According to a new market research study titled ‘Drug Delivery Systems market - Global Analysis and Forecasts by Route of Administration, Application, Distribution Channel, and End User. The global drug delivery systems market is expected to reach US$ 2,302.2 Bn in 2027 from US$ 1,243.1 Bn in 2018. The market is estimated to grow with a CAGR of 7.2% from 2019-2027. The report highlights the trends prevalent in the global drug delivery systems market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to rising incidence of chronic diseases, growing demand for non-invasive drug delivery devices, increasing R&D expenditures in and pharmaceutical and medical device companies.
Over the past few decades, Research and development (R&D) in drug delivery devices is increasing across the globe due to increasing prevalence of chronic disease. Drug delivery is the method or process of administering a pharmaceutical compound to achieve a therapeutic effect in humans. Various routes of administration are being studied in order to treat these chronic diseases. According to the Centers for Disease Control and Prevention (CDC) in the 2019, almost 6 in 10 people in the US suffer from atleast one chronic disease and 4 in 10 people have two or more chronic diseases. The increasing incidences of chronic lifestyle diseases poses several opportunities for the drug delivery devices market to grow during the forecast period.
Global drug delivery systems market, based on the route of administration was segmented into oral, transmucosal, injectable, topical, implantable, and ocular. Oral drug delivery system segment led the market for drug delivery systems market in 2018, contributing a market share of 50.2%. Whereas, the transmucosal segment is expected to grow at a CAGR of 8.8% during the forecast period from 2019 to 2027. This is primarily attributed to rapidly rising incidence of chronic disorders, including gastrointestinal, respiratory, and autoimmune disorders.
Some of the prominent players operating in drug delivery systems market are, BD, Novo Nordisk A/S, 3M, Boston Scientific Corporation, Bausch Health Companies Inc., Baxter International, Inc., Boehringer Ingelheim, Novartis AG, GlaxoSmithKline plc., and Johnson & Johnson Services, Inc. among others. The market players are focused towards bringing new and innovative products to sustain their position in the market. For instance, in January 2019, BD launched BD Nano 2nd gen pen needles reinforces BD’s commitment to providing the most advanced solutions possible for people with diabetes to help achieve better clinical management of insulin use. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global drug delivery systems market as follows:
Global Drug Delivery Systems Market – By Route of Administration
Global Drug Delivery Systems Market – By Application
Global Drug Delivery Systems Market – By Distribution Channel
Global Drug Delivery Systems Market – By Geography
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