Industry: Healthcare
Published Date: June-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 140
Report ID: PMRREP4091
The global market for drug delivery devices is estimated to reach a valuation of US$90.2 Bn by the year 2033, at a CAGR of 8.3%, during the forecast period 2024 to 2033.
Key Highlights of the Market
|
Attributes |
Key Insights |
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Market Size (2023E) |
US$40.8 Bn |
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Market Size (2033F) |
US$90.2 Bn |
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Forecast Growth Rate (CAGR 2024 to 2033) |
8.3% |
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Historical Growth Rate (CAGR 2019 to 2023) |
7.5% |
Ongoing technological advancements have led to the development of more efficient and patient-friendly drug delivery devices.
These include novel methods such as microneedles, inhalers, patches, and smart devices that enable precise and targeted drug delivery.
The rising prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases has increased the demand for efficient drug delivery systems. This demand drives innovation and investment in the development of new delivery devices that can provide better treatment options.
Drug delivery devices that offer ease of use, reduced side effects, and improved patient compliance have gained traction. Devices that allow self-administration of drugs at home have become increasingly popular.
Regulatory bodies are actively involved in evaluating and approving new drug delivery devices, ensuring their safety, efficacy, and adherence to standards. Favourable regulatory environments support market growth by encouraging innovation and market entry.
The ongoing trend of new product launches and strategic collaborations between major drug delivery devices companies aids the market’s growth.
Major key players in the global drug delivery devices market are consistently concerned with strategies, including the development and introduction of new products and collaborations.
By implementing these strategies, the companies will be able to accelerate market growth by increasing their revenue.
It is anticipated that the pharmaceutical industry's expansion will be fostered by the introduction of new products that offer enhanced safety and user-friendly features.
Further, improved administration features enhance the potential of disease management in homecare settings and complement drug treatment outcomes.
The market share will experience an additional boost in development due to the increase in collaborations between pharmaceutical companies and market players to develop and introduce products.
The global drug delivery devices market witnessed an impressive growth rate of 7.5% over the historical period 2019 to 2023.
The ever-growing technological evolutions have been the primary driving elements for the healthcare industry over the historical period.
Drug delivery has emerged as one of the most extensively researched areas in the healthcare sector, and the drug delivery devices demand has increased substantially due to the essential role of patient engagement in the medical sector.
Over the forecast period, injectable drug delivery devices are anticipated to be the most popular due to their multi-functionality, which includes drug tracking, drug delivery, and drug identification.
Rapid Technological Advancements
Recent drug delivery systems (DDS) are formulated using advanced technology to accelerate systemic drug delivery to the specific target site, maximizing therapeutic efficacy and minimizing off-target accumulation in the body.
As a result, they play an important role in disease management and treatment. Cutting-edge technologies allow for precise and personalized drug delivery.
Devices can deliver medications at specific rates or respond to physiological cues, ensuring the right dose at the right time for each patient.
Advancements in microfabrication and nanotechnology have enabled the development of smaller, minimally invasive drug delivery devices, which reduce patient discomfort and allow for targeted drug delivery.
Technological advancements have also led to the development of biocompatible and biodegradable materials for drug delivery devices, reducing the risk of adverse reactions and environmental impact.
Such improvements not only enhance the performance and capabilities of drug delivery devices but also contribute to improved patient outcomes, increased patient compliance, and the overall advancement of healthcare, which eventually aids the drug delivery devices market share globally.
Development of Innovative Medications
The molecular consequences of human problems, and the development of innovative medications and biologics have been made possible by the advancements in a variety of biology-related activities, providing a once-in-a-lifetime opportunity.
Enhanced drug delivery methods have recently been identified, including lipid, protein, and polymer technologies that improve lipid distribution in the body, limit drug degradation due to the external environment, and slow the rate of drug clearance.
To achieve the highest level of efficacy, modern pharmaceuticals and biologics necessitate sophisticated drug delivery methods, as they are more effective with a reduced dosage of medication, eventually catering to the overall growth of the market.
