Global Pharmaceutical Drug Delivery Market: Overview
Pharmaceutical drug delivery ensures absorption of drug, increased efficacy and better patient experience. Advent of new technologies is expected to play a pivotal role in the growth of the global pharmaceutical drug delivery market.
Growing trend of introducing new launches in the drug market is also likely to augment the global pharmaceutical drug delivery market during the upcoming years. An upcoming Transparency Market Research (TMR) report elucidates on the share, size, trend, drivers and restraints of the global pharmaceutical drug delivery market.
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Global Pharmaceutical Drug Delivery Market: Notable Developments
In May 2019, Lonza, one of the leading suppliers to pharma and biotech market announces that its specialty ingredient will operate autonomously by mid of 2024. The ingredients will include consumer health excluding nutritional sector.
In April 2019, Jordon based company MS Pharma announced acquisition of Greek manufacturer Genepharm with a vision to add cardiovascular, oncology, and central nervous system drugs to its product portfolio. It also intends to expand its foothold in the European market.
The global pharmaceutical drug delivery market is highly competitive and fragmented due to the presence of several large, medium, and small companies. Some of the prominent players in the global pharmaceutical drug delivery include Bayer AG (Germany), GlaxoSmithKline plc, (UK), Pfizer, Inc. (US), 3M Company (US), Merck & Co., Inc. (US), Dickinson and Company (US), and Antares Pharma, Inc. (US)
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Global Pharmaceutical Drug Delivery Market: Drivers & Restraints
Some of the factors that drive and hinder the global pharmaceutical drug delivery market are:-
Rising Awareness to Augment Growth in Global Pharmaceutical Drug Delivery Market
Rising concern and awareness about healthcare is expected to increase the demand for pharmaceutical drug delivery. Also, the increasing geriatric population is projected to increase the demand for pharmaceutical drug delivery. Hence, the global pharmaceutical drug delivery market is expected to grow at a healthy pace in the upcoming years.
Moreover, governments support for research in the field of drug delivery is also anticipated to drive the global pharmaceutical market to expand in the forthcoming years.
Increasing Chronic Diseases to Provide Impetus to Expansion
Rising number of chronic diseases such as diabetes, cancer, osteoarthritis, and osteoporosis across the globe is expected to boost the global pharmaceutical drug delivery market towards expansion during the forecast period. Additionally, the large share of growth is expected to take place due to increasing demand from hospitals and clinics to cater to huge inflow of patients of all ages. Further, convenience in using and superior absorption is also expected to increase the demand for drug delivery. Hence, the global pharmaceutical drug delivery to witness a substantial growth in the forthcoming years.
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Global Pharmaceutical Drug Delivery Market: Geographical Analysis
On the basis of geography, the global pharmaceutical drug delivery market is currently held by North America and it is expected to remain dominant during the forecast period. The growth in North America is due to increasing occurrence of chronic diseases such as cancer, diabetic, and respiratory disorders, presence of large number of players, and innovation in drug delivery. All these factors are projected to drive the global pharmaceutical drug delivery market to expand at a robust pace in the upcoming years. After North America, it is Europe that is anticipated to take the second largest share in the global pharmaceutical drug delivery market during the forecast period.
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