Dublin, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The "Drug Delivery Devices Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers, and senior management with critical information needed to assess the Drug Delivery Devices market. The market is projected to grow from $81.13 billion in 2022 to $87.65 billion in 2023, with a compound annual growth rate (CAGR) of 8.0%. Furthermore, the market is expected to reach $115.09 billion by 2027, with a CAGR of 7.0%.
Major players in the Drug Delivery Devices market include F. Hoffmann-La Roche Ltd, 3M Company, Pfizer Inc, Baxter International, BD, Novartis AG, Gerresheimer AG, Johnson & Johnson Services, Inc, Bayer AG, and GlaxoSmithKline plc.
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The Drug Delivery Devices market includes sales of instruments such as smart pills, inhalers and nebulizers, drug-eluting stents, safety syringes, and transdermal patches. These devices are used for delivering specific drugs to a particular part of the body to cure diseases. They are used in various patient care settings such as hospitals, diagnostic centers, clinics, and home care settings.
North America was the largest region in the Drug Delivery Devices market in 2022, with Asia-Pacific being the second-largest region. Key countries analyzed in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The main route of administration of drug delivery devices includes oral drug delivery, injectable drug delivery, topical drug delivery, ocular drug delivery, pulmonary drug delivery, nasal drug delivery, transmucosal drug delivery, and implantable drug delivery. Oral drug delivery is a common route of drug administration, where a tablet or capsule is administered into the alimentary canal of a human being.
The patient care settings for drug delivery devices include hospitals, diagnostic centers, ambulatory surgery centers/clinics, home care settings, and others. The various applications of drug delivery devices include cancer, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases, autoimmune diseases, central nervous system disorders, and others.
The rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer, and other diseases is expected to drive the Drug Delivery Devices market. Chronic diseases are projected to account for nearly three-quarters of all deaths worldwide by 2020, with a significant portion occurring in developing countries. This has led to an increasing demand for therapeutic drugs and therapies to treat these conditions, driving the growth of the drug delivery devices market.
The selection of the drug delivery route depends on factors such as the desired effect, the type of disease, and the type of product. The development of new drug delivery systems is a major focus in the pharmaceutical industry worldwide, as companies aim to improve the efficacy and outcomes of their products. Thus, the increasing prevalence of chronic diseases is expected to act as a driver for the growth of the Drug Delivery Devices market.
However, the market growth may be restrained by regulatory changes related to medical devices. Companies operating in the market are required to adapt to changes in the regulatory framework, which may result in added costs and time losses. For example, the new MDSAP (Medical Device Single Audit Program) will come into effect in 2020 and will be adopted by regulators in the US, Canada, Japan, Brazil, and Australia. Companies will need to comply with the MDSAP requirements and submit reports to regulatory bodies to obtain or maintain device licenses, leading to higher costs and time investments. Regulatory changes related to medical devices can potentially result in losses, fines, and penalties at a global level, limiting the growth of the Drug Delivery Devices market.
One of the significant trends in the market is the adoption of microneedles for drug delivery. Microneedles are highly efficient and versatile medical device technology that offers properties such as painless penetration, low cost, excellent therapeutic efficacy, and relative safety. Companies are actively exploring the application of microneedles in transdermal drug delivery for various clinical applications, including diabetes, osteoporosis, and influenza vaccination. This technology allows a wider variety of molecules to pass through the skin's barrier, expanding its potential use in drug delivery.
Companies in the Drug Delivery Devices market are also focusing on collaborations to strengthen their product portfolio and expand their global footprint. For instance, Nemera, a French pharmaceutical company, partnered with Zollner Elektronik AG in October 2022 to develop electronic drug delivery systems. Such collaborations enable companies to leverage each other's capabilities and expertise to enhance product offerings and market reach.
In conclusion, the Drug Delivery Devices market is poised to experience steady growth, driven by the rising prevalence of chronic diseases, technological advancements, and adoption of innovative delivery methods like microneedles. However, regulatory changes related to medical devices may pose challenges for market players. Collaborations between companies will play a vital role in driving innovation and market expansion.
Key Topics Covered:
1. Executive Summary
2. Drug Delivery Devices Market Characteristics
3. Drug Delivery Devices Market Trends And Strategies
4. Drug Delivery Devices Market - Macro Economic Scenario
4.1 COVID-19 Impact On Drug Delivery Devices Market
4.2 Ukraine-Russia War Impact On Drug Delivery Devices Market
4.3 Impact Of High Inflation On Drug Delivery Devices Market
5. Drug Delivery Devices Market Size And Growth
5.1. Global Drug Delivery Devices Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Drug Delivery Devices Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Drug Delivery Devices Market Segmentation
6.1. Global Drug Delivery Devices Market, Segmentation By Route Of Administration, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Oral Drug Delivery
- Injectable Drug Delivery
- Topical Drug Delivery
- Ocular Drug Delivery
- Pulmonary Drug Delivery
- Nasal Drug Delivery
- Transmucosal Drug Delivery
- Implantable Drug Delivery
6.2. Global Drug Delivery Devices Market, Segmentation By Patient Care Setting, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hospitals
- Diagnostic Centers
- Ambulatory Surgery Centers/Clinics
- Home Care Settings
- Other Patient Care Settings
6.3. Global Drug Delivery Devices Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cancer
- Infectious Diseases
- Respiratory Diseases
- Diabetes
- Cardiovascular Diseases
- Autoimmune Diseases
- Central Nervous System Disorders
- Other Applications
7. Drug Delivery Devices Market Regional And Country Analysis
7.1. Global Drug Delivery Devices Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Drug Delivery Devices Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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