In-depth Insights Into Drug Delivery Devices Market

By Author: Strategic Market Research
Total Articles: 19
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The drug delivery devices are used to administer drugs to patients. These devices include inhalers, injectors, pumps, and transdermal patches. Drug delivery devices ensure that drugs are administered accurately, effectively, and safely and can help improve patient outcomes and quality of life.

The market for drug delivery devices in 2021 was worth USD 239.2 billion, and by 2030 it will be worth USD 340.45 billion, growing at a 7.1% CAGR During the forecast period.

Several factors, including the growing prevalence of chronic diseases such as diabetes and cancer, an aging population, and technological advancements, drive the drug delivery devices market. In addition, the rising demand for self-administration devices and the need for personalized medicine are also contributing to the growth of this market.

Market Dynamics

Drivers

The primary factor driving the market is the increasing rate of acute and chronic disorders & infections. As per recent studies, there are currently nearly 20 million diabetic patients, and by 2025, that number will rise to 57 million. 
Innovative drug delivery ...
... devices that guarantee the patient receives the proper dosage of medication at the appropriate moment have been developed as a result of technological advancements in the medical device manufacturing industry. The creation of numerous medications that effectively treat chronic diseases and the quick development of biopharmaceuticals have driven global demand for drug-delivery devices.
Restraints
The market for medication delivery devices is hampered by a lack of standardization, strict drug approval requirements, a shortage of trained specialists, and the high cost of technologically sophisticated devices.

Opportunity

Personal disposable income increases, the introduction of technologically advanced products in hospitals, increased funding for the development of cutting-edge medical products, increase in the incidence of cancer, respiratory diseases, and diabetic patients in developing nations all positively impact the growth. Per the National Council on Aging, around 85% people have at least one chronic disorder. Chronic illnesses account for $3.8 trillion in annual healthcare costs in the United States. Chronic pain and diabetes are the most expensive chronic conditions, with yearly costs of $635 billion and $327 billion, respectively.
Market Segmentation
By Route of Administration
 
On the basis of route of administration, the market for drug delivery devices is segmented into inhalation, topical, ocular, nasal, oral, injectable, and others.
 
 The oral segment held the biggest market share in 2022 due to its rising popularity. Additionally, most medications are offered in tablet, powder, and liquid varieties, with oral
administration being the preferred method of administration. Therefore, the enormous availability of oral medications has accelerated the segment's development. Therefore, the rapid growth of biopharmaceutical medicines has positively impacted the market development over the past few years.

By Application

In terms of application, the market for drug delivery devices is segmented into infectious diseases, cardiovascular, cancer, diabetes, and others.

In 2022, the cancer segment held the biggest market proportion. Per the National Cancer Institute, there will be approximately 1,918,030 new cases of cancer and 609,360 deaths due to cancer in the U.S. in 2022, with lung cancer being the main cause of cancer mortality, accounting for over 350 deaths each day.

By End-User
 
On the basis of end-user, the market for drug delivery devices is segmented into hospitals, ambulatory services, and home healthcare.
 
In 2022, the hospital sector ruled the market with a revenue share of nearly 29%. This is a result of institutions becoming more widespread globally. The expansion of this market is driven by the increasing public and private sector investments in hospital construction. Furthermore, the segment's development is further driven by the rise in hospital admissions.

Regional Analysis 
In 2022, North America ruled the entire regional market with a significant revenue share. This is due to the increasing incidence of chronic diseases in the U.S., such as diabetes, cancer, and CVDs. Also, the U.S.'s rising healthcare costs and growing health consciousness have driven the market's expansion. The growing awareness of the availability of numerous cutting-edge drug delivery systems, such as wearable and pen injectors, has considerably driven the expansion of drug delivery devices in North America.

The Asia Pacific will grow rapidly during the forecast period. This is due to the growing prevalence of numerous diseases due to the population's changing consumption patterns and poor food habits.

Key Players
Bayer AG
Pfizer, Inc
Shenzhen (SiBiono)
Sulzer Ltd.
Becton Dickinson
uniQure N.V
Novartis AG
Johnson & Johnson Services Inc
3M
GlaxoSmithKline plc
Medtronic Plc
AstraZeneca PLC
GeneTech Company. Ltd. (Hubei Tongji Benda Ebei Pharma)
F. Hoffmann-La Roche
Boehringer Ingelheim group
Consort Medical plc (Recipharm Group)
Antares Pharma, Inc
Insulet Corporation

In 2021, the market for drug delivery devices was USD 239.2 billion, and by 2030, it will be worth USD 340.45 billion, growing at a 7.1% CAGR during the forecast period. The market for drug delivery devices is driven by the rising incidence of chronic diseases, the expansion of the biologics industry, technological advancements, and new product introductions.

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