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Drug And Gene Delivery Devices Market Demand, Analysis, Size And Growth Forecast By 2033
Drug And Gene Delivery Devices Market Demand
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According to The Business Research Company's, The drug and gene delivery devices market size has grown strongly in recent years. It will grow from $0.56 billion in 2023 to $0.61 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to healthcare infrastructure development, expansion of personalized gene therapy programs, increasing focus on preventive healthcare, rare and orphan diseases, and increasing public awareness about health and treatment options.
The drug and gene delivery devices market size is expected to see strong growth in the next few years. It will grow to $0.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the increasing incidence of chronic diseases, growing demand for personalized medicine, increasing awareness and adoption of gene therapy, demand for non-invasive and minimally invasive procedures, and the growing popularity of direct-to-patient delivery models. Major trends in the forecast period include advancements in biotechnology and genetic engineering, technological advancements in drug delivery systems, increasing investment in research and development, the development of novel delivery platforms, and advancements in diagnostic technologies.
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Market Drivers and Trends:
The increasing adoption of gene therapy is expected to propel the growth of the drug and gene delivery devices market going forward. Gene therapy is a medical technique that involves the introduction, removal, or alteration of genetic material within a patient's cells to treat or prevent disease. Gene therapy demand is rising due to its potential to cure genetic disorders and chronic diseases at their root causes, offering transformative treatment options where conventional therapies fall short. Drug and gene delivery devices are essential in gene therapy for precise targeting and controlled release of therapeutic genes, enhancing treatment efficacy. For instance, in November 2023, according to the National Centre for Biotechnology Information, a US-based resource for the scientific research community, the expected number of new patients treated with gene therapies will grow from 16,244 in 2020 to 94,696 in 2025. Therefore, the increasing adoption of gene therapy is driving the growth of the drug and gene delivery devices market.
Major companies operating in the drug and gene delivery devices market are focusing on developing advanced products, such as artificial intelligence (AI) technology, to gain a competitive edge in the market. Artificial intelligence (AI) technology in drug delivery refers to the application of AI techniques and algorithms to improve the efficiency, precision, and effectiveness of drug delivery systems. For instance, in December 2023, Envoya Inc., a US-based developer of polymer-based nanoparticles for targeted delivery, launched an innovative gene therapy drug delivery platform. This platform combines biopolymer-nanoparticles with artificial intelligence (AI) to address significant limitations in current gene therapy technologies, such as viral vectors and lipid nanoparticles. The platform aims to overcome the limitations of existing gene therapy delivery technologies, which have been restricted by safety concerns, limited payload capacities, and limited tissue targeting.
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Major Key Players of the Market:
Merck & Co. Inc., AbbVie Inc., Bayer AG, AstraZeneca plc, Medtronic plc, Amgen Inc., Moderna Inc., Biogen Inc., Sarepta Therapeutics Inc., SCIEX, Halozyme Therapeutics Inc., ViiV Healthcare Limited, Uniqure NV, Cytokinetics Inc., Prothena Corporation plc, Intellia Therapeutics Inc., Voyager Therapeutics Inc., sfm medical devices GmbH, Inovio Pharmaceuticals Inc., GenSight Biologics S.A., CRISPR Therapeutics
Drug And Gene Delivery Devices Market 2024 Key Insights:
• The drug and gene delivery devices market size is expected to see strong growth in the next few years. It will grow to $0.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• The Increasing Adoption Of Gene Therapy Propelling The Growth Of The Drug And Gene Delivery Devices Market
• The Role Of AI Technology In Advancing Treatment Solutions
• North America was the largest region in the drug and gene delivery devices market in 2023
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