The Global Drug Delivery Devices Market size is estimated to be US$ 1325.15 in 2019 and is poised to grow at a strong CAGR of 6.58% to reach a Market size of US$ 1882.4 in 2024.
The Market is driven by factors such as rise in the number of Geriatric Population and Increasing incidence of Chronic Disease.
- Definition / Scope
- Market Overview
- Key Metrics
- Market Risks
- Top Market Opportunities
- Market Trends
- Industry Challenges
- Technology Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Distribution Chain Analysis
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
- References
- Appendix
Definition / Scope
Drug Delivery refers to the formulations, technologies and approaches applied to deliver drugs or chemical substances into the body. This can be for diagnosis, treatment, cure or prevention of several diseases or conditions such as diabetes, viral and bacterial diseases, gastrointestinal ailments and allergies.
Silicone, Silicone, ethylene vinyl acetate, polyurethane, acrylate hydrogels, and other biodegradable substances are the commonly used materials to manufacture drug delivery devices.
There is a growing focus on the micro needle technology for vaccines and hormones in the Drug Delivery Devices segment. There has been a lot of funding happening in the transdermal drug delivery mode and hence companies developing patch technologies are set to benefit from this development.
Great Emphasis is laid on the targeted drug delivery model to help minimize the possibility of adverse effects. This method achieves reachability with improved efficacy and minimal degradation bypassing the body’s defense mechanism.
Market Overview
The Global drug delivery devices market is estimated to worth around US$ 1325.15 billion in 2019 and is poised to grow at a CAGR of 6.58% to reach a market size of US$ 1882.4 billion in 2024.
Type of Administration Insights
Based on the type of administration, the Global drug delivery devices market is segmented into oral, injectable, topical, pulmonary, nasal, ocular, implantable and transmucosal.
Of this the oral drug delivery segment dominates the market in 2019 and in the near future injectable segment is set to lead the market in terms of market share with the market share set to increase to 24% (2024) from 18% (2019), the growth is mainly fueled by the growing incidence of chronic disease, growing demand for biosimilar products.
Topical drug delivery segment is expected to grow at the fastest rate of 8.3%
Application Insights
On the basis of Application, the Global drug delivery devices is divided into Cancer, Infectious diseases, Respiratory diseases, Diabetes, Cardiovascular diseases, Autoimmune diseases, Central Nervous System disorders and Others (Endocrine disorders and Ophthalmic disorders).
The Diabetes segment is expected to grow at a significant growth rate of 8.6%. The major factors driving the growth of the diabetes segment is the sedentary lifestyle and suboptimal diet leading to high sugar levels, thus increasing the possibility of diabetes.
End-Use Insights
The Global drug delivery devices market based on the End-Use is segregated into Hospitals, Diagnostic Centers, Ambulatory Surgery Centers/Clinics, Home Care Settings and Others.
The hospitals segment dominates the Global drug delivery devices market holding a market share of 57%. Home care settings segment is considered to be the fastest growing market with the CAGR of 6.5%
Regional Insights
Based on Geography the Global drug delivery devices market is segmented into North America, South America, Europe, Asia-Pacific and Middle-East & Africa. Of this North America holds the major market share of 35% and is followed by Europe with 21.9% in 2019. Asia-Pacific is the fastest growing region clocking a CAGR of 7.6% in 2019.
| Region | Market Size in 2019 | CAGR growth Rate (2019 to 2024) |
| North America | 559.6 | 4.5% |
| South America | 80.3 | 5.93% |
| Europe | 377.4 | 7.3% |
| Asia-Pacific | 188.8 | 7.6% |
| Middle-East & Africa | 62 | 5.6% |
Market Risks
Fragmented Market
The Global drug delivery devices market is highly fragmented with lots of companies entering into the business ranging from larger established companies to startups. The market has lower barrier for entry.
There exist a large number of local players in the market and they offer products to the local markets at a much lower price when compared to the organized international players.
The factors leading to the fragmentation of the drug delivery devices market are no economies of scale and strong competition in the market.
Intense Competition
The Global drug delivery devices market is highly competitive due to the lack of product differentiation and as a consequence of which the players are engaged in price wars.
