iCrowd Newswire – May 27, 2020
The pharmaceutical drug delivery market is expected to reach US$ 2,296,170.9 Mn in 2027 from US$ 1,403,082.9 Mn in 2019. The market is estimated to grow at a CAGR of 6.6% during 2020–2027.
Drug delivery systems are the technologies primarily used for the controlled or targeted delivery of various therapeutic agents to treat various diseases or improve the health of the patients. Drug delivery systems are medical devices used to inject drugs or chemicals into the body. Some of the drug delivery systems available in the market include transmucosal, oral, pulmonary, injectable, topical, nasal, implantable, and ocular.
Get sample PDF copy at: https://www.theinsightpartners.com/sample/TIPRE00007628/
Leading companies operating in this report are 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.
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.
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.
The pharmaceutical drug delivery market, by route of administration, 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 in the market during the forecast period.
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.
Purchase Copy of This Report at: https://www.theinsightpartners.com/buy/TIPRE00007628/
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.
Email: [email protected]
Keywords: Pharmaceutical Drug Delivery Market, Pharmaceutical Drug Delivery, Drug Delivery