Pharmaceutical Drug Delivery Market: Introduction
- Pharmaceutical drug delivery is a technology used so that a drug reaches to the site of action for absorption, increased efficacy, and better patient treatment. The different ways of delivering pharmaceutical drugs are oral, intravenous injection, absorption through the skin, and inhalation.
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Pharmaceutical Drug Delivery Market: Key Trends
- Advent of new technologies is projected to boost the growth of the global pharmaceutical drug delivery market in the next few years. Growing trend of introducing new drugs in the market is anticipated to drive the global pharmaceutical drug delivery market during the forecast period. Increase in mergers and acquisitions is expected to fuel the growth of the global pharmaceutical drug delivery market during the forecast period. For instance, in April 2019, Jordon-based company MS Pharma announced the acquisition of Greece-based manufacturer Genepharm with a vision to add cardiovascular, oncology, and central nervous system drugs to its product portfolio.
- Rise in concerns & awareness about health care, increase in geriatric population, and government support for research in the field of drug delivery are likely to increase the demand for pharmaceutical drug delivery. Hence, the global pharmaceutical drug delivery market is projected to grow at a rapid pace in the next few years. Increase in incidence of chronic diseases such as diabetes, cancer, osteoarthritis, and osteoporosis across the globe is anticipated to augment the global pharmaceutical drug delivery market during the forecast period. Additionally, the global market in expected to be driven by increase in demand in hospitals and clinics to cater to high inflow of patients of all ages. Moreover, ease of usage and superior absorption is likely to increase the demand for drug delivery devices. Hence, the global pharmaceutical drug delivery is projected to witness significant growth in the next few years.
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- Presently, the world is struggling with the COVID-19 pandemic. COVID-19 leads to pneumonia, severe & acute respiratory disorders, multiple organ failure, and, in severe cases, death. The geriatric population is more prone to COVID-19. The global pharmaceutical drug delivery market is anticipated to grow at a rapid pace during the pandemic.
- Governments of developing countries are making significant investments to modernize health care infrastructure in their respective countries, which is expected to increase access to health care. This is expected to drive the demand for pharmaceutical drug delivery devices, which in turn is likely to boost the growth of the global market from 2024 to 2031.
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North America to Capture Major Share of Global Pharmaceutical Drug Delivery Market
- North America is projected to dominate the global pharmaceutical drug delivery market from 2024 to 2031. This is attributed to increase in incidence of chronic diseases such as cancer, diabetic, and respiratory disorders; presence of large number of players, innovation in drug delivery, and government funding for research on life sciences. Additionally, growth of the pharmaceutical & biotechnology industries and presence of well-built and high quality infrastructure for laboratory and clinical research propel the market in North America. The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to rise in research & developmental activities, increase in government initiatives for improving health care, and surge in focus of key players in building or strengthening presence in the region.
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Key Players Operating in Global Pharmaceutical Drug Delivery Market
The global pharmaceutical drug delivery market is highly competitive and fragmented due to the presence of several large, medium, and small companies. These players hold a major share in their respective regions. Growth strategies adopted by leading players are likely to drive the global pharmaceutical drug delivery market.
Major players operating in the global pharmaceutical drug delivery market are:
- Bayer AG
- GlaxoSmithKline plc
- Pfizer, Inc.
- 3M
- Merck & Co., Inc.
- Becton, Dickinson and Company
- Antares Pharma
- Other prominent players
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