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Drug Delivery Devices Market By Device Type (Implantable Drug Delivery Devices, Inhalers And Nebulizers, Safety Syringes, Transdermal Patches, And Others), By Route Of Administration (Oral, Inhalation, Transdermal, Injectable, Ocular, And Others), By Application (Oncology, Infectious Diseases, Respiratory Diseases, Diabetes, And Others) And By End-Users (Hospitals, Ambulatory Surgical Centers, And Others ) and by geography is estimated to register appreciable CAGR forecast till 2027 owing to the increasing prevalence of chronic diseases such as cancer, diabetes among others and rising growth of biologics
Global drug delivery devices market is growing at a CAGR of 7.90% during the forecast period from 2022 to 2027. The demand for drug delivery devices is primarily being boosted by the rising number of patients suffering from diabetes, rising prevalence of cancer patients, increasing frequency of both chronic and acute diseases, rising growth of biologics, the increasing technological advancements associated with the drug delivery devices will help in contributing in the overall market growth of the drug delivery devices during the forecast period from 2022-2027.
Drug Delivery Devices Market Dynamics:
The drug delivery devices market is experiencing increasing product demand owing to a variety of factors. One of the important factors is the growing prevalence of patients affected with diabetes. The rising prevalence of diabetes across the globe can be attributed to increase the demand of drug delivery devices owing to the use of drug delivery devices in the treatment of diabetes. As per the International Diabetes Federation 2022, in the year 2021, approximately 537 million people were living with diabetes. As per the aforementioned source, the total number of patients suffering from diabetes are projected to grow to about 643 million patients by the year 2030 and about 783 million people by 2045. Owing to a rise in the number of patients suffering from diabetes, there will be an increase in the demand of drug delivery devices for delivering drug amongst patients affected with diabetes, leading to an overall growth of the drug delivery devices market growth.
Furthermore, the rising number of patients affected with cancer will also increase the demand of drug delivery devices, leading to an increase in the overall market growth of the drug delivery devices. According to the Globocan Statistics 2020, in the year 2020 there were about 19.3 million cases suffering from cancer and affects more than 10 million people worldwide.
However, several stringent regulatory policies pertaining to the Drug delivery devices and the lessened adoption of patients for drug delivery devices may restrict the drug delivery devices market growth.
The drug delivery devices market has been affected positively after the emergence of the COVID-19 infections. Although the COVID-19 pandemic impact had been unforeseen and devastating, however the drug delivery devices demand was positively influenced because of the pandemic, owing to the rise in the number of vaccinations and the increase in the number of COVID-19 cases due to the second-wave of the pandemic. The rapidly rising number of COVID-19 cases and the rising pressure on the government for increasing the number of vaccinations for getting the population immunized against COVID-19 has further boosted the demand for drug delivery devices that are used for delivering vaccination drugs. Owing to an increase in the demand for vaccination against COVID-19, the adoption of drug delivery devices amongst the patients is continuously on the rise.
Drug Delivery Devices Market Segment Analysis:
Drug delivery devices Market By Device Type (Implantable Drug Delivery Devices, Inhalers And Nebulizers, Safety Syringes, Transdermal Patches, And Others), By Route Of Administration (Oral, Inhalation, Transdermal, Injectable, Ocular, And Others), By Application (Oncology, Infectious Diseases, Respiratory Diseases, Diabetes, And Others) And By End-Users (Hospitals, Ambulatory Surgical Centers, And Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In the route of administration segment of the drug delivery devices market, the injectable category is expected to amass a significant share in the market revenue during the forecast period. This can be ascribed to various factors such as the rising prevalence of COVID-19, rising product approvals pertaining to injectable drug delivery devices, rising research and development associated with injectable devices that are extensively used in delivery drugs across the world. Injectable are also acquiring the major share in the market as they help in delivering larger molecules such as biologics, that are well-administered by injectable alone given their size and profile and viscosity.
Other advantages that can be offered by injectable are a predictable drug-release profiling during a defined period of time following every injection, offering better patient compliance, ease of application, improved systemic availability by avoiding first-pass metabolism, reduction in dosing frequency (i.e., fewer injections) without compromising against the effectiveness of the treatment, reduced incidence of side-effects and overall cost reduction pertaining to medical care.
Furthermore, the increase in number of product approvals will also lead to an increase in the demand of injectable drug delivery devices, leading to an overall rise in the drug delivery devices market growth. For instance, on June 19, 2020, Food and Drug Administration had approved the new Dupixent® (dupilumab) pre-filled pen, designed for supporting more convenient forms of self-administration.
Thus, all the aforementioned factors are likely to propel the injectable form of administration category growth in the drug delivery devices market during the forecast period.
North America is expected to dominate the overall Drug Delivery Devices Market:
Among all the regions, North America is estimated to account for the largest share in the drug delivery devices market. Owing to significance of key growth factors such as prevalence of chronic diseases across the region, rising research and development owing to the increasing prevalence of chronic disorders, increasing usage of biologics, the rising use of medication delivery systems in home-care settings, growing approvals for Drug delivery devices in the North American region coupled with increasing focus of the government in terms of providing access to healthcare services has also helped the market growth in this region.
