Global Drug Delivery Devices Market is expected to reach $xx MN in 2026 from $xx MN in 2020, at a CAGR of 5.1% during the forecast period.
Global Drug Delivery Devices Market Overview
Drug delivery devices are specialized tools used for the delivery of a drug or therapeutic agent via a specific route of administration. Such devices are used as part of one or more medical treatments. The practice of drug delivery has changed dramatically in the past few decades and even greater changes are anticipated in the near future. Drug delivery systems control the rate at which a drug is released and the location in the body where it is released or sometimes it can control both.
Global Drug Delivery Devices Market Dynamics
Rising Prevalence of Chronic Diseases globally is the key factor responsible for fuelling the market growth.
Owing to the changing lifestyle habits and increase in geriatric population, which is at a higher risk of contracting diseases, are responsible for the prevalence of chronic diseases like diabetes, cardiovascular diseases and respiratory diseases. According to the world health organization (WHO), by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide, and that 71% of deaths due to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries.
Other advantages of drug delivery devices over traditional means are the ability to deliver drug more selectively to the specific site, easy administration, more accuracy, less frequent dosing and reduction in toxic metabolites also stimulate the market growth. However, stringent government regulations associated with launch of new drug delivery devices hamper the growth of the drug delivery devices market.
The report has profiled seventeen key players in the market from different regions. However, report has considered all market leaders, followers and new entrants with investors while analyzing the market and estimation the size of the same. Increasing R&D activities in each region are different and focus is given on the regional impact on the cost, availability of advanced technology are analyzed and report has come up with recommendations for future hot spot in APAC region.
Global Drug Delivery Devices Market Segment Analysis
The Global Drug Delivery Devices Market is segmented on the basis of application, device, and route of administration and distribution channel.
Based on Device, the inhalers segment is anticipated to dominate the global market. Inhalers are used to deliver medications locally in the nasal cavities or systemically. They are used locally for conditions such as nasal congestion, asthma and allergic rhinitis. In some situations, the nasal delivery route is preferred for systemic therapy because it provides an agreeable alternative to injection or pills. Asthma is the most common chronic disease among children worldwide. More than 339 million people are living with asthma. Over 80% of asthma-related deaths occur in low-and lower-middle income countries. This segment is expected to account a prominent share during forecast period owing to the factors such as the efficient absorption of drugs through the lungs and negligible side effects.
Based on Route of Administration, the topical segment is expected to grow at a faster pace during the forecast years. This growth is attributed to several benefits associated with this type of route of administrations such as ease of use, painless, noninvasive delivery, and convenience. Moreover, increasing prevalence of skin diseases around the world making it a global burden. These factors positively impact on the segment growth.
Global Drug Delivery Devices Market
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Global Drug Delivery Devices Market Regional Insights
Global Drug Delivery Devices Market 1
North America held dominant share in 2018 and is expected to continue the dominance throughout the forecast period.
Growing use of drug delivery devices due to prevalence of chronic diseases like diabetes in the region is propelling the market growth in the region. Technological advances, development in novel drug delivery solutions and reduction in pain level are the other factors boosting the market growth. The United States owns the largest share of drug delivery devices market in the North America region
Asia Pacific is expected to be the fastest growing region.
Asia-Pacific is expected to show large amount of growth in the forecast period because of the increasing incidences of chronic diseases for example cardiovascular diseases, diabetes, cancer and other diseases which is anticipated to drive the drug delivery devices market.
The report also helps in understanding the Global Drug Delivery Devices Market dynamics, structure by analyzing the market segments and project the Global Drug Delivery Devices Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Drug Delivery Devices Market make the report investor’s guide.
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Scope of the report Global Drug Delivery Devices Market : Inquire before buying
By Application:
• Diabetes • Cancer • Respiratory disease • Others
By Device: