The Drug Delivery Devices Market Share, Market Size, And Growth Rate 2022
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The drug delivery devices market is forecasted to achieve high growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 4%, as per The Business Research Company’s market report!
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The Drug Delivery Devices Market Size In 2022 And Forecast
The global drug delivery devices market grew from $79.68 billion in 2021 to $84.1 billion in 2022 at a compound annual growth rate (CAGR) of 5.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The drug delivery devices market is expected to grow to $100.1 billion in 2026 at a CAGR of 4.5%.
The drug delivery devices market consists of the sales of medical devices and equipment that are used for delivering specific drugs to a specific part of the body to cure chronic diseases such as cancer, infectious diseases, respiratory diseases, diabetes, and cardiovascular diseases.
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Rise In The Prevalence Of Chronic Diseases Is Driving The Growth Of The Drug Delivery Devices Market
According to the world health organization (WHO), by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide, and 71% of deaths due to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries. There are various routes of drug administration for medical drugs. The selection of the route depends on three factors – the effect desired; the type of the disease and the type of the product. Currently, the development of new drug delivery systems plays a major role in the pharmaceutical industry. Research and development (R&D) in drug delivery are increasing throughout the world due to the increasing prevalence of these diseases. Most pharmaceutical companies are focusing on multiple drug delivery technologies for creating excellent advantages and better outcomes for their marketed products. Hence, the increasing prevalence of chronic diseases is resulting in increased consumption of therapeutic drugs and therapies, and this factor is expected to act as a driver for the growth of the drug delivery devices market.
Competitive Landscape And The Regional Analysis Of The Drug Delivery Devices Market
Major players in the drug delivery devices market are F. Hoffmann-La Roche Ltd, 3M Company, Pfizer Inc, Baxter International, BD, Novartis AG, Gerresheimer AG, Johnson & Johnson Services, Inc, Bayer AG, and GlaxoSmithKline plc.
Additionally, as per TBRC’s research – North America was the largest region in the drug delivery devices market in 2021 holding the largest market share.
The Drug Delivery Devices Market Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the drug delivery devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the drug delivery devices market.
Collaborating With Other Companies Within The Industry – A Key Trend In The Drug Delivery Devices Market
Companies in the drug delivery devices market are collaborating with other companies within the industry in order to strengthen their product portfolio as well as expand their footprint across different geographies.
Drug Delivery Devices Market Segmentation By The Business Research Company
1) By Route Of Administration: Oral Drug Delivery, Injectable Drug Delivery, Topical Drug Delivery, Ocular Drug Delivery, Pulmonary Drug Delivery, Nasal Drug Delivery, Transmucosal Drug Delivery, Implantable Drug Delivery
2) By Patient Care Setting: Hospitals, Diagnostic Centers, Ambulatory Surgery Centers/Clinics, Home Care Settings, Other Patient Care Settings
3) By Application: Cancer, Infectious Diseases, Respiratory Diseases, Diabetes, Cardiovascular Diseases, Autoimmune Diseases, Central Nervous System Disorders, Other Applications
Here Are Some Reports Related To The Drug Delivery Devices Market –
Injectable Drug Delivery Devices Global Market Report 2022
Implantable Drug Delivery Devices Global Market Report 2022
Liposomal Drug Delivery Devices Global Market Report 2022
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