Drug Delivery Devices Market is a controlled mechanism that is designed to introduce a therapeutic effect in a human or animal body to safely release drugs in the body at a controlled rate, time and place. Drugs help in improving health and extend lives. Several drug delivery systems are approached and formulated for treatment of human diseases and are delivered mostly through nasal or pulmonary routes. This method is gaining importance in current medical practice. There are several advantages of sustained release drug delivery over conventional dosage, as it maximizes the utility of drugs, and reduces healthcare costs through improved therapy and shorter treatment period. Therefore, the invention of such infusion pens could make a positive impact on the growth of the global drug delivery devices market over the forecast period of 2021-2031
The global drug delivery devices market is propelled by the increasing geriatric population along with the technological advancement in drug delivery device. Development of drug delivery system is also an important factor which makes the market demanding during the estimated period. Moreover, one of the most important factors driving the market of drug delivery devices is rising development of healthcare facilities in developing countries such as China, India, Brazil, Chile and few others. The innovation of drug delivery system is also a key factor fueling the growth of the global drug delivery devices market. Additionally, growing awareness among individuals regarding the delivery route of a drug is further expected to augment the global market growth during the forecast period.
The global drug delivery devices market in the report is segmented by the delivery route which includes oral route, parenteral route, transdermal route, and inhalation route. Based on product type, the market has been analyzed as ambulatory infusion pumps, valves, needles, paediatric IV set, and others. Moving forward, the market for drug delivery devices is divided as end- user which includes diagnostic centre, hospitals, ambulatory surgical centre, and others. Based on geographies the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
Currently, North America holds the highest market CAGR, followed by Europe. Growing demand for improved drug delivery systems coupled with increasing availability and affordability of these devices have propelled the growth of North-America drug delivery devices market. Moving forward, during the forecast period, Asia-Pacific region is expected to hold the largest market share, in terms of revenues owing to the surge in drug delivery devices routes and rise in geriatric population.
However, stringent regulatory necessities for approval of drug delivery systems along with lack of skilled professionals to manage drugs delivery system may impose a restriction on the growth of the global drug delivery devices market.
Some of the major players in the global drug delivery devices include Antares Pharma Inc., Becton, Dickinson and Company, Bayer AG, Glaxsmithkline PLC, Johnson & Johnson Services Inc., Merck & Co., Inc., Novartis AG, Pfizer Inc., and Sanofi.
The Global Drug Delivery Devices Market Has Been Segmented into:
Global Drug Delivery Devices Market: By Delivery Route Type
Global Drug Delivery Devices Market: By Product Type
Global Drug Delivery Devices Market: By End- User
Global Drug Delivery Devices Market: By Geography