Drug Delivery Devices Market: Current Analysis and Forecast (2022-2028)

Drug Delivery Devices Market: Current Analysis and Forecast (2022-2028)

Drug delivery devices are specialized tools made for a specific route of drug or therapeutic material administration. The devices are used once or more during medical procedures. Drug delivery devices present unique challenges in many areas of product development, such as regulatory strategy, design, and material considerations, as well as the creation and use of testing protocols. When providing pharmacological compounds that have therapeutic benefits in humans or animals, drug delivery devices are a crucial component. Growth in the number of diabetic patients as well as an increase in the prevalence of cancer and respiratory ailments are driving an increase in the use of drug delivery systems among patients and professionals. Moreover, in March 2021 researchers from Stanford University and the University of North Carolina at Chapel Hill (UNC) created a 3D-printed vaccine patch that they claim offers superior protection to a conventional vaccine shot. The creation of such innovative items is encouraging the use of medicine delivery products and fosters market expansion.

The Drug Delivery Devices Market is expected to grow at a steady rate of around 6% owing to the rising incidence of chronic and acute diseases, rising growth of biologics, rising technological advancements related to drug delivery devices, rising number of diabetes patients, and rising prevalence of cancer patients. Moreover, a large number of products available in the drug delivery industry are further creating opportunities for the key market players. For instance, Coalesce Product Development Limited, a UK-based drug delivery device development business that Novartis Sandoz acquired, is creating a variety of inhalation devices. This comprises updated models of breath-actuated inhalers, pre-metered dry powder inhalers, and pressurized metered dose inhalers.

• Based on type, the market is segmented into injectable devices, inhalation devices, and others. The injectable segment witnessed a substantial CAGR during the 2021 period owing to the increasing demand for injectable systems such as syringes for drug delivery. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, BD announced that it has received pandemic orders worldwide for needles and syringes, totaling 2 billion injection devices to support Covid-19 vaccination efforts. Such high demand for syringes and needles is expected to boost the segmental growth till the vaccination gets over.
• On the basis of technology, the market is categorized into bluetooth, NFC, and others. Among these, the bluetooth segment captured a significant share of the market in 2020 owing to higher utilization of the technology in order to connect drug delivery devices to smartphones. Additionally, greater bluetooth technology compatibility with other drug delivery devices and simplicity of use are anticipated to fuel the bluetooth sub-segment growth over the course of the projection period.
• Based on application, the drug delivery devices market has been classified into oncology, infectious diseases, respiratory diseases, diabetes, and others. The diabetes segment is to witness higher adoption of drug devices during the forecast period. This is mainly due to increasing cases of diabetes patients all across the world. For instance, 34.2 million Americans have diabetes in 2018, of whom 26.8 million had a diagnosis and 7.3 million had been underdiagnosed, according to the American Diabetes Association (ADA). The adoption of drug delivery devices in the field of diabetes is therefore anticipated to be influenced by the rising number of cases of diabetes that have been diagnosed.
• For a better understanding of the market adoption of the drug delivery devices industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The main reasons for this region's growth include the existence of important market participants, highly developed healthcare infrastructure and spending, and strategic partnerships. Along with this, it is predicted that throughout the forecast period, the prevalence of chronic diseases in the U.S. and a growing emphasis on preventative care will fuel market expansion in this region. According to the American Cancer Society's 2022 report, 1.9 million new cases of cancer are anticipated to be diagnosed in the United States in 2022, and cancer cases are further anticipated to rise in the nation. As a result, demand for drug-delivery devices for various therapeutics is anticipated to rise in the region due to the high mortality rate associated with the disease.
• Some of the major players operating in the market include Pfizer, Inc.; Johnson & Johnson Services, Inc.; F. Hoffmann-La Roche, Ltd.; Novartis AG; BD; Bayer AG; uniQure N.V.; SIBIONO; GSK plc.; Amgen Inc.