The Global Drug Delivery Technologies market is estimated to be $1,039.6 billion in 2015 and is expected to reach $2,222.5 billion by 2025 growing at a CAGR of 7.9 % from 2015-2025.
Factors such as rising incidences of chronic diseases, growth of the biologics market, and innovation and technological advancements, are driving the growth of the drug delivery technology market. In addition, emphasis on innovation for improving the delivery of drugs is also contributing to the growth of the market. However, side-effects related to drugs, patents expiry and regulatory hurdles are acting as key barriers for drug delivery technology.
The Global Drug Delivery Technologies market is segmented by route of administration into injectable drug delivery, implantable drug delivery, oral drug delivery, ocular drug delivery, pulmonary drug delivery, transmucosal drug delivery, nasal drug delivery and topical drug delivery. The Oral Drug Delivery segment commanded the largest market revenue of $398.2 billion in 2015 and is poised to reach $702.3 billion by 2025, growing at a CAGR of 5.8% from 2015 to 2025.
The implementation of different technologies for oral drug delivery is changing the market scenario. This area has been receiving high levels of attention from pharmaceutical companies due to the advantages that research can provide, such as reformulations, which can reposition drugs and delay patent expiry. However the "Topical Drug Delivery" segment is expected to grow at the highest CAGR of 11.2% during the forecast period, owing to the ability to deliver drug substances more selectively to a specific site, avoiding fluctuations in drug levels, inter- and intra-patient variations, improved compliance, and an enhanced suitability for self-medication.
North America commanded the largest market revenue of $322.3 billion in 2015. The U.S. is expected to continue to dominate the market during the forecast period. The large share of the U.S. in the North American market can primarily be attributed to factors such as the rising prevalence of chronic diseases; rapid growth in the geriatric population; growth in the biologics market; and an increasing number of regulatory approvals, new product launches, and technological advancements.
The European market is expected to grow at a healthy rate over the next five-year period owing to the rising incidences of chronic diseases such as cardiovascular diseases, diabetes and cancer, a growing demand for self administration and home healthcare devices, patent expiries of certain blockbuster drugs and a growing focus on pediatric and geriatric patients. Strategic collaborations in the industry, home care drug delivery devices and expanding applications of drug delivery into niche therapeutic areas present tremendous opportunities for the growth of this market. With the increasing geriatric population of Europe, the demand for home care drug delivery devices is also increasing.
However Asia Pacific is expected to grow at the highest CAGR of 8.3 % during the forecast period. High growth in this market can be attributed to the increased population, a rising prevalence of chronic diseases in the emerging markets, and the existence of unmet medical needs. Many key players in the advanced drug delivery industry are focusing on emerging markets (especially in Asia) to launch new products and increase their penetration. Asia is considered a new frontier for pharma sector growth. This is supported by the shifting focus of the pharma sector toward emerging countries like those in the Asia-Pacific region, which are expected to support sustainable growth and help companies balance the effects of increasing regulatory issues, patent expirations and stagnation of mature markets. This region represents huge untapped potential.
Some of the key players in this market include:
- 3M Company
- Merck & Co., Inc.
- Pfizer Inc
- Johnson & Johnson
- Nektar Therapeutics Ltd.
- Bayer AG
- Abbott Medical Optics
- Novartis AG
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