Rising prevalence of chronic diseases is expected to drive the growth of global drug delivery devices market
New Delhi, July 20, 2020: According to TechSci Research report, “Global Drug Delivery Devices Market By Route of Administration (Oral Drug Delivery, Injectable Drug Delivery, Topical Drug Delivery, Ocular Drug Delivery, Pulmonary Drug Delivery, Others), By Device (Syringes, Inhalers, Patch Pumps, And Others), By Patient Care Setting (Hospitals, Diagnostic Centers, Ambulatory Surgery Centers/Clinics, Home Care Settings, Others), By Application (Cancer, Infectious Diseases, Respiratory Diseases, Diabetes, Others), By Region, Competition, Forecast & Opportunities, 2025”, global drug delivery devices market is expected to witness a significant CAGR during the forecast period. Favorable government regulations all around the world is one of the major factors contributing to the growth of global drug delivery devices market. Moreover, growth in the biologics market is expected to bode well for the growth of global drug delivery devices market through the forecast period. In addition to this, technological advancements and new product launches are projected to positively influence the growth of global drug delivery devices market in the years to come. Also, high growth in the consumption of drugs and therapeutic pharmaceuticals owing to better nature of treatment associated with these drugs, is further making headway for the growth of global drug delivery devices market. However, there are some factors that might act as major impediments to the growth of global drug delivery devices market including increase in complications and expertise required in delivering therapeutics and drugs through these devices.
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Global drug delivery devices market can be segmented based on route of administration, device, patient care setting, application, company, and region. Considering the patient care setting, the market is fragmented into hospitals, diagnostic centers, ambulatory surgery centers/clinics, home care settings, and others. Among these, the hospitals segment dominated the global drug delivery devices market until 2019 and is further anticipated to maintain its dominance during the forecast period as well. This high growth can be attributed to the significant number of inpatient and outpatient visits to hospitals and requirement of large volumes of drugs and their respective delivery devices to accommodate to the demand of the large patient pool. In terms of route of administration, the market can be categorized into 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. Out of these, the injectable drug delivery segment is forecast to register high growth in the next 5 years which is attributable to growing demand for biosimilar products, increasing prevalence of chronic diseases (particularly cancer and diabetes) and CVD, and low cost of devices and manufacturing.
- Hoffmann-La Roche Ltd, Antares Pharma, Novartis AG, 3M Company, Sulzer Ltd, Gerresheimer AG, Sanofi S.A., Johnson & Johnson Services, Inc., Bayer AG, GlaxoSmithKline plc, Novosanis, MEDMIX SYSTEMS AG, Merck & Co., Inc., Pfizer Inc., Insulet Corporation, OraSure Technologies, Inc., West Pharmaceutical Services, Inc., SMC Ltd., ViVO Smart Medical Devices Ltd., Cipla Inc, are among others are the leading players operating in global drug delivery devices market. The players are adopting several growth strategies to enhance the market scenario of drug delivery devices. Other competitive strategies include new technological developments; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position.
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“North America is forecast to dominate the global drug delivery devices market until 2025 on account of high growth in biologics in the pharmaceuticals market. Furthermore, presence of key market players in the region is further anticipated to boost the market growth for drug delivery devices over the coming years. Additionally, Asia-Pacific region is estimated to register high growth in the years to come which can be attributed to rise in demand for drug delivery products from the diabetic population.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Drug Delivery Devices Market By Route of Administration (Oral Drug Delivery, Injectable Drug Delivery, Topical Drug Delivery, Ocular Drug Delivery, Pulmonary Drug Delivery, Others), By Device (Syringes, Inhalers, Patch Pumps, And Others), By Patient Care Setting (Hospitals, Diagnostic Centers, Ambulatory Surgery Centers/Clinics, Home Care Settings, Others), By Application (Cancer, Infectious Diseases, Respiratory Diseases, Diabetes, Others), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global drug delivery devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global drug delivery devices market.
Corporate Comm India(CCI Newswire)
