Press release
Drug Delivery Devices Market Analysis With Key Players, Applications, Trends And Forecast To 2033
Drug Delivery Devices Market
The Business Research Company presents an extensive market research report on the Drug Delivery Devices Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The drug delivery devices market size has grown strongly in recent years. It will grow from $87.65 billion in 2023 to $94.7 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to rapid growth in elderly population, growth in the number of healthcare facilities, economic growth in the emerging markets and increased healthcarew expenditure.
The drug delivery devices market size is expected to see strong growth in the next few years. It will grow to $122.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increase in prevalence of chronic diseases, increasing demand from injectables, increasing demand for drug delivery devices and sudden emergence of severe infectipns . Major trends in the forecast period include investing in microneedle drug technology for drug delivery, research and development ofself-injectable drug delivery devices, focusing on mergers and acquisitions and investing in wearable drug delivery devices.
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Key Market Players:
Major companies operating in the drug delivery devices market report are Becton, Dickinson and Company, Baxter International, B. Braun Melsungen AG, Catalent, 3M Company, West Pharmaceutical Services, Inc., Gerresheimer AG, Smiths Medical, Boehringer Ingelheim, SMC Ltd., Elcam Medical, Eli Lilly and Company, Gerresheimer, Injex, Novartis AG, Novo Nordisk A/S, Pfizer Inc, Sanofi Sa, Schott AG, Terumo Corporation, Teva Pharmaceuticals, West Pharmaceuticals, Ypsomed Holding AG, F. Hoffmann-La Roche AG, GlaxoSmithKline, AstraZeneca, Congenica Ltd., UCB, Alkermes, Aptalis Pharma, Inc., Johnson & Johnson, Nektar Therapeutics, SkyePharma PLC, Pharmasyntez, NEARMEDIC PLUS LLC, Copernicus, Medtronic, Philips, Siemens, Stryker, GE Healthcare, Teleflex Medical, Gilero, Kedalion Therapeutics, MediPrint Ophthalmics, Nemera, Pendant Biosciences, Battelle Medical Devices, Merck & Co. Inc., Antares Pharma, Abbot, Allergan, Bilim Pharmaceuticals, H&T Presspart, Hovione Technology, Sorrel Medical, Syqe Medical, Julphar, ResMed Inc, Covidien plc
Market Drivers:
The rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer and other diseases is expected to drive the drug delivery devices market. For instance, in January 2023, according to the National Library of Medicine, a US-based medical library operated by the federal government, the number of individuals in the United States aged 50 and older who have at least one chronic condition is projected to increase by 99.5%. This increase would see the number rise from 71.522 million in 2020 to 142.66 million by 2050. There are various routes of drug administration for medical drugs. The selection of the route depends on three factors - the effect desired; the type of the disease and the type of the product. Currently, the development of new drug delivery systems plays a major role in the pharmaceutical industry. Research and development (R&D) in drug delivery is increasing throughout the world due to the increasing prevalence of these diseases. Most pharmaceutical companies are focusing on multiple drug delivery technologies to create excellent advantages and better outcomes for their marketed products. Hence, the increasing prevalence of chronic diseases is resulting in increased consumption of therapeutic drugs and therapies, and this factor is expected to act as a driver for the growth of the drug delivery devices market.
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The drug delivery devices market covered in this report is segmented -
1) 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
2) By Patient Care Setting: Hospitals, Diagnostic Centers, Ambulatory Surgery Centers/Clinics, Home Care Settings, Other Patient Care Settings
3) By Application: Cancer, Infectious Diseases, Respiratory Diseases, Diabetes, Cardiovascular Diseases, Autoimmune Diseases, Central Nervous System Disorders, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?"
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