The aggressive pricing strategy of the market players are affecting the margins of the businesses which is already affected by the rising commodity prices. The market is expected to witness intense competition among players owing to the availability of low-priced drug delivery devices.
Top Market Opportunities
High Growth Prospects in Emerging Markets
The global pharmaceutical industry is in transition: growth in high income markets has slowed, while growth in emerging economies such as Brazil, Thailand, Indonesia, India and China is high.
While many programs have focused on access to new drugs and drug delivery devices in the least developed countries, rapidly growing countries at higher income levels – home to more than 70% of the world’s poor – have historically been ignored by both companies and donors.
Although the countries are too wealthy to qualify for much development assistance, entrenched inequality and substandard delivery systems have prevented healthcare and medicines from reaching the entire population.
At the same time, economic development has increased the demand for new health products, and the concurrent increase in the burden of non-communicable disease has led to a greater degree of overlap with the products currently available in high-income markets.
The economic driver of the relative wealth of emerging market countries can provide an incentive for pharmaceutical companies to contribute to expanded access to health-related products and services that will benefit the poorest populations at the “bottom of the pyramid.”
Telehealth
A major application of telehealth in providing healthcare is in the delivery of therapeutic products. In diabetes monitoring, it is observed that there is a convergence of monitoring and drug delivery. Continuous Glucose Monitors (CGM) provides real-time data on insulin levels of diabetes patients.
In 2019, 2.3 Million of these monitors were shipped worldwide. These monitors already have the capability to communicate with separate wearable insulin pumps so that the frequency and dose of insulin delivered is dependent on data from the CGM.
In the future, such clinical trials and subsequent healthcare delivery are projected to involve remote patient monitoring, drug delivery and user interaction, to reach wider patient populations and ultimately drive better clinical and economic outcomes in telehealth.
Bio-sensing Wearables
The analytical devices that convert a biological response into electrical signal are referred to as Bio-sensing wearables. All the changes in physiology can be monitored to provide continuous physiological information.
As the awareness about the bio-sensing wearables when compared with the average market levels, this offers significant market opportunities for these devices given the immense potential offered by these devices in terms of its features and functionalities and as the penetration levels of these devices are set to increase.
Market Trends
A rise in the number of Geriatric Population
The rise in the geriatric population with disease such as Diabetes is driving the adoption of Drug Delivery Devices for treatment among patients and physicians.
The Indian Council of Medical Research states that Diabetes Mellitus has become a chronic problem in the contemporary world. India has become the diabetes capital of the world with a total of 20 Million diabetes patients in the country, and the number is likely to increase to 57 Million by 2025.
Expanding Patient population and unmet medical needs are contributing to a higher demand for healthcare services and consequently leading to higher cost pressures in the global healthcare system.
The increasing demand for effective delivery of biopharmaceuticals
There is an increasing demand for effective delivery of drugs for improving the ease of administration, ensuring patient compliance, decreasing toxicity, improving drug bioavailability, and achieving precise therapeutic targeting is driving the growth of the drug delivery devices market.
Non-adherence to Prescribed Drugs
Non-adherence to Prescribed Drugs is the key element for prevalence of disease problem and higher medical expenses. The consequence of Non-adherence is reduced product utilization, varied patient outcomes, and reduced drug selling.
Smart drug delivery devices are adopted for enhancing patient trust on drugs prescribed by doctors. Hence, boosting awareness about adverse effects of non-adherence is expected to propel business growth.
Increasing incidence of Chronic Disease
Drug Delivery Devices market will experience significant growth in the near future due to the increasing incidence of chronic diseases. A chronic disease such as Cancer requires targeted drug delivery for effective anti-cancer treatment for patients.
Drug Delivery Devices focus on delivering drug to a specific site of action thereby, reducing the frequency of dosages taken by the patient. Thus, rising pervasiveness of chronic diseases require personalized medicine level, thereby driving the demand for drug delivery devices.
Unconventional advancement of pharmaceuticals and healthcare sector
Another factor driving the growth of the segment is the unconventional advancement of pharmaceuticals and healthcare sector for improving the method of drug or medicine injection or introduction in the inmates body.
Some critical diseases indicate distinct sort of medicines the growth of this market will provide aid to dispense the drug and assist the better cure. Also aiding the growth of the segment is the increasing R&D spending for the development of therapeutic drug delivery devices.
