Drug Delivery Devices Market size
was valued at $19 billion in 2018, and is expected to reach $26.7 billion by
2026, registering a CAGR of 4.3% from 2019 to 2026.
Drugs are used to improve health and to
extend lives. However, the medications can be taken in various ways, including
by swallowing, by absorption, by inhalation, through the skin, and by
intravenous injection. For this, the drug delivery devices are developed, which
are specialized tools for delivery of a therapeutic agent through the specific
device type. Drug delivery systems control the rate at which a drug is released
and the location in the body where it is released. Furthermore, these devices
are used for the medical treatment for various chronic diseases. Moreover, the
practice of drug delivery has changed dramatically in the past few decades and
changes in the drug delivery technology are anticipated in the near
future.
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The major factor that contributes to the
growth of the drug delivery devices market include rise in prevalence of
chronic diseases across the globe. Furthermore, other factors that boost drug
delivery devices market growth include surge in geriatric population across the
globe and rise in adoption of biologics worldwide. However, stringent
government regulations associated with launch of new drug delivery devices
hamper the growth of the drug delivery devices market. Conversely, high growth
potential in developing economies is expected to offer lucrative opportunities
during the forecast period.
The drug delivery devices market size is
studied on the basis of device type, route of administration, and region to
provide a detailed assessment of the market. On the basis of device type, it is
segmented into smart pills, inhalers, drug eluting stents, safety syringes,
implantable drug delivery device, transdermal patches, and others. By route of
administration, it is bifurcated into hospitals & diagnostic centers,
ambulatory surgical centers & clinics, and others. Region wise, it is
analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany,
France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan,
India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil,
South Africa, and rest of LAMEA).
By product, inhalers & nebulizers acquired
the major share of the drug delivery market in 2018 and is expected to continue
this trend during the forecast period owing to factors such as surge in
prevalence of respiratory diseases such as asthma across the globe.
Furthermore, other factors such as the rise in awareness related to the use of
inhalers and nebulizers in treatment of respiratory diseases is another factor
that boost the growth of the drug delivery devices market. In
addition, smart pills segment is expected to exhibit the fastest CAGR owing to
benefits associated with the use of these devices. For instance, smart pills
have enabled monitoring of the results from different drug administrations
which heavily assist in various stages of drug development such as drug
candidate profiling, drug candidate selection, and accelerating the development
of new drugs. Further, this emerging technology presents significant
opportunity for the medical industry to exploit modern digital innovations and
take a lead position in the future of healthcare.
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Key Findings of the Study:
- Inhalers and nebulizers occupied more
than one-thirds share of the global drug delivery devices market in 2018.
- The hospitals and diagnostic centers
segment in end user is anticipated to grow with the highest CAGR
throughout the forecast period.
- The transdermal patches segment in device
type accounted for more than one-thirds share of the drug delivery
devices market in 2018.
- Asia-Pacific is anticipated to grow at
the highest rate during the analysis period, followed by LAMEA.
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