Global Drug Delivery Technology Market Size to grow by USD 71.7 billion in 2030.

Press Release

The global drug delivery technology market was valued at USD 34.7 in 2021. The market is projected to grow USD 71.7 in 2030, at a CAGR of 8.5%.

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Increasing immunization campaigns to combat COVID-19 are predicted to drive demand for these systems throughout the projection period. Furthermore, the market is driven by factors such as an increase in the incidence of chronic diseases, increased awareness and use of sophisticated drug delivery systems, and new revolutionary technologies. Furthermore, industry players are likely to contribute to market growth in the coming years by focusing on various strategies such as new product releases and partnerships.

Increased prevalence of chronic diseases such as diabetes, asthma, and cardiovascular disease (CVDs) are driving the market, as are technical improvements in the creation of smart drug delivery systems. Electronic drug delivery systems are small, portable devices that provide patients with benefits such as easy drug administration, dose accuracy, quick administration time, and better patient adherence. Patients with chronic diseases can now self-administer their regular doses thanks to the introduction of technologically advanced minimally invasive drug delivery devices, reducing hospital visits and associated expenditures.

More than half of patients with chronic diseases stop taking their medications within a year, improving medication adherence provides a significant opportunity for market players to gain market share. Furthermore, because the companies are mostly focused on outcome-based models, connected medication delivery systems enhance treatment programs, minimize healthcare expenses originating from non-adherence, and provide advantageous reimbursement. For instance, Safe'n'Spray, a Nemera's electronic nasal spray device, won the best invention award at Pharmapack in February 2020. The device has capabilities like overdose prevention for powerful pharmaceuticals and fingerprint identification for child safety and security.

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The technique of administering therapeutic substances via a common route of administration to generate a therapeutic effect in people or animals is known as a drug delivery system. The pace and timing at which a drug is released in the body is controlled by drug delivery technology, which improves the drug's efficacy. The market is primarily driven by an increase in the prevalence of chronic diseases, demand for biologics, and technical improvements. In addition, the industry has grown due to a rise in demand for biosimilar and generic medications. However, the risk of needlestick injuries and pharmacological side effects limit market expansion.

The conventional segment is expected to dominate the market share of global drug delivery technology market owing to increased demand for biosimilar products and the cheap cost of devices, this segment has the largest share.

The inhalation drug delivery range segment is expected to dominate the market share of global drug delivery technology market owing to growing usage of inhalers is expanding in tandem with the prevalence of respiratory illnesses like asthma and other bronchial conditions.

The reusable is expected to dominate the market share of global drug delivery technology market owing to the therapeutic benefit of these medications is increased by auto-injector drug delivery devices, which is driving sales of reusable injectors.

The hospital segment is expected to dominate the market share of global drug delivery technology market owing to the easy availability and hence increases the customer bases across the pharmacies of hospitals.

North America region is expected to dominate the market share of global drug delivery technology market owing to because of the growing geriatric population, advancements in the pharmaceutical sector, and an increase in the number of diabetic individuals The market is growing because of rising R&D investments in diabetic supplements. North American market participants are focused on a variety of techniques to improve their market position.

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KEY INDUSTRY DEVELOPMENTS:

In December 2020, FDA approval for BRAFTOVI (encorafenib) plus combination with cetuximab for the treatment of patients with metastatic brafv600e-mutant colorectal cancer (CRC) who have received prior therapy was granted to Pfizer, Inc. 

In November 2020, GlaxoSmithKline plc. teamed up with IDEAYA to enter the field of synthetic lethality, which is still developing in oncology. The clinical trials for its initiatives MAT2A, Pol Theta, and Werner Helicase are expected to begin within the next three years. 

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