Drug Delivery Devices Market Overview:
The global drug delivery devices market size accounted for $19,061 million in 2018, and is expected to reach $26,742 million by 2026, registering a CAGR of 4.3% from 2019 to 2026.
Drug delivery devices are defined as medical devices that exclusively deliver a drug to the body through a specific route of administration. Furthermore, administration of a drug to the specific site leads to more accurate, easier, and less frequent dosing. In addition, the other benefits offered by drug delivery devices include lesser variability in systemic drug concentrations, which leads to absorption that is more reliable with the site and mechanism of action. Moreover, there are different types of drug delivery devices that are available in the market. For instance, some of the drug delivery devices include smart pills, inhalers, drug eluting stents, safety syringes, and, others. In addition, these devices are sued in different medical settings such as hospitals and diagnostic centers, ambulatory surgery centers and others.
The major factor that contributes to the growth of the drug delivery devices market is rise in prevalence of chronic diseases across the globe. Furthermore, other factors that boost the drug delivery devices market growth include surge in geriatric population across the globe and rise in adoption of biologics worldwide. However, stringent government regulations associated with launch of new drug delivery devices hamper the growth of drug delivery devices market. Conversely, high growth potential in developing economies is expected to offer lucrative opportunities during the forecast period.
Drug Delivery Devices Market Segmentation
The drug delivery devices market size is studied on the basis of device type, route of administration, and region to provide a detailed assessment of the market. On the basis of device type, it is segmented into smart pills, inhalers, drug eluting stents, safety syringes, implantable drug delivery device, transdermal patches, and others. By route of administration, it is classified into hospitals & diagnostic centers, ambulatory surgical centers & clinics, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and rest of LAMEA).
By Device
Smart pills is projected as one of the most lucrative segment.
Segment Review
By product, inhalers & nebulizers acquired a major share of the drug delivery market in 2018 and is expected to continue this trend during the forecast period owing to factors such as surge in prevalence of respiratory diseases such as asthma across the globe. Furthermore, other factors such as the rise in awareness related to the use of inhalers and nebulizers in treatment of respiratory diseases is another factor that boost the growth of the drug delivery devices market. In addition, the smart pills segment is expected to exhibit the fastest CAGR owing to benefits associated with the use of these devices. For instance, smart pills have enabled monitoring of the results from different drug administrations, which heavily assist in various stages of drug development such as drug candidate profiling, drug candidate selection, and accelerating the development of new drugs. Further, this emerging technology presents significant opportunity for the medical industry to exploit modern digital innovations and take a lead position in the future of healthcare.
By End User
Hospitals and Diagnostic Centers holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
By route of end user, hospitals and diagnostic centers acquired a major share of the drug delivery devices market in 2018, owing to surge in prevalence of chronic disorders that require treatment and include the use of drug delivery devices. In addition, ambulatory surgical centers are expected to exhibit the fastest CAGR during the forecast period owing to surge in number of ambulatory surgical centers across the globe.
By Geography
Asia-Pacific region would exhibit the highest CAGR of 5.1% during 2019-2026.
By region, North America accounted for the major drug delivery devices market share in 2018 and is expected to continue this trend, owing to easy availability of drug delivery devices. Moreover, surge in the incidence of chronic diseases such as diabetes, cancer is another major reason that contributes to the growth of this market. On the other side, Asia-Pacific is estimated to register the fastest growth during the forecast period attributed to the increase in awareness regarding the use of drug delivery devices. Moreover, the constantly evolving life science industry drives the growth of the market in developing economies such as India, China, and South Korea.
The global drug delivery devices market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include 3M Company, AstraZeneca PLC, Becton, Dickinson and Company, Boehringer Ingelheim group, Consort Medical plc, GlaxoSmithKline plc, Insulet Corporation, Medtronic Plc, Sulzer Ltd. (Medmix Systems AG), and West Pharmaceuticals Services, Inc.
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
Drug Delivery Devices Market Report Highlights
| Aspects | Details |
 By Device Type |
|
 By End User |
|
 By Region |
|
 Key Market Players | West Pharmaceuticals Services, Inc, Medtronic Plc., BECTON, DICKINSON AND COMPANY, Sulzer Ltd. (Medmix Systems AG), GlaxoSmithKline plc, Boehringer Ingelheim group, 3M Company, AstraZeneca PLC, Insulet Corporation |
Analyst Review
Drug delivery devices are medical tools which are designed to deliver a therapeutic agent to a specific site of administration. Furthermore, the adoption of drug delivery devices is expected to increase due to rise in the medical procedures, high demand for less painful, non-invasive, and cost-effective device type, rising demand of self-administration, and rising number of geriatric populations.
Upsurge in cases of chronic diseases and increase in prevalence of diabetes make it imperative to use various types of drug delivery system to provide therapeutic effect to the patients. Moreover, factors such as high demand of home-based healthcare and surge in affordability in the developing economies are projected to supplement the market growth. However, stringent government regulations for the approval of drug delivery devices and ignorance of the new and effective drug delivery devices are expected to impede the market growth.
The use of drug delivery devices is highest in North America, owing to increased adoption of advanced drug delivery products and heavy expenditure by the government on healthcare, followed by Europe and Asia-Pacific. In addition, drug delivery devices providers and distributors focus to expand their presence in the emerging economies, which is anticipated to drive the market growth.
The total market value of drug delivery devices market is $19,061.4 million in 2018.
The forcast period for drug delivery devices market is 2019 to 2026
The market value of drug delivery devices market in 2019 is $19,938.9 million.
The base year is 2018 in drug delivery devices market
Top companies such as, 3M Company, Consort Medical plc, GlaxoSmithKline plc, Medtronic Plc., and Sulzer Ltd. (Medmix Systems AG) held a high market position in 2018. These key players held a high market postion owing to the strong geographical foothold in different regions.
Smart pills segment is the most influencing segment owing to their ability of delivering up to 1 ml of medication to a specific region of the GI tract such as the jejunum, ileum, colon and other regions.
The major factor that fuels the growth of the global drug delivery devices market includes growth in development of novel biologics which require the use of drug delivery devices for administration in the treatment of chronic diseases such as cancer and others.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as India with a CAGR of 8.4%. This is attributed to the improvements in health standards, surge in disposable incomes, and advancements in technology for the development of drug delivery systems.
Drug delivery devices are medical devices which are employed in the delivery of a drug or therapeutic agent via a specific route of administration. Some of the type of drug delivery devices present in the market include drug eluting stents, smart pills, inhalers, nebulizers and others.
Drug delivery devices help to change the profile of drug release, including absorption, distribution, and elimination to improve product safety and efficacy. It also sees the patient convenience and compliance with the drug.
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