New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “Global Drug Delivery Systems Market” for the forecast period, i.e., 2023-2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Drug Delivery Systems Market Size
The global drug delivery systems market acquired a noteworthy revenue by 2033 and is to grow at a CAGR of ~10% during the forecast period. In addition, the market garnered significant revenue in 2022. Growing immunization against infectious illness is the main factor driving market expansion. The World Health Organization (WHO), estimates that in 2021, almost 81% of infants worldwide received the polio vaccine and that 80% of infants worldwide received the hepatitis B vaccine.
The prevalence of chronic disease is steadily increasing as a result of improper eating habits, sleep disorders, and lifestyle disorders. The WHO estimates that 17.9 million people worldwide die from cardiovascular disease (CVDs) each year, accounting for the majority of global fatalities. Furthermore, with a larger demand for COVID-19 immunization on December 16th, 2020, BD (Becton, Dickinson, and Company) won an order for more than USD 1 billion injections. The rising rate of COVID-19 raises the demand for drugs for fever and other related diseases and testing kits which further improves the market. For instance, according to the WHO, there are 617,597,680 confirmed cases of COVID-19 all over the world as of October 2022.
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Global Drug Delivery Systems Market: Key Takeaways
- North American region gains the largest portion of the revenue
- The diabetes segment to influence the revenue graph
- The hospital pharmacy segment retains a sizable presence in the market
Rapid COVID-19 Vaccination and Surge in NCDs to Boost the Market Growth
The COVID-19 vaccine has increased the potential of the market for drug delivery systems. The need for syringes rose the supply of injectable medicine delivery. According to Our World in Data’s statistics, 4.49 million vaccinations are administered daily all over the world, totaling 79 billion doses. A minimum of one dose of COVID-19 vaccination has been given to 68.2% of people worldwide. In addition, the recombinant coronavirus vaccine delivery through the skin using microneedle technology for COVID-19 treatment also contributes to the expansion of the market. This method helps to deliver SARS-CoV-2 S1 subunit vaccines.
Furthermore, the need for drug delivery increases in order to remedy the situation and prevent patients from dying, as the prevalence of Non-Communicable Diseases (NCDs) drives up. For instance, NCDs account for 41 million annual fatalities, or 74.5% of all fatalities worldwide. Elevating incidences of NCDs raise the demand for drug delivery systems and improve the market growth.
Global Drug Delivery Systems Market: Regional Synopsis
The global drug delivery systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Rising Prevalence of Chronic Diseases to Propel the North American Market
By 2033, it is anticipated that North America to hold the highest market share. The growth of the market is fuelled by an increase in the number of individuals with chronic diseases. According to the Centers for Disease Control and Prevention (CDC), every 6th adult in the U.S. has a chronic illness and every 10th has two or more chronic conditions. The region’s proactive vaccination programs are predicted to grow the North American market. By September 2022, 68% of individuals had finished the initial COVID-19 immunization course. While a total of 110,560,974 doses of the first booster dose for COVID-19, i.e., 35.4% had been administered to U.S. citizens by October 7th, 2022, according to the CDC statistics.
Increasing Incidence of Chronic Diseases and Growing Geriatric Population to Fuel the APAC Market
On the other hand, the Asia Pacific market (APAC) is projected to witness lucrative market growth owing to the rising occurrence of chronic diseases, the growing elderly population, as well as advantages of reimbursement rules for significant drug delivery manufacturers. For instance, a sizable fraction of the Chinese population had chronic illnesses in 2020. Being overweight or Obesity affected more than 520 million people and high blood pressure affected more than 410 million people. In China, Chronic diseases were responsible for 88.9% of mortalities in 2019. Furthermore, in 2019, there were 177 million geriatric people who were 65 years of age or older and 255 million elderly persons who were 60 years of age in China. A projected 405 million people are expected to be over the age of 60 by 2040, making up about 28% of the worldwide population. The growing rate of the elderly population raises the demand for drug delivery systems in the region as the prevalence of chronic diseases is predicted to be high among them.
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The study further incorporates the Y-O-Y growth, demand & supply, and forecasts future opportunities 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)
Global Drug Delivery Systems Market, Segmentation by Indication
- Diabetes
- Cardiovascular Diseases
- Multiple Sclerosis
- Asthma & COPD
By 2033, it is projected that the diabetes segment would account for the biggest market share. The rate of diabetes patient cases are increasing significantly worldwide. The WHO estimates that 422 million people worldwide have diabetes. Furthermore, the growth of the segment is boosted by the growth in the use of insulin injections. In 2018, around 160 to 200 million individuals required insulin therapy globally.
Global Drug Delivery Systems Market, Segmentation by Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Others
The hospital pharmacy segment is anticipated to witness a substantial market share on account of a higher number of patients during the forecast period. Hospital pharmacies are crucial parts of healthcare facilities. The dissemination of drug delivery systems from hospital pharmacies tends to expand as patient visits to the hospitals rise. The expansion of hospitals across the globe is anticipated to improve the availability of these systems from hospital pharmacies and fuel the development of the segment. There were approximately 6,095 hospitals in the United States, 8,240 hospitals in Japan, and 10,900 units in Columbia in 2020.
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Global Drug Delivery Systems Market, Segmentation by Type
- Transdermal
- Inhalation
- Injectable
- Others
Global Drug Delivery Market, Segmentation by Device Type
- Conventional
- Advanced
A few of the well-known market leaders in the global drug delivery systems market that are profiled by Kenneth Research are BD (Becton, Dickinson, and Company), Gerreshelmer AG, Baxter, Nemara, Kindeva Drug Delivery, West Pharmaceutical Services Inc., Ypsomed, Medtronic, E3D Elcam Drug Delivery Devices, AstraZeneca, Merck KGaA and others.
Recent Developments in Global Drug Delivery Systems Market
- On November 8th,2021, in order to purchase the Intellectual Property (IP) for a new generation cartridge-based auto-injector, Gerresheimer AG and Midas Pharma teamed together.
- On July 26th,2018, InnoCore Pharmaceuticals and Merck KGaA reported a partnership to deliver the latter company’s exclusive SynBiosys biodegradable polymer platform. It is a platform for drug delivery designed to remove obstacles in injectable formulations.
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