Drug Delivery Devices Market

Global Drug Delivery Devices Market Size (2023 to 2028)

The size of the global drug delivery devices market is expected to reach USD 2.65 Million by 2028 from USD 1496 million in 2023, growing at a CAGR of 6.66% from 2023 to 2028.

Drugs can be managed directly into the body through infusions, imbuement, or others. Drug delivery technologies are the formulations or devices used to infuse restorative substances in the body through a particular course of the organization. Different drug formulations, for example, insulin and anti-infection agents, are managed through drug delivery devices. These devices help expand the effectiveness of Drug delivery by controlling the time, measurement, and place of arrival of the drugs in the body.

MARKET DRIVERS:

The rise in the incidences of various health disorders due to changes in lifestyle and food habits in this modern generation is undoubtedly a primary factor propelling the demand for the drug delivery devices market. The growing prevalence of maintaining good health after taking specific treatment procedures like surgeries and chemotherapy is accelerating the market demand. The need to have accurate dosage levels in a scheduled period and increasing awareness of the availability of different treatment procedures across the world are further driving the growth of the drug delivery devices market. Increasing support from the government by launching reimbursement schemes is solely to set up growth opportunities for the market. The rise in the research institutes in the medical sector to launch innovative products favoring the end-user is lavishing the market's growth rate. The growing priority for biocompatible devices is significantly influencing the growth of the market.

MARKET RESTRAINTS:

However, the lack of standardization is slowly hampering the market's growth rate. Lack of knowledge about utilizing these devices, especially in rural areas, limits the market's growth. Some of these devices manufactured with advanced technology are a bit expensive, and this factor is challenging the market developers.

Impact of COVID-19 on the global drug delivery devices market:

The continuous COVID-19 widespread is positioned to force the global drug delivery devices market to increase at a prominent CAGR during the forecast period. Many hospitals, clinics, and other healthcare organizations are affected by COVID-19 in forwarding their resources to fight the disease. Manufacturing of respirators like oxygen masks, ventilators, and inhalers, nebulizers have surged the protection of patients affected by the virus. The analysis is still happening in different drug delivery systems to prevent the growth of the virus developed within the human body. For example, Pfizer, Inc. is developing a COVID-19 mRNA vaccine program titled BNT162 and is now in a PHASE III clinical trial. Novartis AG proposes to examine the canakinumab monoclonal antibody among the patients. Many other vaccine clinical trials for the enhancement of novel drugs and drug delivery systems are under process.

REPORT COVERAGE:

This research report on the global drug delivery devices market has been segmented and sub-segmented based on the route of administration, facility of use, and region.

Drug Delivery Devices Market – By Route of administration:

• Oral Drug Delivery
• Pulmonary Drug Delivery
• Injectable Drug Delivery
• Ocular Drug Delivery
• Nasal Drug Delivery
• Topical Drug Delivery
• Implantable Drug Delivery
• Tran mucosal Drug Delivery

Based on the administration route, the oral drug delivery segment accounted for the leading share of the global market in 2022 and is expected to grow at a notable CAGR during the forecast period owing to the growing geriatric population and increasing expenditure on healthcare worldwide.

Drug Delivery Devices Market – By Facility of Use:

• Hospitals
• Ambulatory Surgical Centers
• Home Care Settings
• Diagnostic Centers
• Others

Based on the facility of use, the hospital segment held the major share of the worldwide market in 2022 and is estimated to grow at a prominent CAGR during the forecast period owing to the growing funds from private and public organizations to construct hospitals with the latest equipment.

Drug Delivery Devices Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, North America accounted for the leading the highest share of the global drug delivery devices market in 2022 and is expected to continue its domination throughout the forecast period owing to the quick adoption of the latest technological developments. The Asia Pacific and Europe are following North America in holding significant shares of the market with the rising economy in almost every country. Also, changes in government schemes in favor of the public are elevating the demand of the market. The Middle East and Africa are anticipated to have substantial growth opportunities in the coming years.

KEY MARKET PARTICIPANTS:

Companies that are playing a dominating role in the global drug delivery devices market profiled in this report are Bend Research, Endocyte, Microchips Inc., Pearl Therapeutics Inc., Presage Bioscience, UCB Group, Genentech Inc., Polymer Factory, Alkermes Inc., BIND Biosciences Inc., and QLT Inc.

RECENT MARKET HAPPENINGS:

• On November 17, 2020, UCB Group made a public statement that it got approval from the U.S FDA for its VIMPAT CV secondary therapy to treat primarily generalized tonic-clonic seizures among patients of age four and older.
• On June 29, 2020, Genentech Inc. received FDA approval for breast cancer treatment drugs, alliances Herceptin and Perjeta. Genentech has united two monoclonal antibodies, administered by a single injection and intravenous chemotherapy.
• On November 15, 2019, BIOCORP made a contract agreement with VITROBIO PHARMA to manufacture the first drug for the treatment of allergy to pollution. The researchers took around 20 years to manufacture an effective drug for respiratory distress syndrome.
• On May 26, 2020, Propeller Health won FDA clearance for making their patients use Symbicort inhalers. In particular, this inhaler will be used by asthma and Chronic Obstructive Pulmonary Disease (COPD) patients.
• On January 29, 2020, Aptar and Lupin have introduced a smart inhaler device for breathing problems. The device is for metered-dose inhalers (MDI), known as ADHERO, and is used to help patients suffering from chronic respiratory diseases.
• On September 14, 2020, Accord Healthcare agreed with Molteni Pharmaceutical for the commercialization of Sixmo. This Sixmo is an opioid-against-therapy treatment. Delivered over first of its kind implant.