Market Research Report
Global Drug Delivery Market Forecast 2022-2030
|Global Drug Delivery Market Forecast 2022-2030|
Published: January 19, 2022
Content info: 366 Pages
Delivery time: 2-3 business days
The global drug delivery market is projected to record a CAGR of 6.84% during the estimated years of 2022 to 2030. The market growth is mainly reinforced by the increasing usage of biological drugs, technical advancements in drug delivery techniques, the increasing incidence of chronic conditions and prevailing aging population, as well as the rising need for effective drug delivery mechanisms.
Drug delivery entails the process of administering a pharmaceutical compound in order to provide therapy for various conditions. These drug delivery technologies alter the profile of drug releases, such as distribution, absorption, and elimination for the improvement of product safety and efficacy. It also considers patient convenience as well as compliance with the drug. The common routes of administration include oral, enteral, inhalation, parenteral, topical, and transdermal patches routes.
Technological advancements in the avenue of drug delivery technology are one of the leading factors propelling the global market's growth. In addition, the introduction of novel delivery platforms is anticipated to introduce solutions that optimize a drug's therapeutic value, thus finding a relatively improved approach to get a drug into the patient's body consistently and safely. As a result, this aspect leads to improved compliance and outcomes.
The global drug delivery market growth assessment includes the analysis of North America, Europe, Asia-Pacific, and Rest of World. The Asia-Pacific is set to grow with the highest CAGR. The regional market's growth is attributed to the increasing healthcare awareness, the surge in disposable income and government expenditure, and the rise in healthcare spending. Furthermore, domestic enterprises in the Asia-Pacific are fundamentally engaged in the manufacture of low-costing smart syringes for international as well as local usage.
The global drug delivery market is competitive, with top players involved in continuous partnership alliances and product development to aid market penetration. Moreover, the increasing number of dealers and distributors is set to elevate industry rivalry over the upcoming years.
Some of the key companies operating in the market are: Antares Pharma Inc, Baxter International Inc, Johnson & Johnson, etc.