Significant decline in sales of Branded Drugs
Branded drugs are witnessing a significant decline in sales due to the availability of several Generic medicines on the back of expiring patents of the branded drugs.
The Branded drugs are sold at an exorbitant price. For instance, the drug Glivec used by cancer patients is sold at a mark-up of US$ 8500 which is not affordable.
Hence patients have started adopting Generic medicines as an alternative to the Branded drugs and as the patents are expiring and as the Generic drugs are priced at a fraction of cost, hence boosting the uptake of Generic drugs which is directly influencing the profitability of Branded Drug Delivery Devices players.
Pricing pressures in Global Healthcare System
There is an increased pressure for the healthcare providers on Revenue and Profitability metrics.
For instance, US regulators have proposed or finalized regulation to reduce the cost of drugs in public programs through a variety of mechanisms, including increased price transparency and clinically informed formulary restrictions, thereby squeezing the profitability margins of the Drug Devices manufacturers.
Pricing pressure of healthcare system is holding a lull on the margins of the drug and device pricing.
Increase in Complications
One challenge being faced with the new generations of biologicals is that many of them are large molecules and they have to be administered in high concentrations. The resulting formulations reach high viscosities, sometimes together with high volumes, thus creating a challenge for traditional delivery systems.
Moreover, problems related to the use of drug delivery devices such as dosage error is also affecting the uptake in the segment. Injuries and Infections caused during the usage are expected to hamper the growth of the segment.
High cost of development
Development of new drug molecules is expensive and time consuming. Drug Delivery products are required to proceed through the same clinical development pathway as all other NDA approved products in order to secure FDA approval.
Also, that Drug Delivery companies are pursuing sophisticated development programs that can drive up the size of development programs and their costs. The costs associated with the development of drug delivery products is the R&D costs and the overhead costs.
The overhead costs can range up to 40% of the total cost which is typically high when compared with the development of other drug molecules. Total direct clinical development costs average about $90 million for the approved products.
The products still in Phase 3 development have racked up mean average developments costs of about $50 million to date. The costs associated with the development of Drug Delivery Devices are typically high and is to be borne with the additional overall costs and is a major factor discouraging the uptake by SMEs.
Industry Challenges
Lack of skilled and trained professionals
With critical shortage of trained professionals in modern diagnosis and treatment protocols besides inadequate facilities and healthcare services there is a shortage of skilled and trained professionals in the Drug Delivery segment is touted to be the major challenge.
In addition, healthcare practitioners in developing and under-developed countries lack access to the latest information on chronic diseases such as diabetes, cancer and heart diseases all of which are highly prevalent. Availability of skilled and trained healthcare professionals makes the delivery of drug devices solutions challenging.
Strict Regulatory Requirement for approval of drug delivery devices
Novel excipients are indispensable in development of modern, advanced drug delivery systems. Although numerous novel excipients are developed for pharmaceutical use, they are not frequently used in medicinal products due to strict regulatory requirements and perception that their use makes new product evaluation more complex with risk of delays in the approval process.
Regulators regard novel excipients as new substances and whenever new excipient is used in a formulation it must be subjected to full evaluation, similarly to the ones required for active substance.
Consequently, the amount of information required in support of the regulatory approval (i.e. marketing authorization) is much more complex and comprehensive than for established excipients.
Technology Trends
Implantable Drug-Eluting Devices offering performance upgrade
Implantable drug-eluting devices (also referred to as implantable drug delivery systems) offer several unique advantages over conventional oral or parenteral drug delivery methods.
For instance, they can provide localized, site-specific drug delivery, which is especially important in applications such as cardiology and oncology, where targeted delivery can improve the effectiveness of treatment and minimize side effects or damage to healthy tissue.
The dosage requirements often are lower than alternatives, further reducing the potential for side effects. Also, drug-eluting devices can improve patient compliance, one of the greatest challenges in healthcare, as about 50% of conventional medications are not used as prescribed.
The treatment regimen can be simpler because it requires fewer doctor visits and dosages than traditional therapies.
Applications of implantable drug-eluting devices include, among others, diabetes management, contraception, HIV/AIDS prevention, chronic pain management, cardiology, oncology, and central nervous system (CNS) health, Along with subcutaneous implantation, various body regions can serve as implantation sites (eg, intravaginal, intravascular, intraocular, intrathecal, and peritoneal).
