The global drug delivery technology market is expected to be valued at approximately USD 43.9 billion in 2023. As the demand for advanced technology to deliver drugs effectively to target sites grows, the overall market is projected to expand at a compound annual growth rate (CAGR) of 12.6%, reaching an estimated USD 143.5 billion by 2033.
A drug delivery system refers to the methods and processes used to administer therapeutic substances to achieve a desired therapeutic effect in humans or animals. These systems are designed to release active ingredients precisely at the target site, controlling the dosage and timing of the drug’s effects.
One of the key factors driving the growth of the drug delivery technology market is the rising demand for effective delivery mechanisms for novel biopharmaceuticals. As the pharmaceutical landscape evolves with new therapies, there is an increasing need for innovative delivery systems to ensure optimal drug efficacy.
In a notable development within the industry, AstraZeneca recently signed a licensing agreement with Starpharma to utilize its DEP drug delivery technology. This collaboration aims to enhance the dosing and efficacy characteristics of pharmaceuticals. As part of the agreement, AstraZeneca will fund all development and commercialization costs, including ongoing and future collaborative work with Starpharma.
Key Growth Drivers:
- Advancements in drug delivery technology: Continuous innovation in drug delivery mechanisms is vital for improving therapeutic outcomes and patient compliance.
- Rising demand for biopharmaceuticals: The increasing prevalence of chronic diseases necessitates effective drug delivery solutions to meet the growing needs of patients.
- Strategic partnerships and collaborations: Alliances, like the one between AstraZeneca and Starpharma, are expected to accelerate the development of advanced drug delivery systems.
As the healthcare sector embraces innovative drug delivery technologies, the global market is well-positioned for robust growth, ultimately improving patient outcomes and enhancing the efficacy of novel therapies.
FMI, in its business report, elaborates the historical and current scenario of the global Drug Delivery Technology market in terms of production, consumption, volume, and value. The report scrutinizes the market into various segments, regions and players on the basis of demand pattern and growth prospects.
Crucial information and forecast statistics covered in the Drug Delivery Technology market report will arm both existing and emerging market players with necessary insights to craft long-term strategies as well as maintain business continuity during a crisis such as the ongoing COVID-19 pandemic.
Drug Delivery Technology Market
The recent outbreak of the COVID-19 has turned the spotlight on the healthcare industry, and subsequently impacted the Drug Delivery Technology market. Severe shortages of critical medical supplies and a rapid rise in number of COVID-19 cases have resulted into a revolution rather than evolution in the healthcare ecosystems. Consequently, the impact is noticeable in the Drug Delivery Technology market.
Following government’s measures, particularly social distancing norms and stay-at-home orders, doctors are delaying or postponing elective surgeries unless critical to prevent the spread of the virus to individuals with comorbidities or chronic conditions. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for market players, leading to severe product shortages in the global marketplace.
The FMI’s report includes an interesting chapter on preliminary impact of the COVID-19 on the Drug Delivery Technology market. This allows both leading and emerging market players to understand the market scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge.
Drug Delivery Technology Market: Competition Analysis
The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the Drug Delivery Technology market. Competitive information detailed in the Drug Delivery Technology market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Drug Delivery Technology market report.
Key players covered in the report include:
- Johnson and Johnson Pvt. Ltd
- 3M
- Novartis AG
- Pfizer Inc.
- GlaxoSmithKline PLC
- Merck & Co. Inc.
- Antares Pharma
- Generex Biotechnology
- Sivida Corporation
- Alkermes
- Aradigm Corp.
- Vectura Group Plc.
- NanoPass Technologies Ltd
Drug Delivery Technology Market: Segmentation
Valuable information covered in the FMI’s Drug Delivery Technology market report has been segregated into key segments and sub-segments.
Drug Delivery Technology Market by Route of Administration:
- Oral Route
- Parenteral Route
- Intramuscular
- Intravenous
- Intra-arterial
- Subcutaneous route
- Transdermal Route
- Inhalation Route
- Nasal Drug Delivery
Drug Delivery Technology Market by End User:
- Hospitals
- Clinics
- Diagnostic Centres
- Home care settings
- Others
Important Questions Answered in the Drug Delivery Technology Market Report
- Which end user remains the top revenue contributor in different regional markets?
- At what rate has the global Drug Delivery Technology market been expanding during the forecast period?
- How will the global Drug Delivery Technology market look like by the end of the forecast period?
- What innovative strategies are adopted by Drug Delivery Technology market players to stay ahead of the pack?
- What are the restraints affecting the growth of the global Drug Delivery Technology market?
Key Offerings of the Report
- Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for market players in different regional markets
- Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
- Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
- Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with necessary information to take critical decisions
- Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Drug Delivery Technology market
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 is 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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