Drug Delivery Devices Market is estimated to reach US$ 124.83 billion by 2030
Market Overview:
Drug delivery devices refer to specialized instruments used for the purpose of administering drugs or therapeutic agents through a designated route of administration. The gadgets are used alone or in several instances for medicinal interventions. Drug delivery devices provide distinct issues at every stage of product development, including regulatory strategy, design and material concerns, as well as the development and implementation of testing procedures.
Drug delivery is a crucial modality for administering pharmacological substances, enabling therapeutic outcomes in both human and animal subjects. The escalating prevalence of diabetic patients and the growing occurrence of cancer and respiratory disorders are propelling the utilization of medication delivery systems among patients and clinicians.
Drug Delivery Devices Market Size and Growth Rate:
The Global Drug Delivery Devices Market size was valued at US$ 78.09 billion in 2022 and is estimated to reach US$ 124.83 billion by 2030, growing at a CAGR of 5.6% during the forecast period 2023-2030.
Drug delivery devices are specialized equipment used to deliver a drug or therapeutic agent through a specific route of administration into the human body and various systems. These devices can be used once or multiple times for medical treatments.
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Market Drivers: Increasing the number of people suffering from chronic diseases
The anticipated rise in the prevalence of chronic/non-communicable illnesses globally is projected to be a key driver for developing the global market for drug delivery devices in the foreseeable future. Implantable medication delivery systems provide distinct therapeutic options for those suffering from chronic illnesses. Based on data from the World Health Organization (WHO), it has been determined that non-communicable diseases (NCDs), including heart disease, stroke, diabetes, cancer, and chronic lung disease, account for 74% of global mortality.
The majority of non-communicable disease (NCD) fatalities, above 75%, transpire in nations with low to moderate economic levels. Consequently, it is anticipated that this would facilitate the expansion of the worldwide drug delivery device industry.
The anticipated rise of the worldwide drug delivery device market in the foreseeable future can be attributed to the rising use of technologically improved drug delivery devices, which provide more efficient and effective medication administration.
Drug Delivery Devices Market Opportunities:
The medication delivery device market is anticipated to have substantial development opportunities due to the rapid expansion of the biologics industry. For example, it is anticipated that drug delivery devices/systems would enhance the precision of delivering biologics to specific targets. Hence, industry participants are now directing their efforts towards the development of innovative medication delivery devices and systems.
Furthermore, it is anticipated that there will be a surge in research endeavors aimed at advancing drug delivery systems specifically designed for biologics. This, in turn, is projected to propel the expansion of the market. Novartis made a substantial investment of US$ 700 million in its biologic manufacturing plant located in Singapore. In comparison, Bristol-Myers Squibb allocated a significant amount of roughly US$ 900 million towards the establishment of a large-scale biologics facility in Ireland. The global medication delivery device market is anticipated to have profitable development prospects due to the increasing geriatric population worldwide.
Drug Delivery Devices Market Trends:
One of the primary factors contributing to the growth of the medication delivery device market is the rising adoption of strategic initiatives and the advancement of innovative products.
For Instance, In December 2020, Agile Therapeutics Inc. announced the introduction of a novel contraceptive patch called Twirla (levonorgestrel and Ethinyl estradiol) transdermal device, designed to be non-invasive. The proliferation of these items stimulates the utilization of medication delivery products, propelling market expansion.
Drug Delivery Devices Market Segmentation:
The drug delivery devices market is segmented by route of administration into oral drug delivery, solid oral drugs, liquid oral drugs, semi-solid oral drugs, injectable drug delivery, ocular drug delivery, pulmonary drug delivery, nasal drug delivery, transmucosal drug delivery, implantable drug delivery, passive implantable drug delivery; by applications into infectious diseases, cancer, autoimmune diseases, central nervous system disorders, respiratory diseases, diabetes; by end-user into hospitals, ambulatory surgery centers, home care settings, diagnostic centers, others.
By Route of Administration Insight: The Oral Drug Delivery Segment Dominated the Largest Market Share.
Based on the route of administration, the oral drug delivery segment dominated the largest market share in 2022. Oral medication administration is popular because it is painless, easy, cost-effective, non-invasive, and self-administered.
Oral administration of most pharmaceuticals and treatments is in liquid, powder, or tablet forms. Thus, the abundance of oral medications has boosted sector expansion. The tremendous expansion of biologic drugs has boosted market growth in recent years. The rapid rise of biologic drugs has boosted market growth in recent years.
The forecast predicts the topical market will be most suitable. Benefits like non-invasiveness, simplicity of use, convenience, and painless delivery will boost market expansion. Adding a time-controlled method to topical administration enhances demand.
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Global Drug Delivery Devices Market Regional Analysis:
The global Drug Delivery Devices Market is analyzed across North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
North America is expected to account for a substantial portion of the market share by the end of 2035. Because of increasing product launches and activities by prominent industry players, the North American drug delivery devices market is predicted to develop significantly over the study period. For example, according to the American Cancer Society’s 2022 study, approximately 1.9 million new cancer cases are projected to be determined in the United States in 2022. Cancer cases are expected to rise in the country, which is expected to increase the demand for drug delivery devices for multiple treatments as the region’s demand for cancer treatment is quite high as a result of the elevated death rate related to the disease, which is expected to increase.
Key Developments:
- Janssen Pharmaceutical Inc., a subsidiary company of Johnson & Johnson announced the FDA approval of the drug Darzalex Faspro for the treatment of Multiple Myeloma Cancer.
- IDEAYA Biosciences, Inc. and GlaxoSmithKline plc. announced a strategic partnership to develop solutions in the field of Oncology.
Drug Delivery Devices Market Key Player:
Some of the key players that are contributing to the growth of the market are Baxter International, Acromed AG, Medtronic, Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd, Novartis AG, 3M, Sanofi, Merck & Co., Inc, Pfizer Inc, Bayer AG, GlaxoSmithKline plc, Novosanis, among others.
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