Market Size and Forecast
Global Drug Delivery Devices Market
The Market size of the Global Drug Delivery Devices Market is estimated to be US$ 1325.15 bilion in 2019 and is expected to grow at a strong CAGR of 6.58% to reach a market size of US$ 1882.4 billion in 2024.
North America
North America Drug Delivery Devices Market is expected to reach a market size of US$ 699.1 billion by 2024 from USD 559.6 billion in 2019, growing at a CAGR of 4.5% in the forecast period 2019 to 2024.
The major factors contributing to the growth of the North America drug delivery devices market are rising prevalence of chronic diseases, growth of biologics, new product launches, drug innovation, technological advancements, and decrease in the level of pain.
On the other hand, factors such as side effects and injuries, infections, safety measures regarding the use of devices used for the administration of drug, patent expiry, product recall and patent cliff hampers the growth of the market.
USA Drug Delivery Devices Market
U.S. is expected to dominate the market due to rising prevalence of chronic diseases, large healthcare expenditure, and paradigm shift towards value based reimbursements. U.S. dominates the market and is expected to account for the largest share of 78.2% in 2019 recording a market size of US$ 437.6 billion and set to reach a market size of US$ 545.3 billion in 2024.
This market is poised to hold the largest share due to the increasing prevalence of chronic diseases, development of biologics and pharmaceutical drugs and devices, increasing patient compliance and patient safety.
Canada Drug Delivery Devices Market
Canada’s drug delivery devices market is currently estimated to be worth US$ 78.34 billion for the year 2019 and is expected to reach US$ 98.56 billion by the end of 2024 growing at a CAGR of 4.7%. The market is driven by greater awareness and increased per capita income.
Mexico Drug Delivery Devices Market
The Market size of the Mexico Drug Delivery Devices market is estimated to be US$ 27.98 billion in 2019 and is expected to reach a market size of US$ 36.05 billion in 2024 growing at a CAGR of 7.2% in the forecast period. The growth of the market is driven by increased awareness among the population.
South America
The market size of the South American Drug Delivery Devices market is estimated to be US$ 80.3 billion in 2019 and is expected to grow at a CAGR of 5.93% to reach a market size of US$ 107.11 billion in 2024. The major factors driving the growth of the segment is increase in awareness about drug metabolism among people and a need for control on drug release.
Brazil Drug Delivery Devices Market
Brazil dominates the South American Drug Delivery Devices market recording a market size of US$ 36 billion in 2019 and is expected to grow at a CAGR of 6% to reach a market size of US$ 48.18 billion in 2024.
The growth of the Brazilian drug delivery devices market is driven by the prevalence of chronic diseases such as cancer and asthma.
Argentina Drug Delivery Devices Market
Argentina is the second largest market in the South American drug delivery devices market. The market size is estimated to be US$ 21.6 billion in 2019 and is expected to grow to a market size of US$ 29.18 billion in 2024 growing at a CAGR of 6.2%.
Europe
Europe Drug Delivery Market is the second largest revenue pocket for the global drug delivery devices manufacturers with 21.9% market share in 2019. This market is expected to reach USD 536.1 billion by 2024 from USD 377.4 billion in 2019, at a CAGR of 7.3% in the forecast period 2017 to 2024.
Germany is expected to dominate the market with largest share of 20.6% in 2019. However the drug delivery market in France is expected to be the fastest growing among the other countries in Europe.
UK Drug Delivery Devices Market
UK is the second largest market in the European Drug Delivery Devices market after Germany. The market size is estimated to be US$ 46.64 billion in 2019 and is expected to grow at a CAGR of 7.2% to reach a market size of US$ 66.03 billion in 2024.
Some of the important drivers of the market are increased investments by pharmaceutical companies and medical device companies in chronic illness research and development.
Germany Drug Delivery Devices Market
The market size of the German Drug Delivery Devices market is estimated to be US$ 77.8 billion in 2019 and is estimated to grow at a CAGR of 7.3% to reach a market size of US$ 110.66 billion in 2024. The market is driven by factors such as increasing R&D activities in the development of advanced drug delivery devices.
