The global drug delivery market is projected to grow at a CAGR of 7.93% to reach US$1,058.792 billion by 2024, from US$669.691 billion in 2018. The market demand for drug delivery devices is fueling owing to the requirement of development of technologies/devices/systems for the controlled and targeted release of drugs into the human body. The growing geriatric population, prevalence of chronic diseases worldwide, rising health expenditure, and growing pharmaceutical industry are the major market drivers of the market.
Types of drug delivery devices include inhalation drug delivery devices, injectable drug delivery systems, nasal drug delivery, oral drug delivery, and transdermal drug delivery. These are available in the form of patches, oral pills, nasal sprays, and implantable drug delivery devices among others. Furthermore, growing investments in research and development will provide more opportunities for the market growth during the forecast period and beyond.
Global Drug Delivery Market by Application :
By application, the drug delivery market is segmented as a cancer treatment, infectious diseases treatment, and others. Drug delivery is referred to the transfer of drug into the human body either manually or through drug delivery systems or carriers via oral, nasal or skin. Cancer treatment is expected to hold significant market share on account of increasing cancer prevalence around the globe. In addition, rapid technology up gradation and increasing investment by major market players in the market is further expected to boost the demand in the coming years.we have covered market research and analysis of drug delivery owing to increasing cancer prevalence.
Global Drug Delivery Market by Geography :
By geography, the drug delivery market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America held a major market share in 2018 owing to the presence of sophisticated healthcare infrastructure in countries such as U.S.A. In Europe, the key players of drug delivery are increasingly launching drug delivery technologies so as to ensure optimum absorption and bioavailability of the drugs. In August 2018, Maricann has launched first Cannabidiol (CBD) formulation utilizing patented drug delivery technology in Germany.
Sample view of Drug Delivery Market Share by Region
In Asia Pacific, the drug delivery market is steadily gaining traction on account of growing chronic diseases in the countries. Thus, manufacturers are increasingly expanding drug delivery technology capabilities in the countries such as China to provide targeted drug delivery systems and technology. In July 2018, IRISYS has expanded drug delivery technology capabilities in China as a memorandum of understanding for a joint venture with Zhejiang Yangtez River Delta Biotech Management to co-build a new drug delivery system platform in China.