Global Novel Drug Delivery Systems Market Highlights over 2022 – 2031
The global novel drug delivery systems market is estimated to grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Novel drug delivery systems are used to facilitate targeted drug delivery, which couldn’t be achieved through regular drug administrations. The growth of the market can be attributed to the growing prevalence of chronic diseases, including cancer, diabetes mellitus, coronary obstructive pulmonary diseases, ischemic heart diseases, and mental disorders. According to the data by the World Health Organization (WHO), in 2019, an estimated 1.5 million deaths were directly caused by diabetes, 17.9 million people died from cardiovascular diseases, and 3.23 million deaths were caused by chronic obstructive pulmonary disease (COPD) worldwide. Moreover, 10 million deaths were caused by cancer, in 2020. Novel drug delivery system can deliver drugs in a more controlled manner, which is estimated to boost the market growth. Moreover, various technological advancements in the medical sector, have improved the scope of specific tissue treatment. Such factors are estimated to strengthen the market growth. Additionally, the growing investment for development of new drugs and treatment methods, accompanied with the expiration of existing international patents, are anticipated to boost the market growth. Furthermore, the increasing healthcare expenditure across the globe, is estimated to boost the market growth. According to the data by the World Bank, USD 1,111.082 was spent per capita for healthcare globally, in 2018, which has increased significantly from USD 999.104 in 2015.
The market is branched by delivery type into oral drug delivery, injectable drug delivery, pulmonary, transdermal drug delivery, implantable drug delivery, and others. Out of these, the implantable drug delivery segment is anticipated to hold a substantial revenue share in the global novel drug delivery systems market over the forecast period on account of increasing application of these implants for the treatment of various complex issues, such as, cancer treatment, contraception, hormone regulation, and others. Moreover, implantable drug delivery system provide higher accuracy and success rate for treating cancer. 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 Novel Drug Delivery Systems Market Regional Synopsis
On the basis of geographical analysis, the global novel drug delivery systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing awareness regarding healthcare amongst people, along with improving healthcare facilities in the region. Moreover, the growing healthcare expenditure in the APAC region, is estimated to play a major role in the regional market growth. According to the World Bank data, the GDP per capita of population in the South Asia region surged from USD 453.238 in 2000 to USD 1,959.342 in 2019.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of the increasing healthcare research expenditure, and adoption of advanced technology in the region. Moreover, high prevalence of cancer in the region, is estimated to positively impact the market growth. 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 novel drug delivery systems market is further classified on the basis of region as follows:
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North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global novel drug delivery systems market includes the following segments:
By Delivery Type
- Oral Drug Delivery
- Injectable Drug Delivery
- Pulmonary Delivery
- Transdermal Drug Delivery
- Implantable Drug Delivery
- Others
By End-User
- Hospital
- Specialty Clinics
- Research Centers
- Others
Growth Drivers
- Growing Need for Advanced Targeted Drug Delivery
- Increasing Prevalence of Cancer and other Chronic Diseases
- Rising Global Healthcare Expenditure
Challenges
- Increasing Use of Generic Drugs
- Lack of Researchers in Developing Countries
Top Featured Companies Dominating the Market
- Antares Pharma, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Teva Pharmaceutical Industries Ltd.
- Mylan N.V.
- Novartis International AG
- Thermo Fisher Scientific Company
- Johnson & Johnson
- GlaxoSmithKline plc
- Merck & Co., Inc.
- Otsuka Pharmaceutical Co., Ltd.,
- Abbott Laboratories
