Pharmaceutical Drug Delivery Market - Technological Advancements to Boost the Global Revenue by 2026


Posted June 22, 2022 by vmack2187

The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
 
Drug delivery technologies improve the efficacy and safety of a drug by controlling the rate, time, and place of drug release in the body. This market is highly competitive and is witnessing rapid growth due to the development of numerous new routes of drug delivery. The global pharmaceutical industry is research-intensive, with innovative firms spending on average about 15% of their sales on R&D. Also, the increasing R&D expenditure on early-stage development, as well as an increase in the number of potential drugs in the preclinical phase, is driving the demand for preclinical services among life science companies.

Major Growth Driving Factors:

Growth in the pharmaceutical drug delivery market can largely be attributed to factors such as the rising prevalence of chronic diseases, growing biologics market, increasing R&D investments, and technological advancements & new product launches.

On the other hand, the risk of needlestick injuries and the increased pricing pressure is expected to limit the market growth to some extent in the coming years.

Projected Growth in the Revenue Generation:

The global pharmaceutical drug delivery market is projected to reach USD 2,206.5 billion by 2026 from USD 1,656.9 billion in 2021, at a CAGR of 5.9% during the forecast period.

Leading Companies Operating in the Global Market:

The global pharmaceutical drug delivery market is highly competitive, with many leading market players based in developed countries. The prominent players in this market are Johnson & Johnson (US), Novartis International AG (Switzerland), F. Hoffmann-La Roche AG (Switzerland), Pfizer Inc. (US), Bayer AG (Germany), Antares Pharma, Inc. (US), Becton, Dickinson and Company (US), GlaxoSmithKline plc (UK), 3M (US), Merck & Co., Inc. (US), Sanofi (France), Amgen, Inc. (US), AbbVie Inc. (US), Genmab A/S (Denmark), Gilead Sciences, Inc. (US), Boehringer Ingelheim (Germany), AstraZeneca plc. (UK), Eli Lilly and Company (US), Teva Pharmaceuticals Industries Ltd. (Israel), Bristol-Myers Squibb (US), Gerresheimer AG (Germany), Boston Scientific Corporation (US), Nimbus Therapeutics (US), Kite Pharma (US), and IDEAYA Biosciences, Inc. (US).

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Global Industry Segmentation:

Based on route of administration, the pharmaceutical drug delivery market is segmented into oral, pulmonary, injectable, ocular, nasal, topical, implantable, and transmucosal drug delivery. In 2020, the oral drug delivery segment accounted for the largest share of the pharmaceutical drug delivery market. The large share of this market segment can be attributed to the convenience of drug administration via the oral route, patient preference, cost-effectiveness, and ease of large-scale manufacturing of oral dosage forms. Also, advancements in the oral drug delivery segment, such as more targeted drug delivery, extended-release, and reduced tablet sizes for ease of swallowing, are expected to boost the market growth further.

Based on application, the pharmaceutical drug delivery market is segmented into cancer, infectious diseases, cardiovascular diseases, diabetes, respiratory diseases, central nervous system disorders, autoimmune diseases, and other applications. In 2020, the infectious diseases segment accounted for the largest share of the pharmaceutical drug delivery market. The large share of this market segment can be attributed to the increasing prevalence of infectious diseases across the globe, increasing R&D expenditure for new drugs owing to the current COVID-19 pandemic scenario, and the rising number of FDA approvals for such drugs.

On the basis of facility of use, the pharmaceutical drug delivery market is segmented into hospitals, ambulatory surgery centers (ASCs)/clinics, home care settings, diagnostic centers, and other facilities of use. In 2020, the hospital segment accounted for the largest share of the pharmaceutical drug delivery market. The large share of this market segment can be attributed to the rising number of inpatient and outpatient visits, growing requirement of large volumes of drugs and their respective delivery devices, increasing need for drug administration due to the rising prevalence of chronic diseases, and the increasing R&D being undertaken in the industry.

Geographical Growth Analysis:

The pharmaceutical drug delivery market is segmented into four major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of this market in 2020 majorly due to 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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Recent Developments in the Global:

# In July 2021, Johnson & Johnson received FDA approval for DARZALEX (daratumumab), a subcutaneous formulation that reduces the treatment time for multiple myeloma indications.

# In December 2020, Pfizer, Inc. received FDA approval for BRAFTOVI (encorafenib) plus combination with cetuximab for the treatment of patients with brafv600e-mutant metastatic colorectal cancer (CRC) who have undergone prior therapy.

# In November 2020, GlaxoSmithKline plc partnered with IDEAYA to enter the field of Synthetic Lethality, an emerging field in oncology; programs MAT2A, Pol Theta, and Werner Helicase programs, which are part of it, are projected to reach clinical trials in the next three years.
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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags pharmaceutical drug delivery , pharmaceutical drug delivery market
Last Updated June 22, 2022