New York, May 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drug Delivery Devices Global Market Report 2022" - https://www.reportlinker.com/p06277159/?utm_source=GNW
The global drug delivery devices market is expected to grow from $79.68 billion in 2021 to $84.1 billion in 2022 at a compound annual growth rate (CAGR) of 5.5%. The market is expected to grow to $100.1 billion in 2026 at a compound annual growth rate (CAGR) of 4.5%.
The drug delivery devices market consists of the sales of medical devices and equipment that are used for delivering specific drugs to a specific part of the body to cure chronic diseases such as cancer, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases.
The main route of administration of drug delivery devices are oral drug delivery, injectable drug delivery, topical drug delivery, ocular drug delivery, pulmonary drug delivery, nasal drug delivery, transmucosal drug delivery, and implantable drug delivery.Oral drug delivery is a route of drug delivery in which a tablet or capsule is administered into the alimentary canal of a human being.
The patient care setting is hospitals, diagnostic centers, ambulatory surgery centers/clinics, home care settings, and others. The various applications involved are cancer, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases, autoimmune diseases, central nervous system disorders, and others.
North America was the largest region in the drug delivery devices market in 2021.Asia Pacific was the second-largest region in the drug delivery devices market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Owing to the Covid-19 pandemic. Drugs used for Covid-19 treatment are both oral and injectable; however, a marginal increase is expected for pulmonary or respiratory-based drug delivery devices.
The rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer and other diseases is expected to drive the drug delivery devices market.According to the world health organization (WHO), by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide, and that 71% of deaths due to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries.
There are various routes of drug administration for medical drugs.The selection of the route depends on three factors - the effect desired; the type of the disease and the type of the product.
Currently, the development of new drug delivery systems plays a major role in pharmaceutical industries.Research and development (R&D) in drug delivery are increasing throughout the world due to increasing prevalence of these diseases.
Most of the pharmaceutical companies are focusing on multiple drug delivery technologies for creating excellent advantages and better outcome for their marketed products. Hence, the increasing prevalence of chronic diseases is resulting in increased consumption of therapeutic drugs and therapies, and this factor is expected to act as a driver for the growth of the drug delivery devices market.
The regulatory changes related to medical devices is expected to restraint the growth of drug delivery devices market.The companies operating in the market are required to adapt according to the changes in the regulatory framework, which may limit business at the bottom line.
Also, companies will have to bear the heavy cost of adapting to the changing regulatory framework.Also, the sudden changes in the regulatory framework related to medical devices can result in losses, fines, penalties at a global level.
The new MDSAP will come into effect from 2020 and is adopted by regulators in the US, Canada, Japan, Brazil, and Australia.Following the changes, in Canada, all the medical device manufacturers including drug delivery products manufacturers, will have to comply with the requirements of MDSAP and are required to submit the MDSAP reports to the regulatory body in order to obtain or maintain the device licenses, resulting in high costs and time loss.
Thus, the growth of the drug delivery devices market is limited by the regulatory changes related to medical devices.
The microneedle (MN), is a highly efficient and versatile medical device technology, due to its prominent properties including painless penetration, low cost, excellent therapeutic efficacy, and relative safety.The major players operating in the global microneedle drug delivery system include, 3M, Vetter Pharma International GmbH, nano Biosciences LLC, Nano Pass and more.
The microneedles are fabricated using biodegradable polymers in which drugs or vaccines are encapsulated in the microneedles.Once, the microneedles dissolve in the skin, the drug gets released.
This novel delivery method allows a wider variety of molecules to pass the skin’s barrier, thus allowing the transdermal delivery to be applied to a large range of clinical applications, including diabetes, severe osteoporosis, and influenza vaccination.
Companies in the drug delivery devices market are collaborating with other companies within the industry in order to strengthen their product portfolio as well as to expand their footprint across different geographies.For example, in December 2019, Leo Pharma, a Danish pharmaceutical company, has collaborated with Portal Instruments to build Portal’s advanced needle-free drug delivery system for use in conjunction with LEO Pharma’s research and approved drug portfolio.
This simplifies administration and removes the need for sharp containers at home, and also decreases the time required for self-injections.
In August 2020, Sulzer, a Swiss-based engineering and manufacturing firm acquired Haselmeier GmbH for $118m.The acquisition of Haselmeier will allow Sulzer to complement its healthcare portfolio, in addition to leveraging its APS expertise in precision injection moulding to expand its presence in the drug delivery devices market.
Haselmeier GmbH, a Swiss-German drug delivery device developer and manufacturer.
The countries covered in the drug delivery devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06277159/?utm_source=GNW
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