Newark, NJ, Feb. 11, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global drug delivery technology market is expected to grow from USD 4827.03 billion in 2020 and to reach USD 9000.89 billion by 2028, growing at a CAGR of 8.1% during the forecast period 2021-2028.
The global drug delivery technology market is witnessing significant growth in recent years. This growth is attributed to the growing incidences of chronic diseases like diabetes, cancer, technological advancements, and a rising focus on geriatric and pediatric patients. Other factors like increasing demand for invasive surgeries and lifestyle changes propel the market for drug delivery technology.
Drug delivery is a procedure or technique that is used to deliver drugs to a targeted site with the aim of a curative solution. The drug delivery technology enhances the drug release profile, absorption, distribution, and elimination to develop product safety and efficiency with the patient’s ease and comfort. The drug delivery technology helps in controlling the time and rate of the drug released in the body. The drug delivery process plays an important role in driving the efficacy and safety of the drug.
The global drug delivery technology market is expected to witness significant growth, owing to the emergence of advanced technologies, increased research and development activities, and increasing demand for drug delivery technology that can be self-administered. The factors restraining the market growth are the rising prevalence of needlestick injuries, side effects associated with drugs, and the high cost of the treatment. The growing biopharmaceutical market and increasing demand for drug delivery technology provide market growth opportunities.
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The key players operating in the global drug delivery technology include F. Hoffmann-La Roche Ltd, Antares Pharma, Inc., Johnson & Johnson Services, Inc., Pfizer Inc., West Pharmaceutical Services Inc., Merck & Co., Inc., GlaxoSmithKline plc, Novartis AG, 3M, Sanofi, and Bayer AG. To gain a significant market share in the global drug delivery technology market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For instance, in October 2020, NovaPure 3mL Cartridge components and the SmartDose Gen. was launched by West Pharmaceutical Services. This launch will help the company to enhance its product portfolio in the market.
Oral Route segment dominated the market and held the largest market share of 29.4% in the year 2020
On the basis of route of administration, the global drug delivery technology market is segmented into a parenteral route, oral route, inhalation route, transdermal route, and nasal drug delivery. Oral Route segment dominated the market and held the largest market share of 29.4% in the year 2020. This growth is attributed to the ease of storage, cost-effectiveness, easy portability, and non-invasive nature of the oral route.
Hospitals segment dominated the market and held the largest share of 33.6% in the year 2020
On the basis of end-user, the global drug delivery technology market is segmented into clinics, hospitals, home care settings, diagnostic centers, and others. Hospitals segment dominated the market and held the largest share of 33.6% in the year 2020. This growth is attributed to the increasing preferences for hospitals by the large patient pool.
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Regional Segment of Drug Delivery Technology Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global drug delivery technology market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 37.52% in the year 2020. This growth is attributed to the adoption of novel non-drug administration modes like implantable, pulmonary, and transdermal drug delivery, the government supports, and rising focus in R&D. The Asia-Pacific region is anticipated to witness significant growth, owing to rising investments by major players, large patient pools, low labor costs, an increasing number of clinical trials.
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About the report:
The global drug delivery technology market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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