Drug Delivery Systems Market To Increase at Steady Growth Rate
Posted by Anup Kumar on February 4th, 2021
The ongoing COVID-19 pandemic is set to leverage the global drug delivery systems market, expanding at a CAGR of 7.0% between 2020 and 2025. As the number of infections rise exponentially on a daily basis, healthcare providers are grappling with rising shortfalls in the provision of essential medical equipment such as respirators and ventilators.
As a result, key players in the industry have scaled up their production in order to meet shortages. The easing of nationwide lockdowns and lifting of travel restrictions is anticipated to regenerate production cycles and supply chains, thus restoring the supply of drug delivery systems. In addition, the utilization of drug delivery systems for gene therapy will leverage the global drug delivery systems market.
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Key Takeaways of Global Drug Delivery Systems Market Study:
• By delivery type, targeted drug delivery shall grow at a CAGR of 6.8%, accounting for almost half of the global drug delivery systems market. However, polymeric drug delivery is expected to grow the fastest at the rate of 7.3% during the forecast period. Use of nanotechnology and localized drug delivery are key growth drivers for both segments.
• By application, the oncology segment shall expand the fastest at a CAGR of 7.5% while the CNS segment shall grow at a CAGR of 6.9%. Rising prevalence of cancer and neurological disorders have boosted the demand for enhanced drug delivery devices, thus boosting the overall market share.
• By route of administration, the injectables segment shall capture a major chunk of the global drug delivery systems market, constituting 44.6% market share. The oral segment is close behind, capturing nearly 2/5th of the global drug delivery systems market. Faster drug delivery at the affected site drives the growth of the injectables segment while advancements in oral drug formulations such as solid lipid nanoparticles shall drive the growth of the oral drugs segment.
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• By region, North America shall dominate the global drug delivery systems market, capturing nearly 40% of the market. At the same time, Asia-Pacific shall expand the fastest, at a CAGR of 7.8% across the forecast period. Increasing prevalence of acute chronic infections, introduction of advanced drug delivery devices and systems and favorable reimbursement policies for key players shall drive growth in both regions.
“Introduction of nanotechnology, coupled with three-dimensional printing and strengthening of existing and new drugs are poised to act as important growth stimulators of the global drug delivery systems market. Key manufacturers are exploiting the available opportunities to consolidate their foothold within the market,” concludes a Fact.MR analyst.
Presence of Several Global & Local Market Players to Heat up Market Competition:
The global drug delivery systems market is characterized by the presence of a large number of global and local manufacturers. Prominent players include, but are not limited to, the following: Novartis AG, Pfizer, Inc., Baxter International, Inc., Bayer AG Boston Scientific Corporation, Johnson and Johnson Services, Inc., Amgen, Inc., and F. Hoffmann La-Roche Ltd. Development of new drug delivery systems and addressing anomalies among existing ones are important expansion strategies adopted by the important market players.
For instance, Novartis AG has acquired a patent to develop thermogelling peptide delivery systems in February 2020. In addition, the company currently offers the Binocrit and ZYKADIA drugs for treating symptomatic anemia associated with renal failure and treatment of non-small lung cancer. Pfizer, Inc., another prominent market player, provides the iSecure, ABBOJECT and CARPUJECT syringe systems. Additionally, it also offers IV drug delivery systems such as the ADD-Vantage ADDaptor delivery system.
COVID-19 Market Insights:
The COVID-19 pandemic has compelled hospitals, clinics and other healthcare settings to redirect their resources in fighting the disease. Production of respirators and inhalers have accelerated the care of infected patients while research is underway for various drug delivery systems to inhibit the growth of the virus within the human body. As nationwide lockdowns are becoming more relaxed, leading manufacturers are set to experience a resurgence in their production cycles, thus balancing the demand-supply equation.
Moreover, clinical trials for development of new drugs and drug delivery systems are underway. For instance, Pfizer, Inc. has accelerated its COVID-19 mRNA vaccine program titled BNT162 while a phase III clinical trial has been initiated by Novartis AG to test the canakinumab monoclonal antibody in patients.
