The North America Drug Delivery Devices Market size is expected to worth USD 613.39 million by 2027 and USD 458.14 million in 2022, growing at a CAGR of 6.01% during the forecast period.
The North American drug delivery devices market is expected to drive by the prevalence of chronic diseases across the region; currently, new drug delivery systems play a significant role in the pharmaceutical industry. In addition, research and development (R & R&D) in drug delivery are increasing worldwide due to the increasing prevalence of these diseases. Other factors driving the growth of the drug delivery devices market include an increased elderly population and the substantial use of biologics. Additionally, the growing use of medication delivery systems in home-care settings makes these devices more accessible to patients. The region's leading market players are constantly forming strategic collaborations to create innovative technology for various applications. Most pharmaceutical companies in the region concentrate their efforts on numerous drug delivery methods to get competitive advantages and better results for their marketed medicines. As a consequence of the rising incidence of chronic illnesses, there is a higher need for therapeutic medicines and treatments, which is likely to fuel the expansion of the drug delivery devices market in the developed countries such as the United States and Canada. Furthermore, throughout the last several decades, medication administration practice has evolved considerably, and improvements in drug delivery technology are expected in the near future.
High development potential in developing economies, on the other hand, is projected to provide profitable possibilities throughout the projection period. The increasing number of clinical studies for the Covid-19 vaccine will contribute to the drug delivery device market's expansion. Phillips-Midsize, a Molex Company subsidiary, stated in October 2019 that they would debut a combination of an electronic-enabled wearable medication delivery system.
The device is now in post-phase three development and combines two-day, single-use, disposable technology for subcutaneous medication administration.
Furthermore, the business has already submitted a New Drug Application (NDA) containing key data to the Food and Drug Administration (FDA). As a result, the product's debut is scheduled for the second half of 2020. Furthermore, advances in polymer science are assisting in the creation of medication delivery systems.
However, the North American drug delivery devices market growth is hampered by the strict government regulations connected with the introduction of novel drug delivery devices. As a result, companies functioning in the market must adjust to changes in the regulatory environment, which may have a negative impact on their bottom line. Companies will also have to pay a hefty price for adjusting to the shifting regulatory environment. Furthermore, abrupt changes in the regulatory framework governing medical devices might result in losses, fines, and penalties.
This research report on the North America Drug Delivery Devices Market segmented and sub-segmented into the following categories:
By Route of administration:
By Facility of Use:
Regionally, North America is currently leading the global market due to increased awareness and per capita income. The United States is the world's largest economy, led by Canada. The growth of the North American market is further driven by the high prevalence of chronic disorders, the development of new drug delivery devices, and increasing healthcare expenditure. Developed economies and advantageous regulatory procedures are two of the most important elements presenting enormous potential for the region's key industry participants. Due to the region's strong economic growth, North America is anticipated to expand faster throughout the projection period. However, the presence of major market players in the region, such as the United States and Canada, influences the market growth. The United States accounted for the largest share of the Drug Delivery Devices Market in the North American regional market. Increasing awareness among the people in the country about the advantages of drug delivery devices and advancing healthcare infrastructure is majorly driving the market in the country. Furthermore, rising product acceptance in nations such as the United States is projected to boost the market growth. For example, Aptar Pharma obtained FDA clearance for a nasal medication delivery device in March 2019. On the other hand, the Canadian drug delivery devices market is anticipated to contribute to the North American regional market growth owing to the growing demand for novel drug delivery devices.
KEY MARKET PLAYERS:
Some of the prominent companies leading the North America 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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