The size of the European Drug Delivery Devices was worth USD 339.98 Million in the year 2022. It is expected to reach USD 452.83 Million by 2027, growing at a CAGR of 5.9% during the forecast period.
The market is expected to grow with a CAGR of 22.4% between 2022 and 2027. The need for medicines drug delivery systems in Europe is expected to experience a steady growth phase, due to various factors affecting the health sector such as the concentration of public spending in the health sector mainly on research and development accompanied by structural changes introduced in the system to enable various health services. That providers focus not only on ensuring sufficient volume but also on providing that healthcare providers do not compromise service quality. Public health expenditure in the EU was recorded at $ 1,220,450 million, or around 8.20% of GDP in 2020. Europe's GDP growth rate was 3.2% in 2020, higher to 2.1% recorded during the year. 2019. Healthcare spending was the highest in Germany, France, and Sweden relative to their GDP, and Germany recorded the most increased healthcare spending with $ 487.49 billion in 2019. In 2020, the EU region recorded health expenditure of around 9.8% of its GDP. The demographic growth rate in the EU28 was slightly high, with the population increasing from 6,231,943 people in 2015 to 6,67,231,167 people in 2020. Life expectancy improved somewhat and was estimated at 83.4 years in 2020. The financing of health expenditure by EU countries, both with the government and through compulsory insurance, covers more than 80% of health expenditure in 2019.
The drivers for the Europe Drug delivery market increase in the advancement of technology, an increase in the prevalence of chronic diseases, a rise in individual therapy, a need for control on drug release, and an increase in drug metabolism awareness among people. Few restraints that account for the decline in the market are fear among individuals regarding infections and injuries during the operation, strict regulatory framework, and rise in development cost.
Additionally, factors such as increasing investment by pharmaceutical and medical device companies in research and development and increasing chronic diseases in Europe are expected to drive the European drug delivery systems market. The growth in diabetic patients' numbers is one of the main factors driving the European drug delivery device market. Furthermore, the evolution of nanotechnology, radiotherapy devices, and digital mode devices is estimated to portend well for the development of the European drug delivery devices market during the forecast period. Besides, the increasing incidence of cancer and respiratory disease in the population is stimulating the use of drug delivery devices among patients and physicians, which is expected to positively influence the growth of the European market for drug delivery devices for years to come. Besides, increased government funding for drug research further advances Europe's drug delivery device market.
However, safety, quality, and consistent performance could represent another challenge for the global drug delivery devices market.
This market research report on the Europe Drug Delivery Devices Market segmented and sub-segmented into the following categories:
Among the mentioned countries, France is anticipated to be the fastest-growing market in Europe. Among the most critical drivers of this demand is the growing prevalence of target conditions like diabetes in major economies like the UK and Germany. High growth opportunities in major European markets will support the industry's healthy growth in the upcoming years. UK, Germany, and the rest of Europe are also projected to grow at a substantial rate and contribute a significant share of the market in the future. Strategic and innovative decisions related to Research and Development, production units, organizing the overall investment, periodic mergers, and acquisitions, collaboration deals are the factors that can alter the region's market dynamics.
Some of the Prominent Companies leading the Europe Drug Delivery Devices Market Profiled in the 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.
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