Pharmaceutical Drug Delivery Market: Emerging Trends to Boost Global Growth

Posted by MV Mukund on January 9th, 2024

Global Growth Driving Factors:

Increased R&D spending, the expanding biologics market, the emergence of new products, the growing prevalence of chronic illnesses, and technology breakthroughs are all major contributors to the growth of the pharmaceutical drug delivery sector. Additionally, research and development (R&D) is a priority for pharmaceutical and biopharmaceutical companies as they create novel molecules for a range of therapeutic uses and drug delivery systems.

The companies make significant investments in R&D in order to provide the market with innovative and high-quality products. Biopharmaceutical companies have also increased their R&D spending over time. However, it is anticipated that in the upcoming years, the risk of needlestick injuries and the increased pricing pressure will somewhat restrict the market's growth.

Market Size Estimation:

Following data triangulation from various methods, the pharmaceutical drug delivery market's overall size was determined, as will be discussed below. Based on the degree of assumptions made in each approach, a weighted average of the approaches was determined after each one.

Revenue Growth Dynamics:

With a compound annual growth rate (CAGR) of 5.9%, the global pharmaceutical drug delivery market is expected to reach ,206.5 billion by 2026 from its estimated ,656.9 billion in revenue in 2021.

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Objectives of this Study:

To define, describe, and forecast the pharmaceutical drug delivery market by route of administration, facility of use, application, and region.

To provide detailed information regarding factors influencing the market growth, such as drivers, restraints, opportunities, and challenges.

To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall pharmaceutical drug delivery market.

To analyze the market opportunities for stakeholders and provide details of the competitive landscape for key players.

To forecast the size of the pharmaceutical drug delivery market in five main regions (along with their respective key countries), namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.

To profile the key players in the pharmaceutical drug delivery market and comprehensively analyze their core competencies and market shares.

To track and analyze competitive developments, such as acquisitions, product launches, expansions, collaborations, agreements, partnerships, and product approvals of the leading players in the pharmaceutical drug delivery market.

To benchmark players within the pharmaceutical drug delivery market using the competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering.

Opportunity: Self-management and in-home care

Players in the pharmaceutical drug delivery market should see substantial growth prospects from self-administration and home care. The primary cause of this is the growing geriatric population, as they represent a significant market for home care medication delivery devices. This factor is also driving up demand for application-specific topical, injectable, inhalation, and transdermal drug products that meet patients' and caregivers' needs.

Challenge: Pressure on prices

Government agencies are pushing cost-cutting initiatives like lowering prescription reimbursement rates and encouraging the use of generics more frequently in both developed and developing nations. Government agencies, insurers, and patients are putting tremendous pressure on drug manufacturers worldwide to reduce costs. Because there is a high demand for affordable therapeutics in emerging markets, there is a greater uptake of drugs as a result of this downward pricing pressure. Still, this is hurting a number of pharmaceutical companies' bottom lines.

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Due to constant pressure from pharmacy benefit managers (PBMs), insurers, and public and private payers to lower pharmaceutical prices because they are worried about paying for more new medications to treat common conditions like diabetes and high cholesterol, this trend is anticipated to continue in the upcoming years.

Geographical Growth Dynamics:

Among companies involved in the pharmaceutical drug delivery market, Asia Pacific is anticipated to have the highest compound annual growth rate.

Asia Pacific is anticipated to grow at the fastest rate among regional markets for pharmaceutical drug delivery during the forecast period. The APAC market is anticipated to grow during the forecast period due to a number of factors, including the rapidly aging population, the rising prevalence of chronic diseases, the rise in healthcare spending, the increased R&D activities carried out in this region, the expansion of technological collaborations for pharmaceutical drug delivery technologies, the favorable reimbursement policies, and the rise in disposable incomes in the emerging Asian economies, like China and India.

Global Leading Players:

Major players in this market include Johnson & Johnson (US), Novartis International AG (Switzerland), F. Hoffmann-La Roche AG (Switzerland), Pfizer Inc. (US), Bayer AG (Germany), Antares Pharma, Inc. (US), Becton, Dickinson and Company (US), GlaxoSmithKline plc (UK), 3M (US), Merck & Co., Inc. (US), Sanofi (France), Amgen, Inc. (US), AbbVie Inc. (US), Genmab A/S (Denmark), Gilead Sciences, Inc. (US), Boehringer Ingelheim (Germany), among others.

Growth Strategies Opted by Them:

These companies are primarily focused on strategies such as agreements, product launches, acquisitions, partnerships, collaborations, and expansions in order to maintain their competitiveness and increase their market share.

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MV Mukund

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MV Mukund
Joined: March 18th, 2020
Articles Posted: 75

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