According to a new report published by UnivDatos Markets Insights, the Drug Delivery Devices Market was valued at more than USD 290 million in 2020 and is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Type (Injectable Devices, Inhalation Devices, and Others); Technology (Bluetooth, NFC, and Others); Application (Oncology, Infectious Diseases, Respiratory Diseases, Diabetes, and Others); Region/Country.
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The drug delivery devices market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the drug delivery devices market. The drug delivery devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the drug delivery devices market at the global and regional levels.
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Market Overview
Drug delivery devices are specialized tools made for a specific route of drug or therapeutic material administration. The devices are used once or more during medical procedures. Drug delivery devices present unique challenges in many areas of product development, such as regulatory strategy, design, and material considerations, as well as the creation and use of testing protocols. Growth in the number of diabetic patients as well as an increase in the prevalence of cancer and respiratory ailments are driving an increase in the use of drug delivery systems among patients and professionals. Technological advances in medical device manufacturing have led to the development of innovative drug delivery devices that ensure the right amount of medicine is delivered to the patient at the right time. In addition, the growing burden of chronic diseases such as diabetes, cardiovascular disease, cancer, and COPD is driving the need for drug delivery devices. For instance, according to the International Agency for Research on Cancer, in 2020, approximately 19.3 million new cancer cases and 10 million cancer deaths have been reported worldwide. It is estimated that worldwide cancer cases will increase by 47% between 2020 and 2040. It is expected that 28.4 million cases will be recorded by 2040 worldwide. In addition, cardiovascular diseases accounted for about 32% of deaths globally in 2019. The rapid development of biopharmaceuticals and the development of many drugs capable of effectively curing chronic diseases has driven demand for drug delivery devices worldwide.
COVID-19 Impact
The impact of COVID-19 has had a tremendous impact on market growth. This is attributed to the fact that manufacturers have significantly ramped up production of injectable drug delivery systems, along with increasing global vaccination against COVID-19. The market sees a significant increase in 2021 compared to 2020. However, the market sees a slowdown in growth in 2020 compared to 2019. Growth slows down in 2020 due to factors such as a decrease in COVID-19 hospitalizations and supply chain disruptions around the world.
According to the World Health Organization (WHO), more than 10 billion doses of COVID-19 have been delivered to the global population since February 7, 2022, resulting in an increase in the production capacity of the system. For instance, most companies focus specifically on the production of injectable drugs to facilitate vaccination against COVID-19. Increased rates of respiratory disorders during the COVID-19 era and increased demand for syringes have resulted in higher manufacturer sales compared to previous years.
The global drug delivery devices market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· On the basis of technology, the market is categorized into bluetooth, NFC, and others. Among these, the bluetooth segment captured a significant share of the market in 2020 owing to higher utilization of the technology in order to connect drug delivery devices to smartphones. Additionally, greater bluetooth technology compatibility with other drug delivery devices and simplicity of use are anticipated to fuel the bluetooth sub-segment growth over the course of the projection period
· Based on application, the drug delivery devices market has been classified into oncology, infectious diseases, respiratory diseases, diabetes, and others. The diabetes segment is to witness higher adoption of drug devices during the forecast period. This is mainly due to increasing cases of diabetes patients all across the world. For instance, 34.2 million Americans have diabetes in 2018, of whom 26.8 million had a diagnosis and 7.3 million had been underdiagnosed, according to the American Diabetes Association (ADA). The adoption of drug delivery devices in the field of diabetes is therefore anticipated to be influenced by the rising number of cases of diabetes that have been diagnosed
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Drug Delivery Devices Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America held a significant share of the global drug delivery devices market. The main reasons for this region's market dominance include the existence of important market participants, highly developed healthcare infrastructure and spending, and strategic partnerships. Along with this, it is predicted that throughout the forecast period, the prevalence of chronic diseases in the U.S. and a growing emphasis on preventative care will fuel market expansion in this region. For instance, in Feb 2022 the generic Apokyn (apomorphine hydrochloride injection) drug cartridges received approval from the US Food and Drug Administration to treat hypomobility episodes brought on by advanced Parkinson's disease. As a result, it is anticipated that during the projected period, the rising number of chronic diseases and product launches in the nation will both expand at a high CAGR.
The major players targeting the market include
· Pfizer Inc.
· Johnson & Johnson Services, Inc.
· F. Hoffmann-La Roche Ltd
· Novartis AG
· BD
· Bayer AG
· uniQure NV.
· SIBIONO
· GSK plc.
· Amgen Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the drug delivery devices market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the drug delivery devices market?
• Which factors are influencing the drug delivery devices market over the forecast period?
• What are the global challenges, threats, and risks in the drug delivery devices market?
• Which factors are propelling and restraining the drug delivery devices market?
• What are the demanding global regions of the drug delivery devices market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
Table of Content:-
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE DRUG DELIVERY DEVICES MARKET
6 DRUG DELIVERY DEVICES MARKET REVENUE (USD BN), 2020-2028F
7 MARKET INSIGHTS BY TYPE
8 MARKET INSIGHTS BY TECHNOLOGY
9 MARKET INSIGHTS BY APPLICATION
10 MARKET INSIGHTS BY REGION
11 DRUG DELIVERY DEVICES MARKET DYNAMICS
12 DRUG DELIVERY DEVICES MARKET OPPORTUNITIES
13 DRUG DELIVERY DEVICES MARKET TRENDS
14 DEMAND AND SUPPLY-SIDE ANALYSIS
15 VALUE CHAIN ANALYSIS
16 COMPETITIVE SCENARIO
17 COMPANY PROFILED
18 DISCLAIMER
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