New York, April 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drug Delivery Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271909/?utm_source=GNW
At the outbreak of the COVID-19 pandemic, most pharmaceutical companies and governments are working toward offering efficient medical treatment to COVID-19 patients, and drug delivery devices are expected to play a vital role in this context. For instance, in June 2020, Chalmers University of Technology, Sweden, the University of Gothenburg and AstraZeneca, announced a new pivotal project for investigating a nasal spray mRNA vaccine against COVID-19 by combining various novel approaches in drug delivery. The project is being worked toward developing principles for nasal immunization, developing a biomimetic? nanoparticle provided with both immune enhancers and a targeting protein. Additionally, in March 2020, Bioavanta-Bosti announced its intention to partner with drug developers and clinical researchers to rapidly develop a repurposed drug or new molecular or biological entity formulations, which enables the treatment of severe COVID-19 infection in the lungs. Thus, the COVID-19 pandemic is expected to have a significant impact on the market studied.
The rising prevalence of chronic diseases, technological advancements, and the growth in the biologics market are major factors that are expected to drive the growth of the drug delivery devices market over the forecast period. As drug delivery devices help in delivering the drugs, which are beneficial for the targeted population to recover faster, there has been a growing adoption and inclination toward advanced drug delivery devices. Moreover, a rising number of cancers, respiratory diseases, and diabetic patients, worldwide, may promote the adoption of drug delivery devices and drive the overall market. As per the Global Asthma Report 2018, published by Global Asthma Network, asthma was estimated to kill around 1,000 people every day and affects more than 339 million people, globally, and this prevalence is expected to rise in low- and middle-income countries disproportionally. Hence, with a huge target population that may require regular drug delivery devices for diagnosis and treatment purposes, the drug delivery devices market is expected to boost in the coming years. Moreover, increasing R&D expenditure by innovators and generic players, the development of new drugs and biologics, and technological advancements in understanding human biology and diseases are predicted to fuel the overall market.
Key Market Trends
By Route of Administration, the Injectable Drug Delivery Devices Segment is Estimated to Witness a Healthy Growth over the Forecast Period
The injectable drug delivery devices are considered to administer drugs either intravenously, intramuscularly, or subcutaneously. The injectable method is the frequently used method for drugs with poor oral bioavailability, targeted drug delivery system, and delivery of drugs at the site of action. Injectable drug delivery is used in conditions, such as hormonal imbalance, diabetes, cystic fibrosis, autoimmune diseases, pain, Wilson’s disease, hemophilia, hepatitis C, and ribose-5-phosphate isomerase deficiency.
As per the International Diabetes Federation (IDF) 2019, approximately 463 million adults (20-79 years) were living with diabetes in 2019 and are predicted to reach 700 million by 2045. The burden of chronic diseases is increasing worldwide. Factors, such as the aging population and behavioral changes in lifestyles, lead to long-term health problems, and their treatment can be expensive. Most deaths by chronic diseases may be attributed to cardiovascular diseases, obesity, and diabetes. This rise in the burden of such diseases is contributing to the growth of injectable drug delivery devices.
An increase in the adoption of injectables drugs is currently driving the growth of the market. Additionally, companies operating in the prefilled syringes industry are getting regulatory approvals for various drugs used in syringes to increase their market share. For instance, in June 2019, IPSEN Biopharmaceuticals received UD FDA approval for its new prefilled syringe for Somatuline Depot (lanreotide). One of the advantages of prefilled syringes over traditional packaging in vials includes ease of use. Prefilled syringes essentially eliminate the processes required before the use of the drug in a vial. Additionally, it helps eliminate dosing errors. Thus, due to the factors mentioned above, the injectable drug delivery devices segment is expected to register significant growth over the forecast period.
North America Holds a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant share in the global drug delivery devices market due to the rising prevalence of chronic diseases, the presence of a large number of pharmaceutical companies, growing R&D expenditure, rising patient preference for drug delivery devices, new product launches, and technological advancements. The United States owns the largest share of the drug delivery devices market in the North American region. Heart disease is a leading cause of death that creates an enormous burden on people, communities, and healthcare providers and systems. As per the 2021 Heart Disease and Stroke Statistics by the American Heart Association, in 2019, cardiovascular diseases (CVDs) were the leading global cause of death and accounted for approximately 18.6 million deaths in the United States. Furthermore, nearly 126.9 million Americans were diagnosed with some form of CVDs between 2015 to 2018.
Furthermore, the increasing adoption of novel drug delivery systems and advancements in pharmacology are expected to fuel the drug delivery devices market in this region. The market players are also focusing on the launch of new products in the market. For instance, in April 2020, Teva Pharmaceuticals USA launched the autoinjector device for AJOVY (fremanezumab-from) injection in the United States, which is indicated for the preventive treatment of migraine in adults. Additionally, in October 2019, AstraZeneca received US FDA approval for the self-administration of Fasenra (benralizumab) in a pre-filled, single-use autoinjector (the Fasenra Pen), which is a respiratory biologic that offers the choice of administration at home or in a doctor’s office with eight-week maintenance dosing. Thus, given the factors mentioned above, the studied market is expected to witness significant growth in the North American region over the forecast period.
Competitive Landscape
The drug delivery devices market is moderately competitive and consists of several major players. Some of the companies currently dominating the market are Pfizer Inc., Novartis AG, Becton, Dickinson and Company, Antares Pharma Inc., Elcam Medical, and Biocorp, among others. The major players have focused on strategic alliances, such as acquisitions, collaborations, investment in R&D activities, and the launch of new products to secure the position in a competitive global market. For instance, in December 2019, Johnson and Johnson completed the acquisition of TARIS Biomedical LLC, which is a company that has been specializing in the development of a novel drug delivery technology (silicone-based drug delivery device) to assist in the treatment of bladder diseases, including cancer, by continuous release of medication into the bladder.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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