North America Drug Delivery Systems Market to See Incredible Growth During (2020-2027)

"The North America human drug delivery systems market is expected to reach US$ 1,074,679.7 Mn in 2027 from US$ 572,453.0 Mn in 2018. The market is estimated to grow with a CAGR of 7.4% from 2020-2027."

Key factors that are driving the growth of the market are rising need for medication among the populace, extensive research and developments projects undertaken by various market players to sustain their leadership in the market leading to launch of new and innovative products as well as a well-established pharmaceutical and medical device industry in the region.

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Companies Mentioned

o BD
o Novo Nordisk A/S
o 3M
o Boston Scientific Corporation
o Bausch Health Companies Inc.
o Baxter International, Inc.
o Boehringer Ingelheim
o Novartis AG
o GlaxoSmithKline plc.
o Johnson & Johnson Services, Inc.

Over the past few decades, Research and development (R&D) in drug delivery devices is increasing across the globe due to the increasing prevalence of the 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 2019, almost 6 in 10 people in the US suffer from at least one chronic disease and 4 in 10 people have two or more chronic diseases.

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Also, cancer is one of the leading cause of death in the North America region. Furthermore, the American Cancer Society (ACS) estimated that in 2018, approximately 1,735,350 new cancer cases were diagnosed. Targeted drug delivery system (TDDS) is a system, which delivers the drug in a controlled manner at a preselected biosite. Diabetes is a life-threatening chronic disease with no specialized cure. Diabetes of all types can lead to various complications in many parts of the body and can increase the overall risk of premature death.

The US drug delivery systems market is expected to grow at the highest rate during the forecast period. The growth of this market is primarily driven by increasing prevalence of chronic diseases like diabetes, asthma, and others, a growing number of product launches by key players; and increasing use of drug delivery systems for disease management. The market for drug delivery systems in the US region is expected to reach US$ 741,528.96 Mn in 2027 from US$ 388,359.24 Mn in 2018. The growth rate of the market in the region is estimated to be 7.6% during the forecast period.

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This release was published on openPR.