Drug Delivery Devices Market size was valued at USD 284.85 Billion in 2023 and is projected to exceed USD 571.34 Billion by the end of 2036, expanding at over 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of drug delivery devices is evaluated at USD 298.95 Billion. The growth of the market can be attributed to the increasing worldwide incidence of chronic diseases, and the ongoing efforts to adopt the best vaccines. In accordance to the National Library of Medicine, cardiovascular disease, cancer, chronic lung disease, and diabetes account for one-third of all fatalities worldwide.
Furthermore, increased spending on healthcare improvement is one of the primary reasons driving the growth of the drug delivery devices market. The global spending on healthcare per person increased from USD 864.313 in 2008 to USD 1,110.841 in 2018, with the United States leading the way with a healthcare expenditure of USD 10, 623.85 per capita in 2018.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
5.5% |
|
Base Year Market Size (2023) |
USD 284.85 Billion |
|
Forecast Year Market Size (2036) |
USD 571.34 Billion |
|
Regional Scope |
|
Route of Administration (Oral, Transdermal, Injectable)
The injectable segment in the drug delivery devices market is estimated to gain the largest revenue share of about 39% in the year 2036. During the forecast period, the injectable route of administration segment is predicted to rise at the quickest rate. In recent years, advances in injectable drug delivery techniques, such as the advent of prefilled syringes and pen injection devices, have boosted demand. Furthermore, the advancement of substances for syringes such as polymers, which are inert to most chemicals, is driving market expansion. In addition, the global vaccination effort, which is increasing syringe use, is expected to contribute to segmental development in the near future. For example, Becton, Dickinson, and Company (BD) announced in 2021 that it had obtained pandemic orders for syringes, and needles totaling 2 billion injectable equipment to support global COVID-19 vaccination initiatives.
Distribution Channel (Hospital, Pharmacies, Surgical Centers)
The hospital segment is expected to garner a significant share of around 30% in the year 2036. Also, the hospital segment had the greatest share in 2022, owing to an increase in cancer, diabetes, and neurological illnesses. Patients hospitalized in the hospital with varied diseases require different pharmaceuticals for therapy, which are administered by various drug delivery approaches. In addition, the availability of contemporary medical equipment, as well as patients' overwhelming desire for receiving care in a hospital setting, are expected to drive category growth during the projection period.
Our in-depth analysis of the global market includes the following segments:
|
Device Type
|
|
|
Route of Administration
|
|
|
Distribution Channel
|
|
North American Market Statistics
The market in North America, is set to hold a majority of the share accounted to by the end of 2036. The North American drug delivery devices market is expected to grow considerably during the time frame of the research owing to the increased product releases and initiatives by leading industry participants. For instance, in accordance to the American Cancer Society's 2022 study, about 1.9 million new cancer cases are projected to be determined in the United States in 2022, the cancer cases are anticipated to rise in the country, which is projected to boost the requirement for drug delivery devices for multiple treatments as requirements for cancer treatment is pretty high in the region as a result of the elevated death rate related to the disease, which is estimated to enhance demand for drug delivery devices for numerous treatment.
European Market Analysis
Further, the Europe drug delivery devices market is estimated to be the second largest, registering a share of about 25% by the end of 2036. Developed economies and acceptable regulatory processes are two of the primary elements generating enormous prospects for the region's leading market competitors. Due to the region's strong economic growth, Asia Pacific is predicted to have the quickest growth rate throughout the forecast time frame. Furthermore, a huge patient pool in nations such as Japan, China, and India are driving the use of drug delivery devices by a variety of end-users. Furthermore, in Japan, many sorts of drug delivery systems are being used to deliver specific types of medications. In December 2019, the YpsoMate autoinjector for precise Teribone medicine distribution hit the Japanese market. As a result, the region's increasing usage of sophisticated medication delivery systems is likely to drive market expansion over the forecast period.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?