In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSJuly, 2021: Janssen Pharmaceutical Inc., a subsidiary company of Johnson & Johnson announced the FDA approval of drug Darzalex Faspro for treatment of Multiple Myeloma Cancer.
June, 2020: IDEAYA Biosciences, Inc. and GlaxoSmithKline plc. (GSK) announced a strategic partnership to develop solutions in the field of Oncology.
Global Drug Delivery Devices Market Highlights over 2022 – 2031
The global drug delivery devices market is estimated to grow at a CAGR of ~5.5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising need for targeted drug delivery, backed by the increasing prevalence of cancer and genetic diseases. According to the data by the World Health Organization (WHO), nearly 10 million deaths were caused by cancer in 2020. Cancer requires specifically targeted drugs for the cancerous cells, which is why, it is estimated to boost the market growth. Drug delivery devices control the rate of drug release and the location in the body where it is released.
Moreover, the increasing global expenditure in the healthcare sector, along with rising health awareness is estimated to boost the market growth. As per the statistics by the World Bank, 9.856% of the global GDP was spent on healthcare, in 2018. Along with this, people prefer early treatment of cancer, backed by the increased disposable income and medical reimbursement policies, which is estimated to propel the market growth. Additionally, rising cases of different types of cancer, along with increasing cancer mortality rate, are expected to fuel the market growth. According to the WHO data, 1.80 million were caused by lung cancer, 935 000 deaths were caused by colon-rectum cancer, and 685 000 deaths were caused by breast cancer in 2020 itself.
The market is segmented by device type into smart pills, inhalers, drug eluting stents, safety syringes, implantable drug delivery device, transdermal patches, and others. Out of these, the smart pills segment is anticipated to hold the notable share in the global drug delivery devices market over the forecast period on account of various advantages of smart pills, such as, sensing, imaging, and drug delivery. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Drug Delivery Devices Market Regional Synopsis
On the basis of geographical analysis, the global drug delivery devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing prevalence of cancer in the region, along with increasing healthcare awareness amongst the people.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high prevalence of cancer in the region. According to the National Cancer Institute, an estimated 1,806,590 new cases of cancer were diagnosed in the United States in 2020.
The global drug delivery devices market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global drug delivery devices market includes the following segments:
By Device Type
By Route of Administration
By Distribution Channel
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing need for targeted drug delivery to treat cancer is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5.5% over the forecast period, i.e., 2022 – 2031.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the advancement in technology in the healthcare sector.
The major players in the market are Mylan N.V., Novartis International AG, Sanofi S.A., GlaxoSmithKline plc, Merck & Co., Inc., Otsuka Pharmaceutical Co., Ltd., Abbott Laboratories, Cipla Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by devices type, route of administration, distribution channel, and by region.
The smart pills segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Increasing adoption of generic drugs is estimated to hamper the market growth.
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