Furthermore, the rise in the number of patients suffering from diabetes will also lead to an increase in the demand of drug delivery devices, thereby leading to an overall rise of the drug delivery devices market growth. For instance, according to the Centers of Disease Control and Prevention 2022, in the year 2021, around 37.3 million people were suffering from diabetes, that had accounted to about 11.3% of the US population. As per the same source, in the year 2021, around 28.7 million people, accounting to about 28.5 million adults were diagnosed for diabetes in the United States.
Additionally, according to the National Cancer Institute, 2020, in the year 2020, an estimated 1,806,590 new cases of cancer were diagnosed in the United States and about 606,520 patients were affected from the disease. Owing to a rise in the number of patients suffering from cancer, there will be an increase in the demand of drug delivery devices, leading to an overall rise of the drug delivery devices market growth.
Thus, all the above mentioned factors will lead to an increase in the North America drug delivery devices market.
Drug Delivery Devices Market Key Players:
Some of the key market players operating in the drug delivery devices market includes Pfizer, Inc, Johnson & Johnson Services, Inc, F. Hoffmann-La Roche, Ltd, Novartis AG, 3M Bayer AG, uniQure N.V., Shenzhen (SiBiono) GeneTech Co. Ltd (Hubei Tongji Benda Ebei Pharmaceuticals), Antares Pharma, Inc, GlaxoSmithKline plc, AstraZeneca PLC, Becton Dickinson, Boehringer Ingelheim group, Consort Medical plc (Recipharm Group), Insulet Corporation, Medtronic Plc, Sulzer Ltd., West Pharmaceuticals Services, Inc, Generex Biotechnology, Panacea Pharmaceuticals Inc., Aptar Pharma, Koninklijke Philips N.V., Nemera, Biocorp Production., and Eli Lilly and Co. and others.
Recent Developmental Activities in Drug Delivery Devices Market:
- On December 08, 2020, AireHealth had earned the Food and Drug Administration 510(k) clearance for portable nebulizers.
- On April 13, 2020, B Braun had received the Food and Drug Emergency Use Authorization for using infusion pumps with nebulizers for treatment of COVID-19 patients.
- On September 10, 2020, Food and Drug Administration had approved GSK's three-drug asthma inhaler.
- On April 08, 2020, FDA had approved the first generic albuterol inhaler.
- On October 15, 2019, U.S. FDA had approved the Transdermal System, the first and only transdermal patch
Key Takeaways from the Drug Delivery Devices Market Report Study
- Market size analysis for current drug delivery devices market size (2021), and market forecast for 5 years (2022-2027).
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the drug delivery devices market.
- Top key product/services/Technology developments, merger, acquisition, partnership, joint venture happened for last 3 years.
- Key companies dominating the Global drug delivery devices Market.
- Various opportunities available for the other competitor in the Drug delivery devices Market space.
- What are the top performing segments in 2021? How these segments will perform in 2027.
- Which is the top-performing regions and countries in the current drug delivery devices market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for drug delivery devices market growth in the coming future?
Target Audience who can be benefited from this Drug Delivery Devices Market Report Study
- Drug delivery devices market products providers
- Research organizations and consulting companies
- Drug delivery devices market -related organizations, associations, forums, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders dealing in Drug delivery devices market
- Various End-users who want to know more about the Drug delivery devices market and latest technological developments in the Drug delivery devices market.
Frequently Asked Questions for Drug Delivery Devices Market:
1. What are Drug delivery devices Market?
Drug delivery devices are specialized tools for the delivery of a drug or therapeutic agent via a specific route of administration. Such devices are used as part of one or more medical treatments.
2. What is the market for Global Drug delivery devices Market?
Global drug delivery devices market was growing at a CAGR of 7.90% during the forecast period from 2022 to 2027.
3. What are the drivers for Global Drug delivery devices Market?
The demand for drug delivery devices is primarily being boosted by increasing prevalence of cancers, rising prevalence of diabetes, rising technological advancements pertaining to the Drug delivery devices, and the rising geriatric population susceptible to developing chronic disorders thereby contributing in the overall growth of the drug delivery devices market during the forecast period from 2022-2027.
4. Who are the key players operating in Global Drug delivery devices Market?
Some of the key market players operating in the drug delivery devices market includes Pfizer, Inc, Johnson & Johnson Services, Inc, F. Hoffmann-La Roche, Ltd, Novartis AG, 3M Bayer AG, uniQure N.V., Shenzhen (SiBiono) GeneTech Co. Ltd (Hubei Tongji Benda Ebei Pharmaceuticals), Antares Pharma, Inc, and others.
5. Which region has the highest share in Drug delivery devices Market?
North America is expected to dominate the overall Drug delivery devices Market during the forecast period, 2022 to 2027. Owing to significance of key growth factors such as rising prevalence of diabetes and cancer, growing technological advancements pertaining to the Drug delivery devices, rising geriatric population susceptible to developing chronic disorders with the rising focus of the government in terms of providing access to healthcare solutions catering to such indications, the North America drug delivery devices market is expected to witness positive growth.