PUBLISHER: The Business Research Company | PRODUCT CODE: 1429402
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429402
Drug delivery devices are designed to administer specific drugs to targeted areas of the body for disease treatment. These devices find application in various patient care environments, including hospitals, diagnostic centers, clinics, and home care settings.
The primary routes of drug administration through these devices encompass 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 involves the administration of a tablet or capsule into the alimentary canal of a human being. Patient care settings where these devices are utilized include hospitals, diagnostic centers, ambulatory surgery centers/clinics, home care settings, and others. The diverse applications of these drug delivery devices span across areas such as cancer, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases, autoimmune diseases, central nervous system disorders, and more.
The drug delivery devices market research report is one of a series of new reports from The Business Research Company that provides drug delivery devices market statistics, including drug delivery devices industry global market size, regional shares, competitors with a drug delivery devices market share, detailed drug delivery devices market segments, market trends and opportunities, and any further data you may need to thrive in the drug delivery devices industry. This drug delivery devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The drug delivery devices market size has grown strongly in recent years. It will grow from $87.65 billion in 2023 to $94.7 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The expansion observed in the past can be credited to the swift increase in the elderly population, a rise in the number of healthcare facilities, economic growth in emerging markets, and an augmentation in healthcare expenditure.
The drug delivery devices market size is expected to see strong growth in the next few years. It will grow to $122.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated expansion in the upcoming period can be ascribed to the rising prevalence of chronic diseases, growing demand for injectables, an increasing need for drug delivery devices, and the sudden emergence of severe infections. Key trends expected in the forecast period involve investments in microneedle drug technology for drug delivery, the research and development of self-injectable drug delivery devices, a focus on mergers and acquisitions, and investments in wearable drug delivery devices.
The increasing prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer, and other conditions is expected to propel the drug delivery devices market. For example, in January 2023, according to the National Library of Medicine, the number of individuals in the United States aged 50 and older with at least one chronic condition is projected to increase by 99.5%, reaching 142.66 million by 2050 from 71.522 million in 2020. Various routes of drug administration exist, and the choice depends on three factors, the desired effect, the type of disease, and the product type. The pharmaceutical industry is currently emphasizing the development of new drug delivery systems, driven by increasing R&D efforts worldwide due to the rising prevalence of chronic diseases. Many pharmaceutical companies are concentrating on multiple drug delivery technologies to enhance advantages and improve outcomes for their products. Therefore, the growing prevalence of chronic diseases is leading to increased consumption of therapeutic drugs and therapies, acting as a driver for the drug delivery devices market's growth.
The increasing demand for biologics is expected to contribute to the expansion of the drug delivery device market. Biologics, also known as biologic products or biopharmaceuticals, are pharmaceuticals developed using living organisms, cells, or biological processes. Drug delivery devices play a crucial role in enhancing biologics delivery by improving delivery methods, providing non-invasive delivery, protecting cargo, offering controlled release, enabling targeted delivery, and providing advanced drug delivery systems. In June 2023, according to the Government of Canada, Canada ranked among the top nations in the Organization for Economic Co-operation and Development (OECD) in terms of per capita spending in 2021, with biologics sales exceeding $11 billion. Hence, the increasing demand for biologics is a driving force for the growth of the drug delivery device market.
Leading companies in the drug delivery device market are strategically focusing on the development of innovative devices, such as autoinjectors with fully integrated connectivity, to gain a competitive advantage. Autoinjectors are specialized medical devices designed for self-administration of pre-measured medication doses. For example, in December 2021, Ypsomed AG, a Switzerland-based manufacturer of injection and infusion equipment, introduced YpsoMate, an autoinjector featuring fully integrated connectivity. The device is equipped with standard built-in Bluetooth communication, enabling connectivity to mobile phones and tablets for the transfer of injection and device data. This autoinjector provides digital therapy support by automatically recording medication administrations and sharing data with healthcare providers.
Microneedle (MN) technology is recognized for its efficiency and versatility in the medical device landscape, boasting attributes such as painless penetration, cost-effectiveness, high therapeutic efficacy, and relative safety. Key players in the global microneedle drug delivery system market include 3M, Vetter Pharma International GmbH, Nano Biosciences LLC, Nano Pass, and others. Microneedles are crafted using biodegradable polymers that encapsulate drugs or vaccines. Upon dissolution in the skin, the microneedles release the drug. This innovative delivery method facilitates the passage of a diverse range of molecules through the skin barrier, allowing transdermal delivery for various clinical applications, including diabetes, severe osteoporosis, and influenza vaccination.
In March 2022, Sandoz Group AG, a Switzerland-based pharmaceutical company, acquired Coalesce Product Development Limited for an undisclosed amount. This acquisition aligns with Sandoz's strategic goal of expanding its current respiratory medication portfolio and enhancing patient access to advanced treatments. Coalesce Product Development Limited, based in the UK, specializes in the manufacturing of respiratory medical and medication delivery devices.
Major companies operating in the drug delivery devices market report are Becton, Dickinson and Company, Baxter International, B. Braun Melsungen AG, Catalent, 3M Company, West Pharmaceutical Services, Inc., Gerresheimer AG, Smiths Medical, Boehringer Ingelheim, SMC Ltd., Elcam Medical, Eli Lilly and Company, Gerresheimer, Injex, Novartis AG, Novo Nordisk A/S, Pfizer Inc., Sanofi Sa, Schott AG, Terumo Corporation, Teva Pharmaceuticals, West Pharmaceuticals, Ypsomed Holding AG, F. Hoffmann-La Roche AG, GlaxoSmithKline, AstraZeneca, Congenica Ltd., UCB, Alkermes, Aptalis Pharma, Inc., Johnson & Johnson, Nektar Therapeutics, SkyePharma PLC, Pharmasyntez, NEARMEDIC PLUS LLC, Copernicus, Medtronic, Philips, Siemens, Stryker, GE Healthcare, Teleflex Medical, Gilero, Kedalion Therapeutics, MediPrint Ophthalmics, Nemera, Pendant Biosciences, Battelle Medical Devices, Merck & Co. Inc., Antares Pharma, Abbot, Allergan, Bilim Pharmaceuticals, H&T Presspart, Hovione Technology, Sorrel Medical, Syqe Medical, Julphar, ResMed Inc., Covidien plc
North America was the largest region in the drug delivery devices market in 2023. Asia-Pacific was the second-largest region in the global drug delivery devices market. The regions covered in the drug delivery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the drug delivery devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The drug delivery devices market consists of sales of instruments such as smart pills, inhalers and nebulizers, drug-eluting stents, safety syringes, and transdermal patches. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Drug Delivery Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on drug delivery devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for drug delivery devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The drug delivery devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.