In terms of revenue, the Global Pharmaceutical Drug Delivery Market is expected to reach USD 2687.7 Billion by 2030, growing at a CAGR of 6.20% from 2023 to 2030.
Market expansion is projected to be fueled by many factors, such as the increase in chronic diseases, the growing demand for innovative drug-delivery systems, the growth of the geriatric population, the development of nanotechnology, and the need for effective and targeted drug delivery. The growing demand for innovative drug delivery systems is largely due to issues such as poor bioavailability, lack of specific targeting, and side effects of traditional drug delivery methods such as oral medications. Additionally, the increasing vogue of chronic diseases such as cancer, diabetes, and cardiovascular disease is expected to raise the demand for drug delivery systems that enable targeted delivery of drugs to specific locations.
Key Highlights from the Report
· Based on Administration, the oral segment dominated the market in 2022. Oral administration of drugs is considered the most convenient and common mode of administration across the world. It is a non-invasive, inexpensive, painless, and self-administered method that does not involve sterile precautions. In addition, the introduction of various innovative drugs that can provide effective treatment for various non-communicable diseases with little or no side effects will significantly boost the growth of this segment.
· Based on Application, the cancer segment dominated the global drug delivery device market in 2022. This is due to the prevalence of cancer in the population. Breast cancer, lung cancer, colon cancer, and uterine cancer are the most important types of cancer that affect people. On the other hand, the cardiovascular segment is expected to be the rapidly growing segment during the forecast period. This is because pharmaceutical companies are increasingly focused on developing drugs to treat cardiovascular diseases. In addition, the prevalence of cardiovascular disease due to unhealthy eating habits, obesity, and increased alcohol consumption and inactivity increases the number of deaths related to cardiovascular disease. Cardiovascular diseases accounted for 32 percent of global deaths in 2019, according to the WHO.
· Based on End-Use Sectors, The hospital segment accounted for the largest share of revenue in 2022. This is due to the increased penetration of private and public hospitals worldwide. Increasing investment by the government and companies in the development of tertiary care hospitals has accelerated the growth of this segment.
· In terms of region, North America is expected to grow at the highest CAGR during 2023-2030. In terms of regions, North America dominated the global market in 2022. This is due to the increased prevalence of chronic diseases in the American population. According to research, about 60% of the American population suffers from at least one chronic disease, and most of them suffer from more than one disease. North America Pharmaceutical Drug Delivery Market is expected to be the dominant market during the forecast period. This is due to the increase in various chronic diseases among the population due to various factors such as physical inactivity, a sedentary lifestyle, and unhealthy eating habits. The rapidly growing and growing demand for biotech medicines in the region is increasing the demand for drug supply.
The growing demand from different end-use sectors and the increased implementation of strategic initiatives, and the development of new products is driving the Pharmaceutical Drug Delivery market. For example, as of March 2021, researchers at Stanford University and the University of North Carolina at Chapel Hill (UNC) have created a 3D-printed vaccine chip, which they say offers better protection than a conventional vaccine injection. The development of such new products will encourage the use of drug delivery systems and thus contribute to the Pharmaceutical Drug Delivery market’s growth. Topical drug delivery involves the transport of the drug from the product to the local destination in the skin and then removal by diffusion, metabolism, and skin circulation to the rest of the body and deeper tissues. Additionally, local drug delivery has various applications in cancer treatment, which is expected to further stimulate the growth of the segment. For example, according to an article published in Frontiers in October 2022, local transdermal drug delivery can be used for local drug delivery in the treatment of skin cancer because it offers several advantages, such as avoiding problems related to gastric emptying, pH, and enzyme. Deactivation. and first-pass metabolism are typically associated with oral administration.
In addition, advances in nanotechnology have revolutionized drug delivery as it can enable targeted delivery of drugs to specific cells or tissues, minimizing the side effects associated with traditional drug delivery methods. The need for effective and targeted drug delivery will certainly drive the growth of the Pharmaceutical Drug Delivery market during the forecast period. However, high costs associated with the research and development of drug delivery systems, lack of a favorable reimbursement scenario, and strict regulatory policies are some of the factors that may restrain the growth of the market to some extent. The Pharmaceutical Drug Delivery market is expected to grow significantly during the forecast period due to increasing demand for innovative drug delivery systems, increasing prevalence of chronic diseases, advances in nanotechnology, and the need for effective and targeted drug delivery.
North America dominated the overall Pharmaceutical Drug Delivery market in 2022, North America Pharmaceutical Drug Delivery Market is estimated to be the most opportunistic market during the forecast period. This is due to the increase in various chronic diseases among the population due to various factors such as physical inactivity, a sedentary lifestyle, and unhealthy eating habits. The rapidly growing and growing demand for biotech medicines in the region is increasing the demand for drug supply.
The Global Pharmaceutical Drug Delivery Market is Segmented as follows
A list of the Key Players of the Global Pharmaceutical Drug Delivery Market is
Bayer AG, Becton, Dickinson And Company, F. Hoffmann-La Roche AG, GlaxoSmithKline Plc, Johnson & Johnson, Merck & Co., Inc., Novartis AG, 3M Company, Pfizer Inc., Sanofi
The Global Pharmaceutical Drug Delivery Market Scope can be Tabulated below
Market Size Provided for Years
2017 - 2030
2017 - 2021
2023 - 2030
Regions & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19