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The Global Drug Delivery Technology Market is USD 1,230.5 billion in 2020, Projected to Reach USD 2125.3 billion by 2028 at a CAGR of 6.1% during the forecast period.
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Global Drug Delivery Technologies Market
The drug delivery system is a method in which the therapeutic substances are delivered through a general route of administration in order to obtain the intended therapeutic effect in humans or animals. The correct dose of drugs releases their functional ingredients in the targeted area at the appropriate time. Drug delivery technologies aid in improving the absorption, distribution, elimination of the drug for developing product safety and efficiency. Therefore, these technologies are considered an important aspect of pharmaceutical products, which are often used by pharmaceutical companies for extending the product’s lifecycle.
Global Drug Delivery Technologies Market Dynamics
Increasing prevalence of chronic diseases, growing demand for biologics, technological advancements, and new product launches are some of the pivotal factors driving the growth of the global drug delivery technologies market. According to the National Center of Biotechnology Information (NCBI), in 2018, around 45% (approximately 133 million) of the Americans were affected by one of the major chronic diseases.
Capsugel, a global leader in delivering high-quality, innovative dosage forms to the healthcare industry, launches the new drug delivery system as per its commitment to technological innovation in healthcare products. For instance, in October 2015, Capsugel announced the global commercial launch of its drug delivery technology, called enTRinsic, providing full enteric protection and targeted release of gastric acid and heat-sensitive active ingredients to the upper gastrointestinal tract.
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Furthermore, in April 2019, Aquestive Therapeutics, Inc. announced that the U.S. Food and Drug Administration (FDA) accepted the company’s New Drug Application (NDA) for their investigational product, Riluzole oral film (ROF), which the company intends to market under the brand name ‘Exservan’. The ROF is used for treatment of amyotrophic lateral sclerosis (ALS), and is delivered through a postage stamp-sized film that dissolves in the mouth. For the record, the FDA had designated the orphan drug status to the drug in January 2018.
However, risk factors such as needle stick injuries and side effects of drugs, are apparently restricting the global market growth to a certain extent. According to a 2014 estimate by the Occupational Safety and Health Administration (OSHA), 5.6 million workers in the healthcare industry are at a risk of incurring injuries due to needle sticks and sharps, which could expose the workers to blood-borne pathogens.
Global Drug Delivery Technologies Market – Regional Insights
North America holds a dominant position in the global drug delivery technologies market, owing to the launch and adoption of novel technologies. For instance, in January 2019, Amneal Pharmaceuticals received the U.S. Food and Drug Administration (FDA) approval for its generic Exelon patch used for treatment of Alzheimer disease through the transdermal drug delivery.
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Current and future of global Drug Delivery Technologies Market outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
Regions/countries that are expected to witness the fastest growth rates during the forecast period.
The latest developments, market shares, and strategies that are employed by the major market players.
Global Drug Delivery Technologies Market – Competitive Outlook
Some of the key players operating in the global drug delivery technologies market include 3M, Bayer AG, Becton, Dickinson & Company, Johnson & Johnson, Pfizer, Inc., Novartis AG, Glaxosmithkline PLC, Vectura Group Plc., Roche Holding AG, Generex Biotechnology, Antares Pharma, Inc., Alkermes, Merck & Co., Inc., Sanofi, and Aradigm Corp.
These companies are focused on innovations related to drug delivery technologies, in order to improve patient compliance. For instance, in July 2018, Merck Pharmaceuticals and InnoCore Pharmaceuticals entered into a global collaboration agreement for InnoCore’s proprietary SynBiosys biodegradable polymer platform. The drug delivery technologies are used to develop sustained release solutions for biologicals in injectable formulations. The sustained release solutions play important role in drug formulation because it improve the patient adherence.
Market Taxonomy
On the basis of route of administration:
- Oral
- Parenteral
- Intramuscular
- Intravenous
- Intra-Arterial
- Subcutaneous route
- Nasal Drug Delivery
- Topical/Transdermal
By end user:
- Ambulatory Surgical Clinics
- Diagnostic Centers
- Hospitals
- Homecare
- Others
By region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
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The post The Global Drug Delivery Technology Market is USD 1,230.5 billion in 2020, Projected to Reach USD 2125.3 billion by 2028 at a CAGR of 6.1% during the forecast period. appeared first on Gatorledger.
