Drug Delivery Devices Market Size, Challenges, Growth, Future Potential Of Industry 2026
The drug delivery device market size reached $19 billion in 2018 and is expected to reach $267 billion by 2026, with an annual CAGR of 4.3% from 2019 to 2026.
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The drug delivery system controls the rate at which the drug is released and the location of the body from which the drug is released. In addition, these devices are used in the treatment of various chronic diseases. In addition, drug delivery methods have changed dramatically over the past few decades and drug delivery technology is expected to change in the near future.
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The main contributors to the growth of the drug delivery device market include increased prevalence of chronic diseases worldwide. In addition, other factors driving the growth of the drug delivery device market include a surge in the elderly population worldwide and increased adoption of biologics worldwide. However, strict government regulations regarding the launch of new drug delivery devices hinder the growth of the drug delivery device market. Conversely, the high growth potential of developing countries is expected to provide profitable opportunities during the forecast period.
The drug delivery device market size provides a detailed assessment of the market by studying based on device type, route of administration, and region. Depending on the device type, it is divided into smart pills, inhalers, drug elution stents, safety syringes, implantable drug delivery devices, and transdermal patches. Depending on the route of administration, branches to hospitals and diagnostic centers, outpatient surgery centers and clinics. By region, North America (USA, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain and other Europe), Asia Pacific (China, Japan, India, Australia, Korea, and the rest of Asia Pacific) and LAMEA ( Brazil, South Africa and the rest of LAMEA).
Inhalers and nebulizers have gained a major share of the drug delivery market in 2018 by product and are expected to continue this trend during the forecast period due to factors such as a surge in respiratory diseases like asthma worldwide. In addition, other factors, such as increased awareness about the use of inhalers and nebulizers in the treatment of respiratory diseases, are other factors that promote the growth of the drug delivery device market. In addition, the smart pill segment is expected to have the fastest CAGR due to the benefits associated with the use of these devices. For example, smart pills have made it possible to monitor the results of various drug administrations that greatly support different stages of drug development, such as drug candidate profiling, drug candidate selection, and accelerated development of new drugs. In addition, this new technology provides an important opportunity for the healthcare industry to take advantage of modern digital innovation and take a leading position in the future healthcare sector.
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The main results of the study:
• Inhalers and nebulizers accounted for more than a third of the global market for drug delivery devices in 2018.
• End-user hospital and diagnostic center sectors are expected to grow to the highest CAGR during the forecast period.
• The device type transdermal patch segment occupied more than a third of the drug delivery device market in 2018.
• The Asia Pacific region is expected to grow at the highest rate during the analysis period, followed by LAMEA.
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