Drug Delivery Devices Market Definition
Industry Perspective:
The global drug delivery devices market was worth USD 238.78 billion in 2022 and is estimated to grow to USD 394.19 billion by 2030, with a compound annual growth rate (CAGR) of approximately 6.47% over the forecast period. The report analyzes the global drug delivery devices market’s drivers, restraints, and challenges and the effect they have on demand during the projection period. In addition, the report explores emerging opportunities in the global drug delivery devices market.
Global Drug Delivery Devices Market: Overview
Drug delivery devices are medical devices that are used to administer medications to patients in an effort to protect their bodies from infections and disease-causing cells. They offer patients therapeutic relief and are employed in many medical procedures. In addition, drug delivery into the body is becoming more accurate, easier, and requires less frequent doses thanks to innovation and new technologies. Similarly, to guarantee targeted and regulated drug delivery, many approaches and strategies are being used, including encapsulation, biomarkers, and artificial nanocarriers. Additionally, the medications are being created with a reduced degree of variability in systemic drug concentrations, allowing them to specifically target the desired spot.
nForming Life Science Analytics Market Smart Book
The nForming Drug Delivery Devices Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes products and services, type of indication, age group, and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the drug delivery device market. The drug delivery device market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.
Drug Delivery Devices Market: Recent Developments
The drug delivery devices industry is seeing a variety of developments. Among the major development areas are:
Recent Developments
- In 2023, Boehringer Ingelheim and Google Health will collaborate to create linked inhalers for individuals suffering from long-term respiratory conditions.
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Drug Delivery Devices Market Drivers
Joint ventures and new product introductions to drive market growth
The market for global drug delivery devices is expanding significantly due to the joint ventures and new product introductions. Businesses in the industry are always concentrating on tactics like joint ventures and the creation and launch of new goods. These tactics will support the businesses in raising their revenue, which will fuel the expansion of the market. Businesses in the industry are always concentrating on tactics like joint ventures and the creation and launch of new goods. These tactics will support the businesses in raising their revenue, which will fuel the expansion of the market. For instance, in 2023, Roche’s Accu-Chek Insight: This is a new continuous glucose monitoring (CGM) device with a smaller sensor and a longer wear period. Similarly, SmartDose by Phillips-Medisize: This is a revolutionary smart inhaler that tracks medicine usage and offers feedback to patients. Furthermore, increased cooperation between industry players and pharmaceutical companies to develop and commercialise products will drive market expansion. KINDEVA DRUG DELIVERY, for example, joined with Cambridge Healthcare Innovations Limited (CHI) in April 2021 to develop and commercialise CHI’s eolus Dry Powder Inhaler (DPI) platform technology.
Global Drug Delivery Devices Market: Restraints
Stringent rules and regulations hinder the market growth.
A significant barrier to the expansion of the global drug delivery devices industry is the barriers to regulation. One major obstacle to the market’s expansion is the stringent laws and norms. Though they can be difficult and time-consuming to follow, these rules are put in place to guarantee the security and effectiveness of medication delivery systems. Furthermore, stringent rules are enforced for the approval of drug delivery devices by regulatory authorities such as the European Medicines Agency (EMA), the US Food and Drug Administration, and the PMDA in Japan. Aspects like design, production, testing, labelling, and post-market surveillance are all covered by these rules. The time and expense required to introduce novel medicine delivery systems to the market may rise due to the intricacy of these rules. Strict laws can therefore prevent new players, especially small and medium-sized businesses, from entering the market.
Read all the major drivers and trends of the drug delivery devices market in the Smart Book.
Global Drug Delivery Devices Market: Regional Landscape
North America dominated the Global Drug Delivery Devices market in 2022
The increasing incidence of chronic illnesses, including diabetes, cancer, and CVDs, in the United States is the reason behind this. The US healthcare system’s rising costs and growing health consciousness have also contributed to the market’s expansion. The cost of healthcare was more than $10,500 per person in 2018. North America’s drug delivery device market has grown dramatically as a result of growing public knowledge of the availability of various cutting-edge devices, such as wearable injectors and pen injectors.
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Drug Delivery Devices Market: Key Companies
- Pfizer, Inc.
- F. Hoffmann-La Roche Ltd
- Johnson and Johnson Private Ltd
- Novartis AG
- Bayer AG
- Becton
- Dickinson and Company
- Uniqure NV.
Drug Delivery Devices Market Segmentation:
The global drug delivery devices market has been segmented into route of administration, application, end-user, and vehicle type.
Based on route of administration, oral, ocular, inhalation, nasal, injectable, topical, and others are segments of the global drug delivery devices market. The oral segment will dominate the market in 2022. This is explained by the rising acceptance of oral medication delivery, which is painless, patient-friendly, affordable, non-invasive, and self-administered. Additionally, the vast majority of medications are offered in tablet, powder, and liquid forms, which are typically taken orally. Therefore, the enormous availability of medications taken orally has contributed to the segment’s rise.
Based on vehicle type, the market is classified into micelles, hydrogels, liposomes, and others. In 2022, the liposome category dominated the global market. Liposomes are phospholipid-based, tiny vesicles that resemble cell membranes and are highly effective drug delivery vehicles. There is a lot of interest in their development because of their capacity to target certain tissues, improve medication stability and circulation time, and encapsulate both hydrophilic and hydrophobic medicines.
Based on application, the market is classified into cardiovascular, diabetes, cancer, infectious disease, and others. In 2022, the cancer category dominated the global market. The higher incidence of cancer in the population is the reason behind this. Consequently, the primary drivers of this market are the rising incidence of several cancers, including womb, colon, lung, and breast cancer.
Based on end-users, the market is classified into hospitals, ambulatory services, and home healthcare. In 2022, the hospital category dominated the global market. This is because hospitals are becoming more widespread around the world. This category has grown as a result of increased investments made in hospital development by the public and private sectors. Furthermore, the rise in hospital admissions is contributing to the segment’s expansion.
Segmentation:
Drug Delivery Devices Market, By Vehicle Type |
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Drug Delivery Devices Market, by Application |
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Drug Delivery Devices Market, by End-User |
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Drug Delivery Devices Market, By Geography |
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Frequently Asked Questions (FAQs):
- Which key factors will influence global drug delivery devices market growth over 2023-2030?
The main reasons anticipated to propel the global drug delivery devices market during the forecast period are the growing incidence of chronic conditions including diabetes, cancer, and heart disease among people worldwide.
- What will be the value of the global drug delivery devices market during 2022-2030?
According to the report, the global drug delivery devices market size was worth USD 238.78 billion in 2022 and is estimated to grow to USD 394.19 billion by 2030, with a compound annual growth rate (CAGR) of approximately 6.47% over the forecast period.
- Which region will contribute notably towards the global drug delivery devices market value?
North America is anticipated to continue leading the global drug delivery devices market throughout the projected period.
- Which are the major players leveraging the Global Drug Delivery Devices market growth?
Some of the main competitors dominating the global drug delivery devices market include – Pfizer, Inc., F. Hoffmann-La Roche Ltd, Johnson and Johnson Private Ltd, Novartis AG, Bayer AG, Becton, Dickinson and Company, and Uniqure NV.
