Drug Delivery Devices Market Updates : Projected to Surpass USD 26.7 Billion by 2026 ; CAGR of 4.3% from 2019 to 2026
According to a new report published by Allied Market Research, titled, “Drug Delivery Devices Market by Device Type, and End User: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global drug delivery devices market size was valued at $19 billion in 2018, and is expected to reach $26.7 billion by 2026, registering a CAGR of 4.3% from 2019 to 2026.
The growth of the drug delivery devices market is primarily driven by the increasing prevalence of chronic diseases worldwide. Additionally, factors such as the growing global geriatric population and the widespread adoption of biologics contribute to the expansion of the drug delivery devices market. However, stringent government regulations related to the introduction of new drug delivery devices pose challenges to market growth. Conversely, the high growth potential in developing economies presents lucrative opportunities in the forecast period.
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The market size of drug delivery devices is analyzed based on device type, route of administration, and region to provide a comprehensive evaluation. Device types include smart pills, inhalers, drug-eluting stents, safety syringes, implantable drug delivery devices, transdermal patches, and others. The route of administration is bifurcated into hospitals and diagnostic centers, ambulatory surgical centers and clinics, and others. Regionally, the analysis covers North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and the rest of LAMEA).
In terms of products, inhalers and nebulizers dominated the drug delivery market in 2018 and are expected to maintain this trend due to the increasing prevalence of respiratory diseases like asthma globally. Factors such as heightened awareness regarding the use of inhalers and nebulizers in treating respiratory diseases contribute to the market’s growth. The smart pills segment is anticipated to exhibit the fastest CAGR, driven by the benefits associated with these devices, enabling the monitoring of results from different drug administrations and facilitating various stages of drug development.
Regarding end-users, hospitals and diagnostic centers held the major share of the market, driven by the rising prevalence of chronic disorders requiring treatment with drug delivery devices. Ambulatory surgical centers are expected to experience the fastest CAGR during the forecast period due to the increasing number of such centers globally.
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Geographically, North America accounted for the largest share of the drug delivery devices market in 2018, with easy availability of these devices and a higher incidence of chronic diseases such as diabetes and cancer. In contrast, Asia-Pacific is projected to register the fastest growth during the forecast period, driven by increased awareness of drug delivery devices and the dynamic life science industry in developing economies like India, China, and South Korea.
Key Findings of the Study:
- Inhalers and nebulizers occupied more than one-thirds share of the global drug delivery devices market in 2018.
- The hospitals and diagnostic centers segment in end user is anticipated to grow with the highest CAGR throughout the forecast period.
- The transdermal patches segment in device type accounted for more than one-thirds share of the drug delivery devices market in 2018.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
Key Benefits for Stakeholders:
- This report entails a detailed quantitative analysis along with the current global drug delivery devices market trends from 2018 to 2026 to identify the prevailing opportunities along with the strategic assessment.
- The drug delivery devices market forecast is studied from 2019 to 2026.
- The market size and estimations are based on a comprehensive analysis of key developments in the drug delivery devices industry.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the drug delivery devices market.
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