Drug Delivery Devices Market Trends, Growth, And COVID
According to The Business Research Company’s research report on the drug delivery devices market, the rising demand for advanced and improved drug delivery devices owing to the increasing launch of new products will increase the growth of the market in the forecast period. These advanced new products offer better customer satisfaction and enhance efficiency. Hospitals and consumers are looking for advanced devices such as self-administered devices, smart wearables, and others. For example, nanomaterial chemistry enables the development of smart stimuli-responsive DDS (Drug Delivery Systems) over the conventional DDS. Stimuli-responsive DDS ensures spatial or temporal, on-demand drug delivery to targeted cancer cells.
Nano-based drug delivery systems will gain more traction in the drug delivery devices market. There is a fast-growing interest in using nanomaterials in drug delivery and various other applications, as they can increase the cellular uptake of drugs because of the surface charge and time and they can increase the stability and water solubility of drugs. Nanotechnology offers multiple benefits in treating chronic human diseases by site-specific, and target-oriented delivery of precise medicines. There are several outstanding applications of nanomedicine (chemotherapeutic agents, biological agents, and immunotherapeutic agents) in the treatment of various diseases.
The Business Research Company’s report titled Drug Delivery Devices Global Market Report 2021 – By Route Of Administration (Oral Drug Delivery, Injectable Drug Delivery, Topical Drug Delivery, Ocular Drug Delivery, Pulmonary Drug Delivery, Nasal Drug Delivery, Transmucosal Drug Delivery, Implantable Drug Delivery), By Patient Care Setting (Hospitals, Diagnostic Centers, Ambulatory Surgery Centers/Clinics, Home Care Settings), By Application (Cancer, Infectious Diseases, Respiratory Diseases, Diabetes, Cardiovascular Diseases, Autoimmune Diseases, Central Nervous System Disorders), COVID-19 Implications And Growth covers major drug delivery devices companies, drug delivery devices market share by company, drug delivery devices manufacturers, drug delivery devices market size, and drug delivery devices market forecasts. The report also covers the global drug delivery devices market and its segments.
The global drug delivery devices market is expected to grow from $40.7 billion in 2020 to $42.76 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $50.9 billion in 2025 at a CAGR of 4.5%, owing to the COVID-19 pandemic. Drugs used for COVID-19 treatment are both oral and injectable; however, a marginal increase is expected for pulmonary or respiratory-based drug delivery devices.
Respiratory drug delivery devices and systems are used to treat respiratory diseases using the pulmonary route of drug administration. This pulmonary route of administration is preferred as it is the non-invasive, large surface area for absorption, high blood circulation, and high permeability rate. As the number of cases and associated applications of COVID-19 have risen, it has necessitated the use of respiratory-based delivery devices for improved patient care. Major companies are working in the respiratory-based delivery devices manufacturing and in the approval of new devices and approaches to treat respiratory diseases, and to meet the urgent demand for these devices. For instance, in July 2021, The Janssen Pharmaceutical Companies of Johnson & Johnson’s UPTRAVI (selexipag) intravenous injection was approved by the U.S. Food and Drug Administration for the treatment of pulmonary arterial hypertension. Also, in October 2020, The National Institute of Pharmaceutical Education and Research (NIPER), Hyderabad designed a nebulizer-based inhalation therapy to fight COVID.
North America was the largest region in the drug delivery devices market, accounting for 41.2% of the total in 2020. It was followed by the Western Europe, Asia- Pacific and then the other regions. Going forward, the fastest-growing regions in the drug delivery devices market will be South America and the Middle East where growth will be at CAGRs of 12.4% and 10.74% respectively during 2020-2025. These will be followed by Africa and Asia-Pacific, where the markets are expected to register CAGRs of 10.71% and 9.7% respectively during 2020-2025.
Drug Delivery Devices Global Market Report 2021 – COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provide drug delivery devices market overviews, drug delivery devices market analyze and forecast market size and growth for the whole market, drug delivery devices market segments and geographies, drug delivery devices market trends, drug delivery devices market drivers, drug delivery devices market restraints, drug delivery devices market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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