The pharmaceutical drug delivery market was worth US$ 1600 billion in 2021 and is predicted to grow to US$ 3000 billion by 2032, a CAGR of 6% during the forecast period.
"The growing incidence of infectious diseases globally, expanding R&D expenditure for innovative medicines, and rising FDA approvals all contribute to the expansion of this market category."
The increased prevalence of chronic diseases, the developing biologics industry, extensive R&D investments, and technological innovations & new product launches are all contributing to the rise in the pharmaceutical drug delivery industry.
Pharmaceutical drug delivery device has certain advantages, including ease of use, efficiency, and patient compliance. As a result, drug developers are concentrating on appropriate delivery and packaging alternatives to increase treatment efficiency and provide enhanced patient compliance.
The pharmaceutical drug delivery market trends and forecast indicate that the businesses are investing heavily in research and development to create new compounds for various therapeutic applications and drug delivery platforms. The corporations put a lot of money into R&D to bring high-quality, innovative items to market. Biopharmaceutical businesses' R&D spending has likewise increased over time.
For pharmaceutical drug delivery carriers, self-administration and home care are likely to provide considerable growth prospects. This is primarily due to the growing geriatric population, as elderly people make up a sizable market for drug delivery devices for home care. This aspect is also driving up demand for application-specific injectable, inhalation, topical, and transdermal medication treatments tailored to caregivers' and patients' needs.
Governments in both rich and developing countries advocate cost-cutting pharmaceutical drug delivery mechanisms like lowering prescription reimbursement prices and boosting the use of generics. Government agencies, insurers, and patients are putting pressure on drug makers all across the world to cut costs. The global market study on the pharmaceutical drug delivery market indicates that due to the downward pricing pressure, drug acceptance is increasing in emerging markets, where the need for low-cost treatments is high.
Several pharmaceutical companies, however, are suffering as a result of this. Moreover, this trend is projected to continue in the next years, owing to ongoing demand from insurers, pharmacy benefit managers (PBMs), and public and private payers to lower pharmaceutical drug delivery device pricing to cover more innovative drugs for common ailments like high cholesterol and diabetes.
The pharmaceutical drug delivery market share is projected to reach US$ 2200 Bn by 2026.
Key Takeaways
The high share of the North American market can be attributed to the rising prevalence of chronic diseases like cancer, respiratory allergies, and diabetes, as well as increasing patient compliance with innovative drug delivery technologies and the presence of a large number of major players in the region.
Infectious disorders accounted for the greatest portion of the pharmaceutical drug delivery industry in 2020.
The rising prevalence of infectious diseases around the world, rising R&D expenditure for new treatments as a result of the present COVID-19 pandemic scenario, and the rising number of FDA approvals for such drugs all contribute to the infectious disorder market segment's substantial share.
Governments in developing nations are investing heavily in modernizing their healthcare infrastructure, which is projected to enhance access to healthcare services.
"The increased prevalence of chronic diseases, the developing biologics industry, and increasing technological breakthroughs and new product releases are all driving this market forward."—opines an FMI analyst.
Competitive Landscape
The number of pharmaceutical drug delivery carriers is growing due to increased spending by key market players in research and development and clinical trials of pharmaceutical medication delivery methods.
Due to multiple major, medium, and small players, the worldwide pharmaceutical drug delivery market is extremely competitive and fragmented. These companies have a significant market share in their respective regions. Leading players' growth strategies are expected to propel the global market as per the upcoming pharmaceutical drug delivery market key trends & opportunities.
DARZALEX (daratumumab), a subcutaneous formulation that decreases treatment time for multiple myeloma indications, was approved by the FDA in July 2021.
Pfizer, Inc. gained FDA approval in December 2020 for BRAFTOVI (encorafenib) plus cetuximab to manage patients with brafv600e-mutant metastatic colorectal cancer (CRC) who have previously received treatment.
Key Segments
By Route of Administration:
Oral Drug Delivery
Injectable Drug Delivery
Topical Drug Delivery
Ocular Drug Delivery
Pulmonary Drug Delivery
Nasal Drug Delivery
Transmucosal Drug Delivery
Implantable Drug Delivery
By Application:
Infectious Diseases
Cancer
Cardiovascular Diseases
Diabetes
Respiratory Diseases
Central Nervous System Disorders
Autoimmune Diseases
Other Applications
By Facility of Use:
Hospitals
Ambulatory Surgery Centers/Clinics
Home Care Settings
Diagnostic Centers
Other Facilities of Use
By Region:
North America
Latin America
Europe
Europe
Asia Pacific
Middle East and Africa (MEA)
Information Source:
https://www.futuremarketinsights.com/reports/pharmaceutical-drug-delivery-market