Drug delivery devices are medial tools used to deliver a drug or a therapeutic agent via a specific route of administration. Such devices are used as part of one or more medical treatments. They are used to deliver the required amount of drugs effectively to appropriate target sites and to maintain the desired drug levels. The field of drug delivery has advanced dramatically over the years, and even more innovations are expected in the coming years.
Market Statistics:
The Global Drug Delivery Device Market is estimated to account for US$ 276,611.0 Mn in terms of value by the end of 2022.
Drivers:
Increase in demand for novel drug delivery devices around the world expected to propel the growth of the global drug delivery device market during the forecast period. For instance, with the increase in burden of chronic/non-communicable diseases worldwide, the demand for novel drug delivery devices is also increasing rapidly. In May 2022, Jabil Healthcare announced the launch of Qfinity autoinjector platform, a simple, reusable and modular solution for subcutaneous (SC) drug self-administration, at a lower cost than market alternatives, supporting the emerging prioritization of sustainable drug delivery within the pharmaceutical industry.
Opportunities:
Rising burden of non-communicable diseases across the globe is expected to offer lucrative growth opportunities for players in the drug delivery device market. For instance, drug delivery devices offer unique solutions for non-communicable diseases, such as cardiovascular diseases, diabetes, and cancer. According to the Pan American Health Organization (PAHO), non-communicable diseases (NCDs) kill 41 million people each year worldwide, around 71% of all deaths globally. In the U.S., over 5.5 million deaths are by NCDs. NCDs, such as cardiovascular diseases, cancers, diabetes, and respiratory diseases, account for 80% of all premature NCD deaths.
Restraints:
Risk of needlestick injuries and product recalls are major factors expected to hinder growth of the global drug delivery device market. For instance, needlestick injuries (NSIs) are known to occur frequently in healthcare settings and can be serious. Moreover, NSIs pose a great occupational risk of blood-borne disease transmission in health-care workers. Drug delivery devices available in the market are mainly injectable devices that use needles to inject therapeutics in the body. Therefore, the risk of needlestick injury is high.
Global Drug Delivery Device Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to the outbreak of COVID-19 (pandemic), many governments and pharmaceutical companies were/are working toward offering safe, effective COVID-19 treatment, and drug delivery devices are expected to play an important role in this context. Moreover, mass vaccination programs are being conducted across the world to immunize people against COVID-19. For instance, according to the World Health Organization (WHO), as of 29 November 2022, over 13,042,112,489 vaccine doses (COVID-19) have been administered worldwide. In short, the pandemic has increased the demand for drug delivery devices worldwide, driving the market growth.
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https://www.coherentmarketinsights.com/market-insight/drug-delivery-device-market-5419
Key Takeaways:
The global drug delivery device market was valued at US$ 258,800.0 Mn in 2021 and is forecast to reach a value of US$ 423,431.7 Mn by 2028 at a CAGR of 7.4% between 2022 and 2028.
Among route of administration, others segment held dominant position in the global drug delivery device market in 2022, accounting for 49.4% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
The major trend driving the drug delivery device market growth is the increasing implementation of strategic initiatives and development of novel drug delivery devices. For instance, in June 2022, Gufic Biosciences launched new drug delivery system (NDDS), named dual-chamber bags (DCB) in India. The development of such products is increasing the use of drug delivery products, driving the market growth. This trend is expected to continue over the forecast period.
Competitive Landscape:
Major players operating in the global drug delivery device market include Pfizer Inc., Novartis AG (Sandoz), F. Hoffmann-La Roche Ltd., Johnson & Johnson, and Bayer AG, among others.
Recent Developments:
In May 2021, Roche announced an agreement with Eli Lilly Company to work toward optimizing the management of insulin pen therapy.
In February 2021, Johnson & Johnson announced that the European commission approved the use of Janssen’s Spravato for the rapid reduction of depressive symptoms for a piscatric emergency in adults.
In August 2020, Johnson & Johnson acquired Momenta Pharmaceutical, a company that discovers and develops novel therapies for immune mediated disease, to expand the company’s leadership in novel treatment of immune system.
