The drug delivery market was valued at US$691.645 billion in 2020 and is expected to grow at a CAGR of 8.24% over the forecast period to reach a total market size of US$1,203.946 billion by 2027.
A drug delivery device is a specialized device for the controlled and targeted release of drugs. Health benefits and lifespans have been extended by drugs for centuries and the way medicines are delivered has changed over the last few decades. Molecular biology strategies can be used to discover a medication that has acceptable side effects due to interacting with parts of the body that are not targeted by the drug. Systems for delivering drugs control how much of the drug is released and how far it reaches the target. Increasing incidences of chronic diseases, growth in the medical diagnostics market, and advancements in technology and new company launches are driving the market growth. Globally, chronic disease prevalence is expected to rise by 57% by 2020, according to the World Health Organization. Furthermore, several pharmaceutical companies are suddenly experiencing a surge in demand for drugs designed to treat infectious diseases because of the Coronavirus outbreak globally which has been a major factor boosting the drug delivery demand.
The growing awareness surrounding pharmaceutical drug delivery systems is also contributing to the market growth. Furthermore, the pharmaceutical drug delivery market growth is being influenced by additional factors such as an increase in healthcare and government funding. In addition, the emergence of various chronic diseases, which necessitate the use of pharmaceutical delivery systems, is a key driver of the pharmaceutical delivery systems market. The drug delivery market is however hindered by the increasing number of drug recalls and failures. Additionally, the forecast period should see lucrative opportunities in developing economies due to their high growth potential.
Biologic drugs are the most advanced treatments available for a variety of illnesses and conditions. Approximately 41 million people die each year from chronic diseases, according to World Health Organization statistics and about 17.9 million people die from cardiovascular disease, followed by cancer (9 million), respiratory diseases - 3.9 million, and diabetes - 1.6 million. Furthermore, approximately 80% of chronic disease deaths result from these four groups. Also, the increasing number of geriatrics means that chronic diseases will affect more people, thus increasing the demand for biologics. The number of people over the age of 65 will rise from one in 11 in 2019 to one in six by 2050 (16%), up from one in 11 at the beginning of this year (9%) (Source: WHO). Investors have also been driving the overall market growth. In Singapore, a total of USD 700 million was invested by Novartis AG in the establishment of a biologics center, while Bristol-Myers Squibb spent more than USD 900 million on a large biologics facility in Ireland, which opened in 2019. In the coming years, due to the significant growth in the biologics market and the fact that generic injectables are mainly administered via injection, the injectable drug delivery market should witness further growth.
One of the major risks associated with injectable drug delivery is needlestick injuries. Every year 600,000-800,000 needlestick injuries are reported in the United States, according to PharmaJet. 5.6 million workers in the US are at risk of being exposed to blood-borne pathogens because of needlestick injuries, per the Occupational Safety and Health Administration (OSHA). In addition, the CDC estimates that US hospitals suffer 385,000 needlestick injuries annually.
In addition, the WHO found that 34.7% of cases of Hepatitis B, 56.9% of cases of Hepatitis C, and 46.7% of cases of HIV/AIDS among healthcare workers worldwide were associated with injuries caused by needlesticks. A great number of drugs and vaccines are undergoing various clinical trials and are expected to be made available to patients in the coming months and years under guidelines for emergency usage authorizations for COVID-19 treatment.
The number of cases of COVID-19 is rapidly increasing in many countries. Patients who were affected by this virus needed an improved level of care as well as nutritional and immunological support (including vitamins and other curing drugs). An increase in drug usage has aided market growth, including vitamins such as vitamin C, multivitamins, and antivirals, among others.
There is a large number of drugs and vaccines in various clinical trial phases that are expected to be launched in the coming months/years under emergency usage authorization guidelines for treating COVID-19. Vaccines are being developed, manufactured, and administered at a mass level, which is resulting in high demand for different drug delivery systems over the forecast period.
|Market size value in 2020||US$691.645 billion|
|Market size value in 2027||US$1,203.946 billion|
|Growth Rate||CAGR of 8.24% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Technique, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Pfizer, Insulet Corporation, West Pharmaceutical Services, Inc., Enable Injections, Mersana Therapeutics, Becton, Dickinson and Company, Recipharm AB, Medtronic, Boston Scientific Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the drug delivery market size by 2027?
A1. The drug delivery market is expected to reach a market size of US$1,203.946 billion by 2027.
Q2. What is the size of the global drug delivery market?
A2. Drug Delivery Market was valued at US$691.645 billion in 2020.
Q3. What are the growth prospects for the drug delivery market?
A3. The global drug delivery market is expected to grow at a CAGR of 8.24% over the forecast period.
Q4. How is the global drug delivery market segmented?
A4. The drug delivery market has been segmented by type, technique, application, and geography.
Q5. What factors are anticipated to drive the drug delivery market growth?
A5. The growing awareness surrounding pharmaceutical drug delivery systems contributes to the growth of the market.
West Pharmaceutical Services, Inc.
Becton, Dickinson and Company
Boston Scientific Corporation
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