Limited Access to Emerging Markets
Limited access to emerging markets is a substantial restraint in the drug delivery device industry, hindering the potential for market expansion and growth.
Emerging markets, with their growing healthcare needs and expanding patient populations, represent a significant opportunity for device manufacturers.
However, numerous challenges, such as complex distribution channels, market-specific regulations, and economic constraints, can limit entry and success in these regions.
Complex distribution channels are a common barrier in emerging markets, which often have fragmented and intricate distribution networks, making it challenging for manufacturers to establish efficient supply chains and reach end-users effectively.
Navigating these complexities can increase operational costs, slow market penetration, and lead to delays in product availability, while market-specific regulations also pose a formidable challenge.
Regulatory environments in emerging markets can be less standardized and opaque, making it difficult for drug delivery device manufacturers to understand and comply with the diverse set of rules and requirements.
Achieving product approvals and maintaining regulatory compliance may demand extensive resources and time, further delaying market entry and creating a major barrier to the growth prospects of the market.
Development of Implantable and Injectable Devices
The development of implantable and injectable drug delivery devices creates a significant and exciting opportunity within the healthcare industry.
These innovations hold the potential to revolutionize the treatment of chronic conditions, enhance patient compliance, and improve overall healthcare outcomes.
The primary opportunity lies in providing long-acting, extended-release drug delivery solutions, which can substantially reduce the need for frequent administration of medications, leading to several key advantages.
One of the most compelling advantages of implantable and injectable devices is their ability to improve patient adherence to treatment regimens.
For individuals managing chronic conditions, such as diabetes, cardiovascular diseases, or certain types of cancer, the requirement for frequent medication dosing can be a significant burden.
Implantable and injectable devices can offer a more convenient, consistent, and less intrusive approach to drug administration, which can lead to better treatment adherence, ultimately resulting in improved disease management and patient wellbeing.
Auto Injectors Capture a Massive 70% Market Share
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Market Segment by Product |
Market Value Share (2023) |
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Auto Injectors |
70% |
Based on product, the drug delivery devices market is further segmented into self-injectors, auto injectors and wearable injectors, where the auto injectors dominate with 70% of the total market share in 2023.
Auto-injectors have revolutionized the way patients with chronic conditions such as rheumatoid arthritis, multiple sclerosis, allergies, and certain hormonal imbalances receive their treatments.
Auto-Injectors offer a user-friendly, portable, and easy-to-use solution, allowing patients to self-administer medication at home without needing healthcare professional assistance.
This convenience enhances patient autonomy and comfort and improves adherence to treatment regimens, which is crucial for managing chronic conditions effectively.
Moreover, auto-injectors ensure precise and controlled delivery of medication, reducing dosing errors and enhancing treatment efficacy.
These devices are designed to deliver the exact dosage, eliminating concerns about incorrect measurements that might occur with traditional methods of administration.
60% of Global Market Revenue Concentrates in Sales of Reusable Devices
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Market Segment by Usage |
Market Value Share (2023) |
|
Reusable |
60% |
Based on the usage segmentation, the market for drug delivery devices is further divided into reusable devices, and disposable devices, where the reusable devices own major market share of about 60% of the total market share in usage segmentation.
Reusable drug delivery devices are designed to be cleaned, sterilized, and used multiple times, offering several advantages contributing to market expansion.
One key factor is cost efficiency, as reusable devices, although potentially more expensive upfront, offer significant savings over time compared to single-use alternatives.
Patients and healthcare systems can benefit from reduced per-dose costs, making long-term treatments more financially viable and accessible, which eventually aids the growth of the market.
Subcutaneous Administration Remains Preferred, Accounts for 26% Share
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Market Segment by Route of Administration |
Market Value Share (2023) |
|
Subcutaneous |
26% |
Based on the route of administration, the market for drug delivery devices is further classified into transdermal, subcutaneous and intramuscular, where the subcutaneous segment dominates with 26% of the total market share.
