Comprehensive Analysis On Size, Share, And Drivers Of The Buccal Drug Delivery System Market
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The buccal drug delivery system market has experienced rapid growth in recent years, with the market size reaching $3.28 billion in 2023 and projected to grow to $3.64 billion in 2024, showcasing a noteworthy CAGR of 11.0%. Looking ahead, the forecast indicates continued expansion, with an estimated market size of $5.43 billion by 2028 and a CAGR of 10.5%. Factors contributing to this growth include patient-centric drug delivery, an aging population, demand for targeted therapies, regulatory support, and investments in research and development.
Rising Chronic Diseases Propel Market Growth
- Prevalence of Chronic Diseases: The buccal drug delivery systems market is driven by the increasing prevalence of chronic diseases such as cancer, heart disease, stroke, diabetes, and arthritis.
- Non-Communicable Diseases Impact: According to the World Health Organization, 74% of the 41 million deaths caused by non-communicable diseases annually are attributed to chronic diseases.
- Continuous Nutrition and Care: Chronic diseases require continuous nutrition and medical care, making buccal drug delivery systems an effective solution.
Key Market Players
Major companies contributing to the buccal drug delivery system market include Teva Pharmaceuticals Industries Ltd., Pfizer Incorporated, GlaxoSmithKline Public Limited Company, Catalent Inc., and many others. These companies play a crucial role in advancing drug delivery innovations and addressing various disease-specific applications.
Increasing Focus On Product Launches
- Product Innovation: Major companies focus on launching new products to enhance their market presence.
- Melatonin Oral Spray: Arlak Biotech launched a melatonin oral spray in February 2023, offering an easy and effective solution for improving sleep quality. The spray’s oral absorption provides a quick and simple approach to addressing sleep-related issues.
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Strategic Acquisition By DifGen Pharmaceuticals
- Acquisition Move: In April 2023, DifGen Pharmaceuticals LLC acquired Aveva Drug Delivery Services Inc.
- Enhanced Capabilities: This strategic acquisition aims to enhance DifGen’s research and development capabilities and strengthen its supply chain for complex dosage forms, focusing on buccal drug delivery systems.
Market Segmentation
The buccal drug delivery system market is segmented based on:
- Type: Sublingual, Buccal Tablets and Lozenges, Oral Sprays
- Application: Pain Management, Smoking Cessation, Angina Pectoris
- End-User: Hospitals, Ambulatory Centers, Other End-Users
Regional Trends
- North America Dominance: North America emerged as the largest region in the buccal drug delivery systems market in 2023.
Future Trends and Outlook
- Patient Convenience and Compliance:Future trends in the buccal drug delivery system market include a strong focus on patient convenience and compliance.
- Advancements in Drug Formulations: Continuous advancements in drug formulations contribute to the market’s growth.
- Rise in Chronic Diseases: The increasing incidence of chronic diseases continues to be a driving factor for the market.
- Pediatric and Geriatric Care: Specialized drug delivery systems for pediatric and geriatric populations are gaining prominence.
- Enhanced Bioavailability: Strategies to enhance drug bioavailability contribute to the effectiveness of buccal drug delivery systems.
Conclusion
The buccal drug delivery system market’s rapid growth is intricately linked to addressing the challenges posed by chronic diseases and the commitment of key players to innovation. As the market continues to evolve, a focus on patient-centric solutions, advancements in drug formulations, and specialized care for different age groups will shape the future of buccal drug delivery systems. With a significant market size and a trajectory of continuous growth, the buccal drug delivery system market remains a crucial player in the pharmaceutical industry.
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