The Pharmaceutical Drug Delivery Market is on the cusp of a remarkable transformation, fueled by continuous innovation and the ever-present need for effective medications. According to a recent analysis by Future Market Insights (FMI), a leading market research firm, the industry is poised for significant expansion.
Currently valued at a substantial US$1.9 trillion in 2023, the market is anticipated to experience a robust growth trajectory. Projecting forward, the market is expected to climb at a compelling Compound Annual Growth Rate (CAGR) of 6.4% over the next decade, reaching an impressive US$3.5 trillion by 2033.
This remarkable expansion is propelled by the rising mortality rates among elderly and cancer patients, triggering a surge in demand for advanced pharmaceutical medication delivery systems. These innovative systems not only enhance the efficacy of anticancer drugs but also mitigate their toxicity, representing a significant leap forward in patient care.
The industry’s growth is further propelled by substantial investments in research and development by pharmaceutical development companies. These investments are strategically aimed at discovering breakthrough therapies targeting chronic and noncommunicable diseases such as cancer, diabetes, and hypertension.
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In addition, Johnson & Johnson finalized the acquisition of Taris Biomedical in 2019. One of the primary motivations for the purchase is said to be its principal investigational medicine, TAR-200. The development of new goods with improved safety and usability is expected to attract the vast pharmaceutical industry. Furthermore, improved dosage characteristics complement pharmacological treatment outcomes and expand the possibility for illness management in home care settings.
For instance, Ypsomed announced YpsoMate in November 2021, claiming it to be the world’s first auto-injector for prefilled syringes with an integrated connection. It is suitable for self-administration. Moreover, industry participants are increasingly collaborating with pharmaceutical firms to develop and commercialize goods. KINDEVA DRUG DELIVERY, for instance, joined Cambridge Healthcare Innovations Limited (CHI) in April 2021 to develop and market CHI’s Aeolus dry-powder inhaler (DPI) platform technology. Topical pharmaceutical drug delivery entails drug transfer from a product on the skin to a local target location, followed by clearance to the rest of the body and deeper tissues via diffusion, metabolism, and dermal circulation.
According to statistics published in the World Health Organization’s Global Health Expenditure Database in 2016, the average per capita public spending on health in middle-income countries has more than doubled since 2000, as these nations progress in their transition to domestic funding. Global health spending in 2016 was US$ 7.50 trillion, which equates to 10.0% of the global GDP. The increased execution of strategic initiatives and the creation of unique goods are the primary drivers driving the segment’s growth. In March 2021, for example, scientists at Stanford University and the University of North Carolina at Chapel Hill (UNC) developed a 3D-printed vaccination patch that they claim gives better protection than a standard vaccine injection. The creation of such unique goods is fueling the use of medication delivery products, which is boosting the market growth.
However, various regulatory approval techniques are used for highly sophisticated items. The severe rules imposed by regulatory organizations to evaluate product performance and safety are projected to hinder the introduction of technologically sophisticated and novel items throughout the forecast period.
Pharmaceutical Drug Delivery Market Key Takeaways:
- The United States is expected to dominate the global pharmaceutical medication delivery market during the forecast period. Obesity rates in the United States are rising owing to rapid changes in lifestyle, resulting in a slew of chronic ailments such as diabetes and heart disease. Nanotechnology advances have significantly improved drug design, enabling focused, safe, and effective medicinal formulations including nanoparticles (NP).
- Throughout the estimated period, China is expected to lead the Asia-Pacific pharmaceutical drug delivery market. The growing prevalence of chronic diseases in China has increased the use of medication delivery systems, particularly disposable needles. The International Diabetes Federation’s Diabetes Atlas 2021 predicts that the age-adjusted comparative prevalence of diabetes in China in 2021 is expected to be 10.6%, 11.8% in 2030, and 12.5% in 2045.
- Owing to the simplicity of consumption, the ‘oral drug delivery’ route of administration type is expected to hold the greatest revenue, through the forecast period.
- As the majority of income earned by biotech and pharmaceutical businesses offers resources to the healthcare industry, the ‘infectious diseases application type is the most creative segment for key companies, accounting for a sizable portion.
Pharmaceutical Drug Delivery Market Key Players:
- Novartis International AG
- Hoffmann-La Roche AG
- Pfizer Inc.
- Becton Dickinson & Company
- GlaxoSmithKline PLC
- Merck & Co. Inc
- Sanofi S.A.
- Bayer Medicine Products AG
- 3M
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Pharmaceutical Drug Delivery Market Recent Developments:
- In December 2020, Pfizer, Inc. received United States FDA clearance for BRAFTOVI (encorafenib) with cetuximab to treat patients with brafv600e-mutant metastatic colorectal cancer who have previously undergone therapy (CRC).
- In July 2021, Darzalex, a subcutaneous solution developed by Johnson & Johnson, was approved by the United States Food and Drug Administration.
Pharmaceutical Drug Delivery Market Key Segments Profiled
By Route of Administration:
- Oral Drug Delivery
- Injectable Drug Delivery
- Topical Drug Delivery
- Ocular Drug Delivery
- Pulmonary Drug Delivery
- Nasal Drug Delivery
- Transmucosal Drug Delivery
- Implantable Drug Delivery
By Application:
- Infectious Diseases
- Cancer
- Cardiovascular Diseases
- Diabetes
- Respiratory Diseases
- Central Nervous System Disorders
- Autoimmune Diseases
- Others
By Facility of Use:
- Hospitals
- Ambulatory Surgery Centers/Clinics
- Home Care Settings
- Diagnostic Centers
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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