Pharmaceutical Drug Delivery Technology Market Dynamics

Drivers: Growth in biologics market

According to the American Journal of Managed Health Care, biologics form the fastest-growing segment of the pharmaceutical market. An article published by Congressional Research Service 2017, stated that in the US, in 2016, spending on biologics increased by 13% (as compared to 2015) to reach USD 105.5 billion. According to an article published by The Economist, in the US, more than 900 biologics are under development for the treatment of more than 100 diseases. It is estimated that biologics contributed approximately 22% of the sales of large pharmaceuticals companies in 2013, which is expected to reach 32% by 2023.

As biologics are mainly administered by the injectable route, the significant growth in the biologics market is expected to drive the injectable drug delivery market in the coming years. According to Pharmaceutical Research and Manufacturers of America (formerly known as the Pharmaceutical Manufacturers Association), as of June 2020, there are 17 biosimilars in the US market against 7 reference biologics

Revenue Growth Expectations:

The pharmaceutical drug delivery technology market is projected to reach USD 2,015.3 billion by 2025 from USD 1,430.5 billion in 2020, at a CAGR of 7.1% during the forecast period.

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Restrains: Risk of needlestick injuries

Needlestick injuries are one of the major risks in injectable drug delivery. According to PharmaJet, in the US, around 600,000 to 800,000 needlestick injuries are reported every year. The Occupational Safety and Health Administration (OSHA) estimates that around 5.6 million workers in the US are at the risk of exposure to blood-borne pathogens due to needlestick injuries. Furthermore, the CDC estimates that an average of 385,000 needlestick injuries occur annually in US hospital settings.

Similarly, in Europe, more than 1 million needlestick injuries are reported each year (Source: Becton, Dickinson and Company). In Sweden, one needlestick injury is reported per 200 employees each year, while in Germany, the estimated number of needlestick injuries in hospitals is around 500,000 per year. Further, according to the WHO, it was found that 37.6% of Hepatitis B, 39% of Hepatitis C, and 4.4% of HIV/AIDS cases in healthcare workers around the world are caused due to needlestick injuries.

Opportunities: Rising demand for biosimilars

Biosimilars are more acceptable for the treatment of chronic diseases that are of a non-life-threatening nature. Moreover, biosimilars can drive the overall therapeutics market by allowing patients to access drugs at cheaper rates. The lower cost of manufacturing due to the use of modern manufacturing technologies for the development of biosimilars is a major factor that is expected to drive the growth of this market in the coming years. Also, an increasing number of companies are conducting clinical trials on biosimilars.

For instance, Biocon is involved in the clinical trials of various drugs such as Insulin Glargine, Trastuzumab, Bevacizumab, Pegfilgrastim, and Adalimumab. Also, Amgen is conducting clinical trials for various biosimilars, such as rituximab, infliximab, centuximab, eculizumab, and trastuzumab. Some FDA-approved biosimilars include Zarxio (Sandoz), AMJEVITA (Amgen), and Erelzi (Sandoz).

Challenges: Pricing pressure

Governments in both developed and developing countries are encouraging cost-saving measures such as cutting drug reimbursement prices or promoting the greater use of generics. Drug manufacturers across the globe are facing significant cost reduction pressures from governments, insurers, and patients. This downward pricing pressure is resulting in the greater uptake of drugs in emerging markets where the demand for low-cost therapeutics is high. However, this is affecting the profitability of several pharmaceutical companies.

This trend is expected to continue in the coming years owing to the continuous pressure for reducing pharmaceutical prices by insurers, pharmacy benefit managers (PBMs), and public and private payers due to concerns about covering more new medicines to treat prevalent conditions such as high cholesterol and diabetes, thereby challenging slightly the growth of this market.

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Geographical Growth Survey:

In 2019, North America accounted for the largest share of the market

Geographically, North America accounted for the largest share of 39.3% of the market in 2019, followed by Europe. The large share of the North American market is due to factors such as growth in biologics in the pharmaceuticals market; the rising prevalence of chronic diseases such as cancer, respiratory allergies, and diabetes; increasing patient compliance to innovative drug delivery technologies; and the presence of a large number of prominent players in this region.

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