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Transmucosal Drug Delivery Devices Market Size, Regional Overview, Competitive Landscape, Business Growth, Share Analysis And Forecast To 2033
Transmucosal Drug Delivery Devices Market Size
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According to The Business Research Company's, The transmucosal drug delivery devices market size has grown strongly in recent years. It will grow from $46.16 billion in 2023 to $50.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to the need for rapid relief from angina, the effectiveness of sublingual delivery for quick absorption into the bloodstream, desire to bypass gastrointestinal degradation, development of buccal tablets, the need for non-invasive delivery of peptides and proteins.
The transmucosal drug delivery devices market size is expected to see strong growth in the next few years. It will grow to $71.69 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to the development of smart drug delivery systems, increased prevalence of chronic diseases, growing focus on personalized medicine, aging population with higher medication needs, and increased awareness. Major trends in the forecast period include expansion in therapeutic applications, customizing drug delivery devices for personalized medicine, regulatory approvals and guidelines, emerging markets, eco-friendly devices, and innovative formulations.
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Market Drivers and Trends:
The growing prevalence of chronic diseases is expected to propel the growth of the transmucosal drug delivery devices market going forward. A chronic disease refers to a long-lasting condition that typically progresses slowly and persists over time, often requiring ongoing medical management to control symptoms and prevent complications. Chronic diseases are rising as a result of, lifestyle factors, aging populations, environmental factors, healthcare system challenges, and urbanization. Transmucosal drug delivery devices are used in chronic diseases to provide controlled and efficient delivery of medications, ensuring sustained therapeutic levels for managing symptoms and improving patient adherence. For instance, in July 2021, according report published by the International Diabetes Federation (IDF), a Belgium-based national diabetes association, about 537 million people worldwide have diabetes. The number of cases has been increasing over the past few decades, and the IDF predicts 783 million people will have diabetes by 2045 an increase of 46%. Therefore, the increasing prevalence of chronic diseases is driving the growth of the transmucosal drug delivery devices market.
Major companies operating in transmucosal drug delivery devices are developing innovative smart platform, such as proprietary transdermal patch delivery platforms that enhance drug absorption and improve patient compliance and convenience. Proprietary transdermal patch delivery platforms refer to specialized technologies owned by companies for administering medications through the skin, ensuring controlled release, and enhanced therapeutic outcomes. For instance, in January 2024, Starton Therapeutics Inc, a US-based biotechnology company, launched STARSILON, a novel proprietary transdermal patch delivery platform, for a longer duration to achieve therapeutic delivery of difficult-to-formulate APIs. It expands transdermal drug delivery options for challenging active pharmaceutical ingredients (APIs), enhancing therapeutic efficacy with sustained delivery rates.
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Major Key Players of the Market:
Johnson & Johnson, Bayer AG, Sanofi SA, Bristol-Myers Squibb Company, Abbott Laboratories, Novartis AG, Becton Dickinson and Company, Viatris Inc., Teva Pharmaceutical Industries Ltd., Catalent Inc., AptarGroup, Glenmark Pharmaceuticals Limited, Stevanato Group S.p.A, Lifevision Healthcare Private Limited, Noven Pharmaceuticals, SAVA Healthcare Limited, Antares Pharma Inc., Kaizen Pharmaceuticals Pvt. Ltd., Lucky Pharma Pvt. Ltd., Maya Biotech Pvt. Ltd, AdvaCare Pharma LLP, Satsuma Pharmaceuticals Inc., Biophar Lifesciences Private Limited, Fibovil Pharmaceuticals Private Limited, Slan Medicinal Holdings Ltd.
Transmucosal Drug Delivery Devices Market 2024 Key Insights:
• The transmucosal drug delivery devices market size is expected to see strong growth in the next few years. It will grow to $71.69 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Growth In Chronic Diseases Propels Transmucosal Drug Delivery Devices Market
• Innovative Technologies Transforming Transmucosal Drug Delivery Devices
• North America was the largest region in the transmucosal drug delivery devices market in 2023
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