Pune, India, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The global drug delivery systems market size is anticipated to hit USD 71.75 billion by 2029 and exhibit a CAGR of 9.0% during the forecast period. The rising prevalence of chronic diseases, coupled with the increasing patients’ inclination towards advanced drug delivery systems are projected to fuel the market’s growth. Fortune Business InsightsTM has presented this information in its research report titled, “Drug Delivery Systems Market, 2022-2029”. The market size stood at USD 34.70 billion in 2021 and USD 39.33 billion in 2022.
Additionally, the new product launches and strategic collaborations by major players operating in the market are expected to be a key trend stimulating the market’s growth.
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Industry Developments-
- November 2021: Gerresheimer AG and Midas Pharma collaborated to buy the Intellectual Property (IP) of a next-generation cartridge-based auto-injector.
Drivers & Restraints-
Rising Prevalence of Chronic Diseases to Propel Market Growth
The growing prevalence of chronic diseases, including diabetes, cancer, Chronic Obstructive Pulmonary Disease (COPD), asthma, and others, and the subsequent fatalities due to these chronic diseases are expected to be a major factor promoting the growth of the drug delivery systems market. The globally expanding geriatric populace and their susceptibility to fatal diseases are likely to surge the demand for advanced drug delivery systems and foster market growth.
The increasing shift of patients towards modern products and advanced drug delivery systems due to their improved efficacy and accuracy is anticipated to amplify the market’s growth in the coming years.
Lastly, the new product launches and strategic collaborations by major market players are expected to magnify the market’s growth in the coming years.
However, strict regulations and frequent product recalls are predicted to hamper the market’s growth during the forecast period.
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Competitive Landscape-
Key Players Embrace Strategic Collaborations to Garner Growth
The highly consolidated marketplace embraces the presence of major market players including West Pharmaceutical Services Inc., Baxter International Inc., BD, and Gerresheimer AG. The major players operating in the market emphasize new product launches, strategic collaborations, and others to amplify their revenues and market presence. For instance, Nemera acquired Copernicus in October 2020 to expand its proprietary product portfolio.
COVID-19 Impact-
The coronavirus pandemic has potentially caused an uptick in the global drug delivery systems market growth. The accelerated manufacturing of injectable drug delivery systems has substantially fuelled the market’s growth. The soaring number of vaccinations being administered globally is bolstering the market’s growth. Moreover, the growing use of self-injection devices and easy-to-use homecare solutions is boosting the demand for advanced drug delivery systems, thereby fostering growth for the market.
Segmentation-
On the basis of type, the market is fragmented into injectable, transdermal, inhalation, and others. On the basis of device type, the market is bifurcated into advanced and conventional. On the basis of distribution channels, the market is segmented into retail pharmacies, hospital pharmacies, and others. Geographically, the market is classified into Latin America, the Middle East & Africa, Europe, Asia Pacific, and North America.
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Report Coverage-
- It covers information on different market segments.
- It includes an assessment of the COVID-19 pandemic’s impact on the market.
- It incorporates Porters’ Five Forces Analysis for precise market prediction.
- It addresses the latest developments witnessed in the market.
- It highlights the various restraints and drivers of the market’s growth.
North America to Attain Dominance Due to Increasing Product Demand
North America is predicted to attain the dominant drug delivery systems market share during the forecast period. The exponential increase in syringes’ demand due to escalating COVID-19 vaccinations is aiding the market’s expansion. Moreover, the high number of hospitalizations has created an escalated demand for advanced drug delivery systems, which is magnifying the region’s market expansion.
Europe is projected to gain immense growth in the upcoming years. The rising adoption of advanced products, coupled with the increasing consumer awareness for advanced drug delivery systems propels growth in Europe.
Asia Pacific is expected to witness swift expansion due to a vast patient pool and growing chronic disease prevalence. Moreover, production capacity expansions by major players to fulfill the ever-growing demand are anticipated to aid market’s growth in Asia Pacific.
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List of Key Market Players-
- 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 Elca, Drug Delivery Devices (Israel)
Table of Contents
- Introduction
- Market Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- 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, 2018-2029
- Key Findings / Summary
- 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
- North America Drug Delivery Systems Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- 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
- Europe Drug Delivery Systems Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- 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
TOC Continued…….
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