Drug delivery devices are specialize tools made for a specific route of medication or therapeutic material administration. Drug delivery devices present unique challenges in many areas of product development, such as regulatory strategy, design. And material considerations, as well as the creation and use of testing protocols. A growth in the number of diabetic patients and an increase in the prevalence of cancer. And respiratory ailments are driving an increase in the use of drug delivery systems among patients and professionals.
In 2021, the market for drug delivery devices was worth USD 239.2 billion. And by 2030 it will be worth USD 340.45 billion, growing at a 7.1% CAGR during the forecast period.
Some of the drug delivery devices on the market include autoinjectors, prefilled syringes, metered dosage inhalers (MDIs). Nasal sprays, nebulizers, transdermal patches, intrauterine devices (iuds), eyedroppers, infusion pumps, and microneedle arrays.
Market Dynamics
Drivers
Technolog medical device manufacturing industry has led to advancements of Innovative drug delivery devices that guarantee the patient receives the proper dosage of medication at the appropriate time. Also, the market is expanding due to the growing prevalence of chronic diseases like diabetes, CVDs, cancer, and COPD. The International Organization for Research on Cancer estimates that there will be about 19.3 million new cancer cases. And 10 million cancer-related deaths worldwide in 2020. The emergence of numerous medications that effectively treat chronic diseases. And the quick development of biopharmaceuticals have fuel a global need for drug delivery systems.
Restraints
The market for drug delivery devices is being held back by a lack of standardization, tight drug approval requirements, the danger of nanoparticles entering the brain, a lack of train specialists to utilize some of the devices, and the greater cost of technologically advance devices.
Opportunity
The prevalence of chronic diseases among such a significant portion of the elderly population will encourage the adoption of such systems. Also, the increased introduction of new goods and digitalization in the healthcare. Industry has created prospects for growth of the market.
Market Segmentation
By Route of Administration
On the basis of route of administration, the market is segment into oral, ocular, topical, inhalation, Injectable, nasal, and others.
In 2022, the oral segment held largest position in the market. This is due to the oral drug delivery method’s rising popularity because it is painless, patient-friendly, affordable, non-invasive, and self-administerable. Also, the majority of medications are offer in tablet, powder, and liquid forms, with oral administration being the prefer method of administration. Thus, the enormous availability of medications given orally has accelerated the segment’s expansion.
By Application
On the basis of application, the market is segment into diabetes, cancer, infectious diseases, cardiovascular, and others.
In 2022, the cancer sector held the greatest market share due to the growing incidence of cancer population. Global cancer cases will increase by 47% between 2020 and 2040. Globally, 28.4 million instances are predict to be report in 2040. Thus, the main drivers of this market are the rising occurrence of different cancers like breast, womb, lung, and bowel cancer.
By End-User
On the basis of end-user, the market is segment into hospitals, ambulatory services, and home healthcare.
In 2022, the hospitals segment ruled the entire market with 29% of revenue share. This is a result of hospitals becoming more widespread globally. The expansion of this market segment is drive by the increase public and private sector investments in hospital construction. Furthermore, the segment’s growth is being further drive by the rise in hospital admissions.
Regional Overview
North ruled the regional market with a 34% market share. The market is growing due to the rapid growth of the US government’s COVID19 immunization effort, which increased demand for syringes. The market for drug delivery devices in North America is also growing as a result of a considerable rise in hospital admissions in the area. These hospitalizations will increase the need for pharmaceutical delivery devices in the region. The rising prevalence of chronic diseases and increased demand for cutting-edge drug delivery systems like metered-dose inhalers. And sensor-embedded devices are the other factors that will fuel market expansion in the area.
Key Players
- Insulet Corporation
- Boehringer Ingelheim Group
- Consort Medical Plc
- Medtronic Plc
- Antares Pharma, Inc.
- GlaxoSmithKline plc
- AstraZeneca PLC
- GeneTech Company Ltd
- F. Hoffmann-La Roche
- Shenzhen
- Novartis AG
- 3M
- uniQure N.V.
- Sulzer Ltd.
- Pfizer, Inc.
- Johnson & Johnson Services Inc
- Becton Dickinson
- Bayer AG
In 2021, the market for drug delivery devices was worth USD 239.2 billion. And by 2030 it will be worth USD 340.45 billion, growing at a 7.1% CAGR during the forecast period. Factors influencing the growth of the market for drug delivery devices are growing R&D spending. And better government backing due to the rising prevalence of acute and chronic disorders.