Pharmaceutical Drug Delivery: Emerging Trends to Bring Major Transformation in Near Future
Posted by MV Mukund on May 14th, 2024
Overview of This Study:
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Revenue Growth Predictions:
With a compound annual growth rate (CAGR) of 5.9%, the global pharmaceutical medication delivery industry is expected to reach ,206.5 billion by 2026 from its anticipated ,656.9 billion in revenue in 2021. The research report includes a price analysis, patent analysis, conference and webinar materials, important stakeholders, purchasing patterns in the market, and an analysis of industry trends.
Major Growth Driving Factors:
Growth in the pharmaceutical drug delivery industry can largely be attributed to factors such as the rising prevalence of chronic diseases, the growing biologics market, increasing R&D investments, technological advancements, and new product launches. Moreover, pharmaceutical and biopharmaceutical companies are focusing on R&D to develop new molecules for various therapeutic applications and drug delivery platforms. The companies invest heavily in R&D with the aim of delivering high-quality and innovative products to the market. R&D spending by biopharmaceutical companies has also increased over the years. On the other hand, the risk of needlestick injuries and the increased pricing pressure are expected to limit the market's growth to some extent in the coming years.
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The infectious disease segment accounted for the largest share of the pharmaceutical drug delivery industry
On the basis of application, the pharmaceutical drug delivery market is segmented into cancer, infectious diseases, cardiovascular diseases, diabetes, respiratory diseases, central nervous system disorders, autoimmune diseases, and other applications. In 2020, the infectious diseases segment accounted for the largest share of the global market. The large share of this market segment can be attributed to the increasing prevalence of infectious diseases across the globe, increasing R&D expenditure for new drugs owing to the current COVID-19 pandemic scenario, and the rising number of FDA approvals for such drugs.
Geographical Growth Dynamics:
From 2021 to 2026, North America will lead the pharmaceutical drug delivery sector.
The pharmaceutical drug delivery market is divided geographically into the following regions: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. In 2020, North America held the biggest market share in this industry. The rising incidence of chronic illnesses like diabetes, cancer, and respiratory allergies as well as patient compliance with novel drug delivery technologies and the concentration of major players in this region are all considered to be contributing factors to the market's high share in North America.
Driver: Growth in biologics market
Enterprises like Evonik (Germany) have realized the potential of biologics production and have taken significant strategic steps forward. For example, in 2021 the business acquired SurModics, a company that specializes in controlled-release parenteral applications, in order to expand its production capacity. To further strengthen its position in this industry, Evonik also purchased related technology, such as the RESOMER platform from Boehringer Ingelheim. In a similar vein, WuXi Biologics and Shanghai Hile Bio-Technology Co., Ltd. announced the establishment of WuXi Vaccines in 2019. The two businesses forged a strategic alliance whereby WuXi Vaccines will construct a special facility and provide a commercial product for the international market. A new class of medicines has emerged in the biopharmaceutical industry, demonstrating great promise for novel therapies in diabetes, cancer, and other disease areas.
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Leading Companies:
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), AstraZeneca plc. (UK), Eli Lilly and Company (US), Teva Pharmaceuticals Industries Ltd. (Israel), Bristol-Myers Squibb (US), Gerresheimer AG (Germany), Boston Scientific Corporation (US), Nimbus Therapeutics (US), Kite Pharma (US), and IDEAYA Biosciences, Inc. (US).
