Global Drug Delivery Devices Market Prospering Amid the Pandemic: Forecast to Grow at a CAGR of 6.3% by 2027
Published | 22 November 2021
The global drug delivery devices market is growing at a high CAGR due to the increasing prevalence of chronic diseases, as well as the growing geriatric population and the growing prominence of target treatment….
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the drug delivery devices market was worth USD 227.1 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 6.3%, earning revenue of around USD 346.3 billion by the end of 2027. The drug delivery devices market is gaining significant traction because of the increasing prevalence of chronic diseases, along with growing prominence on target treatment. Furthermore, the growing geriatric population and their dependence on home-care treatment are also influencing the growth of the global drug delivery devices market. New products with advanced safety features and easy-to-use elements are anticipated to drive the global drug delivery devices market during the forecast period. However, government regulations regarding the launching of new products may impede the growth of the market in the forecast period.
Increasing Prevalence of Chronic Diseases Anticipated To Boost The Global Drug Delivery Devices Market
The growing burden of various chronic diseases acts as a major driving factor for the global drug delivery devices market growth. According to the reports by the World Health Organization, cancer is the leading cause of death worldwide that took around 10 million lives in 2020 alone. According to the International Agency for Research on Cancer (IARC), more than 50 million people have been diagnosed with cancer within the last five years. With 463 million people diagnosed worldwide, the prevalence of diagnosis is similarly high. Such a high number of patients is fueling the demand for the drug delivery devices market.
Technological Developments in Drug Delivery Devices is Projected to Drive the Market Growth
With adamant technological advancements, the drug delivery device manufacturers are also extensively focusing on R&D activities to improve their product offerings. The companies are embedding advanced technologies, such as WiFi, into their devices to gain a competitive edge. For instance, Gerresheimer, a German drug packaging, and delivery systems company, recently developed SensAIR, a drug delivery device with higher viscosity, which is used to support patients in terms of the subcutaneous delivery of large-volume biologic. These kinds of developments are anticipated to drive the market in the forecast period.
Global Drug Delivery Devices Market - By End-User
Based on end-users, the global drug delivery devices market is categorized into hospitals, diagnostic centers, ambulatory surgical centers & clinics, home-care settings, and others. The hospital segment accounts for the largest market share because of the significant number of patients approaching hospitals for treatment of diseases and drug delivery purposes. Furthermore, increasing in-patients treatment due to the increasing prevalence of severe diseases, such as cancer, also plays in favor of market growth. On the other hand, the home-care setting segment is projected to witness the highest CAGR during the forecast period owing to the increasing geriatric population.
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Global Drug Delivery Devices Market - Regional Insights
Geographically, the global drug delivery devices market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounts for the largest market share because of the high awareness of the benefits of using drug delivery devices. Furthermore, the presence of a significant number of industry players such as Inovio Pharmaceuticals, Inc., Tandem Diabetes Care, Inc., etc., makes the device easy to access. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The high population of emerging economies such as China, India, Japan, etc., is presenting a diverse consumer base suffering from chronic or other diseases.
Impact of COVID-19 on Global Drug Delivery Devices Market
The global drug delivery devices witnessed mixed-effects due to the sudden outbreak of the COVID-19 pandemic. The market witnessed a steep slowdown due to the disruptions in the supply chain. Furthermore, the spread of the virus also limited visits to hospitals and other healthcare facilities. As a result, the number of diagnostic tests declined, reducing the need for drug delivery devices. This resulted in huge losses to the manufacturers. However, the market is anticipated to flourish during the post-COVID-19 period due to the growing application of drug delivery devices in home-care settings.
Global Drug Delivery Devices Market - Competitive Landscape
The leading players in the drug delivery devices market are Novartis AG, Inovio Pharmaceuticals, Inc., Medtronic Plc., Tandem Diabetes Care, Inc., Teva Pharmaceutical Industries Ltd., Crossject Medical Technology, Adherium Ltd., and Sensirion AG, Diabeloop, PharmaJet, PenJet, Portal Instruments, HNS International, Inc., Capsule Technologies, Inc., and Propeller Health.
The market is highly fragmented with the presence of various global as well as local market players. The companies invest extensively in R&D activities to develop new products and improve their distribution channels to increase the penetration of their products. In addition, this market employs competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the drug delivery devices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the drug delivery devices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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