Dublin, May 08, 2024 (GLOBE NEWSWIRE) -- The "Drug Delivery Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Global Drug Delivery Devices Market was valued at USD 240.62 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.80% through 2029
Global drug delivery devices are specialized instruments designed for administering drugs or therapeutic materials through specific routes. These medical treatments involve utilizing the devices either once or multiple times. Drug delivery devices present unique challenges in various aspects of product development, including regulatory strategy, design and material considerations, and the development and implementation of testing procedures.
The administration of pharmacological substances through drug delivery is a crucial component in providing therapeutic effects to individuals or animals. The utilization of drug delivery systems by patients and clinicians is driven by the growing number of diabetic patients, as well as the increasing incidence of cancer and respiratory disorders.
Drug delivery devices are classified as medical devices that exclusively administer drugs to the body through specific routes of administration. This targeted drug delivery to the precise site yields advantages such as enhanced accuracy, ease of use, and reduced frequency of dosing. Additionally, drug delivery devices offer the benefit of minimizing variability in systemic drug concentrations, resulting in more reliable absorption aligned with the site and mechanism of action. Various types of drug delivery devices are available in the Market, including smart pills, inhalers, drug-eluting stents, safety syringes, and others. These devices find utility across diverse medical settings, such as hospitals, diagnostic centers, and ambulatory surgery centers.
North America holds the largest market share, primarily due to the presence of major players and the increasing adoption of drug delivery systems. The region's market growth is further supported by enhanced awareness of the benefits associated with drug delivery systems. Market expansion is anticipated to be facilitated by increased product approvals in countries like the U.S. For instance, Aptar Pharma received FDA approval for the utilization of its nasal drug delivery system.
Europe accounts for a significant share of the global market in 2023 and is expected to experience moderate growth. Major market players in the region have access to vast markets owing to their developed economies and favorable regulatory frameworks. The Asia Pacific region is projected to exhibit the highest growth rate, driven by its robust economic growth. Moreover, the presence of a large patient base in countries such as India, China, Japan, and China is leading to increased adoption of drug delivery technology by various end-users. In Japan, different drug delivery devices are utilized for specific drug types.
Key Market Drivers
Rising Prevalence of Chronic Diseases
The increasing prevalence of chronic diseases, including cardiovascular diseases, diabetes, cancer, and other ailments, is projected to drive the growth of the drug delivery devices market. Due to the escalating prevalence of chronic diseases such as cardiovascular, diabetes, cancer, neurodegenerative diseases, and infectious diseases, there is a growing demand for drug delivery devices on a global scale. The market is being propelled by technological advancements and the adoption of various types of drug delivery devices for diseases like diabetes, cancer, and others.
Growth In the Demand of Biologics
Biologics often require parenteral administration, which can be intimidating or inconvenient for patients. Drug delivery devices, such as auto-injectors and prefilled syringes, make the process more patient-friendly, increasing patient compliance and acceptance of biologic therapies. Maintaining the stability and sterility of biologics is essential. Drug delivery devices, especially preloaded syringes and infusion pumps, minimize the risk of contamination, ensuring the integrity of the biologic product during administration.
The rapid expansion of the biopharmaceutical industry has led to the development of various new drugs that demonstrate efficacy in treating a wide range of diseases. Substantial investments by drug manufacturers in clinical trials, coupled with the active involvement of regulatory authorities such as the FDA and EMA, are propelling the advancement of innovative new drugs.
Increasing Investments by Pharmaceutical Companies
Pharmaceutical companies are continuously striving to enhance drug delivery and patient compliance through innovative product solutions. By improving the performance of primary components for parenteral packaging, the superior delivery of injectable medicines is ensured, benefiting both patients and drug companies.
Technological Advancement
The drug delivery device has witnessed substantial innovation over the years, with no signs of slowing down. Notable advancements have been made in established technologies like insulin delivery devices and inhalers, as well as the exploration of novel drug delivery methods. Leading companies such as Medtronic and Tandem Diabetes Care have made significant contributions, while emerging players are also making their mark. Ongoing research continues to uncover new therapeutic delivery approaches.
Key Market Challenges
High Price of the Device
High device costs can pose a barrier to patient access, especially for those without adequate insurance coverage or with limited financial means. Patients may forego necessary treatments or opt for alternative, less effective options due to cost concerns. Healthcare systems and hospitals may face budget limitations, making it challenging to invest in expensive drug delivery devices on a large scale.
This can lead to delays or limitations in the adoption of advanced devices. Healthcare providers and payers assess the cost-effectiveness of medical treatments and technologies. High-priced devices may be scrutinized more closely to ensure that their benefits justify their costs, potentially slowing down adoption.
Stringent Regulations and Products Recall
Stringent regulations and product recalls impose limitations on market growth. The approval process for technologically advanced drug delivery devices developed recently may require time from government agencies. In the event of a product recall, the retrieval and replacement of defective products may result in significant losses for companies and manufacturers. These factors act as constraints on market expansion.
Key Market Trends
Government Investments on Healthcare Infrastructure
The increase in funding by the federal government is poised to drive market growth. Additionally, the government's growing initiatives to provide optimal drugs for cancer, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases, and other conditions in remote areas will further pave the way for growth. Moreover, the rise in personal disposable income levels, introduction of technologically advanced products in hospitals, increasing investment in the development of advanced medical products and devices, and the growing number of cancers, respiratory disease, and diabetic patients in emerging economies, are all factors that will positively impact the market growth rate.
Upsurge In the Public-Private Funding
The growth and expansion of the healthcare industry, propelled by both public and private players, particularly in developing economies, will create lucrative market growth opportunities. There is an anticipated upsurge in public-private funding for targeted research activities, accompanied by increasing levels of air pollution.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $240.62 Billion |
| Forecasted Market Value (USD) by 2029 | $375.98 Billion |
| Compound Annual Growth Rate | 7.8% |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Drug Delivery Devices Market.
- Pfizer Inc.
- Novartis AG
- F Hoffmann-La Roche Ltd
- Johnson and Johnson
- Bayer AG
- Becton, Dickinson and Company
- Altaris Capital Partners, LLC
- Holozymes Inc. (Antares Pharma Inc.)
- GlaxoSmithKline PLC
- Teva Pharmaceutical Industries Ltd
Report Scope:
Drug Delivery Devices Market, By Application:
- Cancer
- Cardiovascular
- Diabetes
- Infectious Diseases
- Other Applications
Drug Delivery Devices Market, By Route of Administration:
- Injectable
- Topical
- Ocular
- Others
Drug Delivery Devices Market, By End User:
- Hospitals
- Ambulatory Surgical Centres
- Others
Drug Delivery Devices Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/gayst5
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