France Drug Delivery Devices Market
France is the fastest growing market in the European Drug Delivery Devices market. It is estimated to be worth US$ 37.3 billion in 2019 and is expected to grow at a CAGR of 7.5% to reach a market size of US$ 53.55 billion by 2024.
The major factors driving the growth of the market are growth of biosimilars, innovation in drug development, and advancements in technology.
Asia-Pacific
Asia-Pacific is the fastest growing geographic market. The growth is contributed majorly by driving factors such as significant increase in the prevalence of chronic diseases in the region, rise in government support for the patient population.
In addition, market players are engaged in the development of novel products in the countries through robust R&D activities and partnerships and acquisitions. APAC Drug Delivery Devices Market is expected to reach US$ 235.8 billion by 2024 from US$ 188.8 billion in 2019, at a CAGR of 7.6% in the forecast period 2019 to 2024.
China Drug Delivery Devices Market
China is the largest market in the APAC Drug Delivery Devices market and is estimated to be worth US$ 113.3 billion in 2019 and is estimated to reach a market size of US$ 161.47 billion in 2024 growing at a CAGR of 7.4% in the forecast period 2019 to 2024.
The market is primarily driven by factors such as high prevalence of sickness, for example, diabetes in China is expected to reach 60 million in 2024.
India Drug Delivery Devices Market
The market size of the Indian drug delivery devices market is estimated to be US$ 45.31 billion in 2019 and is expected to grow at a CAGR of 7.6% to reach a market size of US$ 65.35 billion in 2024.
The growth factors include immediacy of high growth openings will guarantee a bright future development of the market, enhanced social insurance framework due to empowering government activities.
Japan Drug Delivery Devices Market
Japan is one of the top performing markets in the Asia-Pacific Drug Delivery Devices market. The market is driven by rising geriatric population and prevalence of chronic diseases such as diabetes.
The market is estimated to record a market size of US$ 33.9 billion in 2019 and is expected to reach a market size of US$ 47.99 billion in 2024 growing at a CAGR of 7.2% in the forecast period 2019 to 2024.
Middle-East & Africa
The market size of the MEA drug delivery devices market is estimated to be US$ 62 billion in 2019 and is expected to grow at a CAGR of 5.6% to record a market size of US$ 81.42 billion in 2024. The market is driven by factors such as growing paediatric and geriatric population, growth in R&D activities and prevalence of chronic diseases.
UAE Drug Delivery Devices Market
UAE is the largest market in the MEA drug delivery devices market and it is estimated to hold a market size of US$ 18.6 billion in 2019 and is expected to grow at a CAGR of 5.4% to reach a market size of US$ 24.19 billion in 2024.
Saudi Arabia Drug Delivery Devices Market
The market size of the Saudi Arabian drug delivery devices market is estimated to be US$ 14.88 billion in 2019 and is expected to reach a market size of 19.73 billion in 2024 recording a CAGR of 5.8% in the forecast period 2019 to 2024.
The factors aiding the growth of the market include growing geriatric population and significant investments made by pharmaceutical companies for the development of advanced drug delivery devices.
South Africa Drug Delivery Devices Market
South Africa holds a significant market share of 21% of the MEA drug delivery devices market. The market size is estimated to be US$ 13.02 billion in 2019 and is expected to grow at a CAGR of 5.7% to reach a market size of US$ 17.18 billion in 2024.
Market Outlook
Based on the route of administration the drug delivery devices market is segregated into oral, injectable, topical, pulmonary, nasal, ocular, implantable and transmucosal.
Of this the oral drug delivery market dominates the market in 2019 and in the near future injectable drug delivery will dominate the Global drug delivery market with the largest share in the drug delivery market. Topical drug delivery is poised to grow at the fastest CAGR growth rate of 8.3%.
On the basis of end users the market is categorized into hospitals, over the counter, ambulatory surgery centers/clinics, home care settings, diagnostic centers and others.
The hospital segment dominates the Global drug delivery devices market holding a market share of 57%. Home care settings segment is the fastest growing with a CAGR of 6.5%.
The Global drug delivery devices market on the basis of application is segmented into Cancer, infectious diseases, Respiratory diseases, Diabetes, Cardiovascular diseases, Autoimmune diseases, Central Nervous System disorders and others (Endocrine disorders, Ophthalmic disorders).
