an estimated 1.5 million deaths were directly caused by diabetes, 17.9 million people died from cardiovascular diseases, and 3.23 million deaths were caused by chronic obstructive pulmonary disease (COPD) worldwide. Moreover, 10 million deaths were caused by cancer, in 2020. Further, various technological advancements in the medical sector have improved the scope of specific tissue treatment. Novel drug delivery system can deliver drugs in a more controlled manner. Driven by these factors, the global novel drug delivery systems market is estimated to grow at a CAGR of ~8% over the forecast period.
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Geographically, the global novel drug delivery systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst these, the market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period. The growth can be attributed to increasing awareness regarding healthcare amongst people, and improving healthcare facilities in the region. Moreover, the growing healthcare expenditure in the APAC region is estimated to further drive the market growth. For instance, as per The World Bank data, in 2019, the health expenditure per capita in East Asia & Pacific, and South Asia were USD 750.642 and 60.579 respectively.
On the other hand, the market in North America is expected to garner the largest market share during the forecast period. The growth of the market in the region can majorly be attributed to the surge in the prevalence of cancer cases in the region, along with the rising adoption of advanced technology in the field of healthcare. In the year 2020, 1806590 new cases of cancer were diagnosed in the United States, according to the statistics by the National Cancer Institute.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The market is segmented by delivery type into oral drug delivery, injectable drug delivery, pulmonary, transdermal drug delivery, implantable drug delivery, and others. Among these, the implantable drug delivery segment is anticipated to hold a substantial share in the global market on the back of increasing adoption of implant treatment for various complex issues, such as cancer, contraception, hormone regulation, diseases related to the eyes and others. Besides this, the surge in the number of implantable drug delivery devices being developed by healthcare organizations, backed by its higher accuracy and success rate, is also expected to add to the growth of the segment in the coming years. For instance, the United States Food and Drug Administration (FDA), recently approved Susvimo, earlier known as Port Delivery System with ranibizumab, that has been developed by F. Hoffmann-La Roche Ltd. The implantable drug delivery system is used for the treatment of people with neovascular or “wet” age-related macular degeneration (nAMD).
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The global novel drug delivery systems market is segmented on the basis of end-user.
Global Novel Drug Delivery Systems Market, Segmentation by End User
- Hospital
- Specialty Clinics
- Research Centers
- Others
Some of the prominent players and their company profiling included in the report are Antares Pharma, Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Novartis International AG, Thermo Fisher Scientific Company, Johnson & Johnson, GlaxoSmithKline plc, Merck & Co., Inc., Otsuka Pharmaceutical Co., Ltd., Abbott Laboratories, and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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