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Advancements in Drug Delivery Devices: Global Market Report 2024
Drug Delivery Devices Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the drug delivery device market are focusing on developing innovative devices such as autoinjectors with completely built-in connectivity to gain a competitive edge in the market. Autoinjectors are medical devices designed for the self-administration of a pre-measured dose of medication. For instance, in December 2021, Ypsomed AG, a Switzerland-based manufacturer of injection and infusion equipment, launched YpsoMate, an autoinjector with fully integrated connectivity. The device has built-in Bluetooth communication as standard, which can connect to mobile phones and tablets to transfer injection and device data. The autoinjector offers digital therapy support through integrated connectivity, automatically recording the administration of medication and providing data to healthcare providers.
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Major Key Players of the Market:
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
Drug Delivery Devices Market 2024 Key Insights:
• 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%.
• Chronic Diseases Fueling Growth In Drug Delivery Devices Market
• Connectivity In Drug Delivery Devices That Is Innovative Focusing On Autoinjectors To Improve The Patient Experience
• North America was the largest region in the drug delivery devices market in 2023
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