Drug Delivery Market Overview:
Annually, medical error causes 250,000 deaths in the US, which is the third leading cause of death in the North American region. Medical treatment based on medication targeted to treat one's bodily disorder can produce severe repercussions to other unintended body parts. Albeit the curative efficacy for treating cancer, chemotherapy, for instance, causes several side effects such as headaches, blood disorders, heart disorders, and various other post health issues. Modern technology and biological advancement is set to overcome these challenges to effective medication with drug delivery systems owing to its effective therapeutic effects. Specialized in actively treating any particular malfunctioning area in the body without adversely affecting any other bodily functions, these targeted therapies have become an alternative to many conventional medical treatments.
The global drug delivery market value attained $17.50 billion in the year 2018. Drug delivery procedure includes oral, inhalation, injection, and transdermal absorption of the drug to the targeted part, resultantly uplifting the treatment methods for various diseases. The prominent benefits of drug delivery in the associated healthcare facilities around the world has propelled the global drug delivery market. As per the evaluation, the huge demand for the drug delivery devices generated by the increasing population will grow at a compound annual growth rate (CAGR) of 7.20% through to 2019-2025.
Drug Delivery Market Outlook:
The drug delivery provided in the medical and healthcare sector include various types of advanced technological devices systems such as intrauterine implants, targeted drug delivery, polymeric drug delivery, and many others. The increasing number of healthcare facilities and the widespread chronic diseases are some of the major factors influencing the drug delivery market growth in North America, which held a huge global market share of 36% in 2018, and the demand will have an unprecedented growth in the foreseeable future. The possible ability of drug delivery to substitute therapeutic treatment, which pose risks of affecting on non-targeted body parts induces wide acceptance of this system by the hospitals and patients. The key application of drug delivery in conventional injection devices will have an effective CAGR of 6.70% through to 2025.
Drug Delivery Market Growth Drivers:
· Increasing incidences of chronic disease such as cancer across the world is majorly driving the global drug delivery market owing to the effective and targeted drug release along with minimal side-effects on the body.
· Rising population of the old-age majority demands greater supply of generic drugs and doses. Growing age accompanies several diseases resulting in an upsurge of the drug delivery market.
· Incrementing global biologics and biosimilar market is inducing a positive influence on the global drug delivery market owing to a lucrative market revenue.
· New innovations, technological advancement, and promotion of new products propelled by the key manufacturers in the global market, wide scope of development and profitable outcome is accomplished by the drug delivery market.
Drug Delivery Market Challenges:
The nanoparticles of drug delivery systems are made up of certain substances which reacts with the cellular membranes resulting in morphological changes. Moreover, certain drug delivery devices are partially or completely insoluble in nature becoming a barrier in the blood streams. This may lead to several other health issues creating severe problems. Medical researches executed and other biotechnological advancements conducted by the pharmaceutical industries are constantly limiting these drawbacks through their innovative and cost-efficient drug delivery systems.
Drug Delivery Market Key Players:
The pioneers in the global drug delivery market include companies like Becton, Dickinson and Company, Baxter International, Pfizer, Gerresheimer AG, Schott AG, Eli Lilly and Company, and Terumo Corporation, and others.
Dickinson and Company is an American based leading medical technology company delivers various ergonomic drug delivery systems including prefillabe syringes, self-injection systems, safety and shielding devices to more than 500 companies, which reduces pain and enhances the delivery span to ultimately provide the patients a healthy medication.
Drug Delivery Market Trends:
· Advanced Prodrug Implants
Prodrug therapy offers two-step solution for cancerous cells and is used as an alternative treatment to chemotherapy. Antibodies are delivered to the particular cancer sites in the body, thereby targeting the enzymes of the cancer cells and releasing prodrug to kill the cancer cells without affecting any normal cells.
· Chip-Based Drug Delivery
Microchip drug delivery is an advanced medical technology which when injected into a body system or consumed orally remains inside the body and releases drug doses at regular and fixed intervals over a great time span. Without any interventions of the bearer, this modern drug delivery system is gaining large scale demand from different end-users owing to its potential benefits in treating chronic diseases.
· Cellular Delivery Technology
The potentiality of cells as carrier of drugs is exploited by modern medical science and technology. Cellular drug delivery emerges as an alternative to nano and micro drug delivery particles with efficiency in the treatment of HIV, cancer, cardiovascular diseases, and other body abnormalities.
Drug Delivery Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Drug Delivery Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of drug delivery in Drug Delivery Market, and their specific applications in different areas.
Drug Delivery Market Report: Industry Coverage:
The drug delivery market is generally divided into segments by technology, application, and end users. On the basis of technology, the market is bifurcated into syringes, inhalers, intrauterine devices, powered injectors, and others. Based on application types the segmentation includes oncology, cardiology, gynecology, asthma, diabetes, and others. By end users this market is categorized into patients, hospital, clinics, and many others.
The Drug Delivery Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia