Market Overview
The global drug delivery devices market size was worth US$ YY million in 2020 and is further predicted to reach US$ YY million by 2029, at a CAGR of 5.2% during the forecast period (2022-2029).
Drug delivery devices are specialized equipment used for the delivery of a drug or therapeutic agent through a specific route of administration into the human body and various systems. These devices can be used once or multiple times for medical treatments.
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Market Dynamics
The drug delivery device has seen plenty of innovation over the years. The drug delivery space has seen plenty of innovation over the years, and there are no signs of that slowing down any time soon.
Improvements upon established technologies like insulin delivery devices and inhalers have been presented by some, while others have unlocked new ways of delivering drugs through a variety of means.
Part of the underlying reason self-administration has increased in recent years is the wave of biological therapies entering the market, which are specifically suited to treatment by subcutaneous injection for patients with chronic diseases such as multiple sclerosis or rheumatoid arthritis gave that they require frequent and regular injections.
Industry Forces
FDA regulates the sale of drug delivery devices in the U.S. and monitors the safety of all regulated medical products. In the U.S., FDA regulates the sale of drug delivery device products. Before a drug delivery device can be legally sold in the U.S., the person or company that wants to sell the device must seek approval from the FDA.
FDA monitors the ongoing safety and efficacy of regulated marketed devices through MedWatch, the FDA Safety Information and Adverse Event Reporting Program. MedWatch allows manufacturers, health care professionals and consumers to report serious problems related to the use of drugs and medical devices.
MARKET SEGMENTATION
By Type- Injectable Drug Delivery
The injectable drug delivery segment is expected to grow with the increasing technological advancements and demand for biologics. For instance, with the expansion of the biologics market, four of the world’s top-five selling drugs are now administered via injection. Due to their complexity, biologics frequently necessitate extensive design efforts and present delivery challenges.
Wearable devices are in high demand due to the emergence of biologics. For instance, ultra-large volume wearable injectors are defined as devices that can store a large volume of drugs. Furthermore, these devices are intended to adhere to the patient’s body and deliver the drug subcutaneously over an extended period.
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Geographical Analysis – Europe
Due to this high prevalence of cancer, increasing efforts are being made in R&D for the development of novel drug delivery systems for providing a better treatment in the patients. The use of innovative technologies in drug deliveries for cancer treatment is driving the market in the region.
Drug delivery systems like nano-size structures-based pharmaceutical formulations (e.g., liposomes, polymeric nanoparticles, electrosprayed particles, and nanosuspension) have demonstrated shown better administration of drugs in case of cancer treatment. Thus, overall positive growth is expected to drive the growth of the market in the forecast period.
The increasing need for self-administration of drugs as in the case of diseases such as diabetes has enhanced the size of the needle-free drug delivery devices industry in the UK.
Competitive Landscape
With the rising technological advancements and product innovations, mid-size and small-scale companies are increasing their market presence by introducing equipment into the market at competitive prices.
Fierce competition between market participants to expand their geographic footprints and strengthen their customer pool through several product launches & new product developments are major factors anticipated to drive the market over the forecast period.
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