Pharmaceutical Drug Delivery Market to reach US$ 2,296,170.9 Mn in 2027 & to grow at a CAGR of 6.6%
According to the latest study on “Pharmaceutical Drug Delivery to 2027 – Global Analysis and Forecasts by Route of Administration, Application, and End User,” the global pharmaceutical drug delivery was valued at US$ 1,403,082.9 million in 2019 and is projected to reach US$ 2,296,170.9 million by 2027; it is expected to grow at a CAGR of 6.6% during 2020–2027.The report provides trends prevailing in the global pharmaceutical drug delivery market along with the growth drivers and restraints pertaining to the market. The growing prevalence of infectious and chronic diseases, and increasing R&D spending on the drug delivery devices are the major factor driving the growth of the market. However, the high cost of drug delivery device development is restrains the growth of the market.
Based on the route of administration, the pharmaceutical drug delivery market is segmented into oral drug delivery, injectable drug delivery, topical drug delivery, ocular drug delivery, pulmonary drug delivery, nasal drug delivery, transmucosal drug delivery, and implantable drug delivery. The injectable drug delivery segment held the largest share of the market in 2019; however, the topical drug delivery segment is anticipated to register the highest CAGR of 7.5% in the market during the forecast period. The growth of the market for topical drug delivery attributed to the engagement of several industrial players in the expansion of their manufacturing capacities with an aim to cope up with the increasing demand for topical solutions. For instance, in 2017, ProSolus offered custom manufacturing of transdermal and trans-mucosal drug delivery products to treat a variety of health conditions.
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Pfizer Inc., Bayer AG, Johnson & Johnson Services, Inc., Novartis AG, 3M, Becton, Dickinson and Company, Sanofi S.A., Merck Group, GlaxoSmithKline plc., and Antares Pharma are among the key players operating in the pharmaceutical drug delivery market.
The companies are focused on following organic strategies such as product launches and business expansions to sustain their position in the dynamic market. In May 2020, the Janssen Pharmaceutical Companies of Johnson & Johnson received the US Food and Drug Administration (FDA) approval for IMBRUVICA (ibrutinib) in combination with rituximab for the treatment of patients with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL).
The prevalence of infectious disease, especially bacterial diseases, is increasing continuously around the globe. According to a study published by American Society for Microbiology in 2019, the world reports ~1.5–4.5 million infections are caused by Carbapenem-resistant Enterobacteriaceae every year. Additionally, this group of bacteria also leads to the hospitalization of ~49,000 people in the US each year. Moreover, according to a study published by UNICEF, in 2018, pneumonia caused ~1,755,000 deaths of children with age <5; also, ~1,200,000 children in the word lost their lives by diarrhea. Such exponentially growing prevalence of infectious diseases drives the consumption of drugs, which eventually drives the pharmaceutical drug delivery market growth.
Among chronic conditions, cancer and diabetes are the leading cause of mortality worldwide. For instance, according to a study conducted by the American Cancer Society (ACS), the US reported ~1,735,350 new cancer cases in 2018. Further, according to the International Diabetes Federation (IDF), ~46 million Americans were suffering from diabetes in 2017, and this number is expected to reach 62 million by 2045. It has also mentioned that ~425 million people worldwide were living with diabetes in 2017, and the number is expected to reach 629 million by 2045.
The report segments global pharmaceutical drug delivery as follows:
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
- Infectious Diseases
- Cardiovascular Diseases
- Respiratory Diseases
- Central Nervous System Disorders
- Autoimmune Diseases
- Other Applications
By End User
- Home Care Settings
- Other End Users
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