As reported by Credence Research, Inc. through their latest publication “Global Drug Delivery Technologies Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the drug delivery technologies market was valued at USD 175.95 Bn in 2015, and is expected to reach USD 284.71 Bn by 2022, expanding at a CAGR of 6.9% from 2016 to 2022.
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Patent expiry of several major drugs, coupled with the expensive business of development of new chemical entity has posed as a prime concern for pharmaceutical manufacturers. Development of new chemical entity is often observed to be a more expensive affair than development of novel delivery technology. Hence, several pharmaceutical manufacturers have adopted new drug delivery technologies for their portfolio as an effective life cycle management strategy.
The global drug delivery devices market is studied for mode of administration and geography segmentations. Oral, pulmonary, transdermal, injectable, nasal, implantable, and ocular, buccal etc. cumulatively make the drug delivery technologies market. Among these, oral drug delivery is the largest segment, followed by pulmonary drug delivery in 2015 at a combined market share of over 65%.
Newer technologies through products such as orodispersible tablets, transdermal patches, pen injectors, powder inhalers and buccal tablets are among the most widely adopted products. Additionally, the demand for drug eluting implants is also on a continuous rise in the developed markets. Implantable drug delivery devices find application in diabetes management, contraception, cardiology, pain management, pain management and others.
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Geographically, North America is the largest regional market for drug delivery technologies. Well structured reimbursement policies, large scale adoption of latest technologies, high prevalence of chronic diseases and high level of awareness among both care givers and patients are the prime contributors to the growth of North America drug delivery technologies market. In terms of growth rate, Asia-Pacific and Latin America are the fastest developing markets for drug delivery technologies. Fast developing healthcare infrastructure, gradually rising awareness and improving healthcare expenditure supplement the growth of emerging markets.
Intense competition among drug manufacturers to manage product life cycles of blockbuster drugs, and rising trend of manufacturing outsourcing have made the drug delivery technologies market fragmented. Merck, 3M Company, Johnson and Johnson, Becton Diskinson and Company and others are some of the major players in the global drug delivery technologies market.
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