New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drug Delivery Devices Global Market Report 2023" - https://www.reportlinker.com/p06277159/?utm_source=GNW
The global drug delivery devices market will grow from $81.13 billion in 2022 to $87.65 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The drug delivery devices market is expected to grow from $115.09 billion in 2027 at a CAGR of 7.0%.
The drug delivery devices market consists of sales of instruments such as smart pills, inhalers and nebulizers, drug-eluting stents, safety syringes, and transdermal patches.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Drug delivery devices are used for delivering specific drugs to a specific part of the body to cure diseases. Drug delivery devices used in various patient care settings such as hospitals, diagnostic centres, clinics, and home care settings are included in this market.
North America was the largest region in the drug delivery devices market in 2022.Asia Pacific was the second-largest region in the drug delivery devices market.
The regions covered in drug delivery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main route of administration of drug delivery devices is 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 centres, ambulatory surgery centres/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.
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 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 the pharmaceutical industry.Research and development (R&D) in drug delivery are increasing throughout the world due to the increasing prevalence of these diseases.
Most pharmaceutical companies are focusing on multiple drug delivery technologies for creating excellent advantages and better outcomes 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 restrain the growth of the 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, and penalties at a global level.
The new MDSAP will come into effect in 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 expand their footprint across different geographies.For example, in October 2022, Nemera, a French pharmaceuticals company, partnered with Zollner Elektronik AG to develop electronic drug delivery systems.
Zollner would provide its design, development, and manufacturing capabilities to help Nemera develop electronic drug delivery system.
In August 2020, Sulzer, a Swiss-based engineering and manufacturing firm acquired Haselmeier GmbH for $118m.The acquisition of Haselmeier will allow Sulzer to complement its healthcare portfolio, in addition to leveraging its APS expertise in precision injection moulding to expand its presence in the drug delivery devices market.
Haselmeier GmbH, a Swiss-German drug delivery device developer and manufacturer.
The countries covered in the drug delivery devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The drug delivery devices market research report is one of a series of new reports that provides drug delivery devices market statistics, including drug delivery devices industry global market size, regional shares, competitors with a drug delivery devices market share, detailed drug delivery devices market segments, market trends and opportunities, and any further data you may need to thrive in the drug delivery devices industry. This drug delivery devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06277159/?utm_source=GNW
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