Subcutaneous injections are less invasive compared to other routes, such as intravenous injections, making them more comfortable for patients.
Specialized devices like auto-injectors and pre-filled syringes designed for subcutaneous delivery offer easy and minimally painful self-administration options, enhancing patient compliance and satisfaction.
The rise of biologic drugs and long-acting formulations that require sustained release has increased the demand for subcutaneous delivery devices.
These medications can be administered subcutaneously, providing a slow and controlled release into the bloodstream, which can result in prolonged therapeutic effects.
Devices used for subcutaneous delivery, such as pre-filled syringes and pens, can reduce healthcare costs by minimizing the need for healthcare professional administration and allowing patients to self-administer medications at home, reducing the burden on healthcare facilities and resources.
North American Drug Delivery Devices Market Dominates with 32% Revenue Share
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Region |
Market Value Share (2023) |
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North America |
32% |
The prevalence of chronic diseases like diabetes, cancer, and cardiovascular diseases is increasing in North America. Drug delivery devices offer more effective and targeted treatments for these conditions, boosting their demand.
As the population ages, the demand for efficient drug delivery systems rises due to higher healthcare needs among elderly individuals. This demographic often requires long-term medication, leading to increased adoption of drug-delivery devices.
Supportive regulations and initiatives by regulatory bodies like the Food and Drug Administration (FDA) encourage the development and commercialization of advanced drug delivery devices.
Regulatory approvals for innovative technologies further drive market expansion in the North American region.
Europe, and Asia Pacific Follow
Europe maintained a substantial market share in 2023 and is predicted to witness a steady growth rate over the forecast period.
Some of the primary factors creating major opportunities for the key market players in the European region are developed economies and favorable regulatory procedures.
Further, the Asia Pacific region is estimated to experience the highest growth rate during the forecast period, owing to the region's robust economic growth.
With the high adoption rate of drug supply devices for diverse treatment applications from a substantial pool of patients in countries like India, China, and Japan boosts the growth of the Asia Pacific region in the global drug delivery devices market.
January 2024
Medtronic announced that it has received the CE mark approval for its automated insulin delivery systems called MiniMed 780 G system and Simplera Sync. MiniMed 780G.
April 2023
Lohman Therapie-Systeme (LTS), signed an acquisition deal with Sorrel’s Wearable Injection device division to expand its business portfolio into drug delivery systems.
June 2023
Stevanato Group SPA, a leading drug containment and delivery solutions provider introduced Vertiva, an on-body delivery system to switch between basal and bolus injections and comply with a range of subcutaneous therapies.
The major competitors in the drug delivery devices market are primarily evaluated based on their product or service offerings, their financial statements, developments and the approaches implemented, the company's position in the global market scenario and its geographical reach.
Continuous investment in R&D to develop novel drug delivery technologies, including advanced devices, formulations, and delivery systems, while focusing on improving drug stability, bioavailability, and targeted delivery for enhanced therapeutic outcomes, creates a wide range of opportunities for major players in the industry.
|
Attributes |
Details |
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Forecast Period |
2024 - 2033 |
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Historical Data Available for |
2019 - 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Companies Profiled |
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Pricing |
Available upon request |
By Product
By Usage
By Route of Administration
By Sales Channel:
By Applications
By Region
To know more about delivery timeline for this report Contact Sales
The global drug delivery devices market is estimated to exhibit a CAGR of 8.3% during the forecast period 2024 to 2033.
North America is the dominant region with 32% of the global market share in the drug delivery devices market.
Limited access to emerging market segments limits the market’s growth.
The global drug delivery devices market is segmented based on Product, Usage, Route of Administration, Sales Channel and Applications.
Eli Lilly and Company, Becton Dickinson & Co., Novo Nordisk, Sanofi, and Johnson & Johnson are some of the key players in the market.