Of this the diabetes segment dominates the market with a market share of 32%. The Cancer segment is expected to grow at the fastest rate, growing at a CAGR of 9.3%.
Based on Geography the Global drug delivery devices market is segmented into North America, South America, Europe, Asia-Pacific and Middle-East & Africa. Of this North America holds the major market share of 35% and is followed by Europe with 21.9% in 2019. Asia-Pacific is the fastest growing region clocking a CAGR of 7.6% in 2019
Technology Roadmap
Emergence of Connected Drug Delivery Devices
Connected drug delivery devices are devices with attached or incorporated capability that includes connectivity to wider digital services. On the basis of technology, the products are categorized into Bluetooth, Near Field Communication, and other technologies, which include cellular and low power wide area networks.
Bluetooth segment led the market with the highest revenue share in 2019 and is expected to witness lucrative growth from 2019 to 2024. However, other technologies segment is expected to emerge as the fastest-growing segment in the next few years.
A large number of connected drug delivery systems work with Bluetooth as it is easily available and cheaper as compared to other technologies. For instance, Propeller Health’s add-on sensor used on respiratory inhalers and BIOCORP’s Datapen operate on Bluetooth technology.
Moreover, the technology is compatible with most of the smartphones and media devices available in the market and is the most widely used technology. This is projected to drive the segment over the forecast period. Moreover, with the launch of Bluetooth 5 technology in 2016, the segment is expected to witness a rapid growth in the next few years.
The anticipated launch of cellular technologies, such as 5G, in the coming years is expected to enhance the quantity of information transferred among connected devices and thus, increase their speed.
The use of 5G over the existing technologies like Bluetooth and NFC is expected to overcome their respective limitations, such as the requirement of a hub and a companion device or need for close proximity for data transfer.
5G would lead to increased coverage as compared to 4G and other means, such as Wi-Fi. Moreover, due to its high speed, the technology can transfer limitless data directly to the cloud without the need for a proximity device or a data hub, which is expected to boost the use of 5G cellular devices in the connected drug delivery devices market.
Distribution Chain Analysis
Supply Chain of Global Drug Delivery Devices Market:
The value chain of the drug delivery devices segment essentially comprises R&D, production and marketing and sales. All the other stakeholders interplay within the boundaries of these key processes.
R & D: The research and development comprise various phases for new molecule formulation, new therapy area, biologics, biosimilars, and biologics.
Production: The various activities of the production process include procurement, quality control, process, equipment handling, storage, and warehouse.
Marketing & Sales: In this stage, marketing, distribution, and sales activities are carried out.
To make the value chain robust, lead identification, clinical trials, vendor assessment, process optimization, quality control, and product and marketing strategy combined with distribution strategy are the key success factors.
Competitive Landscape
The drug delivery devices market is highly fragmented owing to the presence of several large and small players. Johnson & Johnson, Inc. (US), F. Hoffman-La Roche (Switzerland), Merck & Co., Inc. (US), Bayer AG (Germany), Pfizer, Inc. (US), Novartis AG (Switzerland), 3M Company (US), Becton, Dickinson and Company (US), GlaxoSmithKline plc, (UK), Sanofi (France), and Antares Pharma, Inc. (US) are some of the leading players operating in the market. Johnson & Johnson, Inc is one of the prominent players in the pharmaceutical drug delivery market.
The company offers a robust product portfolio and has a strong geographical presence in this market. The company has 125 manufacturing facilities all across the globe. J&J primarily focuses on products related to human health and well-being.
Innovation is an integral part of the company. The firm is committed to improving human therapeutic medicines through continuous investment in R&D.
Novartis AG is another leading player in the pharmaceutical drug delivery market. The company’s strong brand recognition and extensive product portfolio in this market are its key strengths.
To maintain its leading position in the market, the company adopts organic as well as inorganic growth strategies such as acquisitions and expansions.
The market is highly fragmented and competitive. Cost-efficiency coupled with a skilled workforce continues to make it an attractive destination for investment and research.
Overall, the threat of new drug manufacturers and the threat of substitute drugs is very low in the Indian pharmaceutical industry. Nevertheless, the bargaining power of patients and competitive rivalry is acute despite the medium bargaining power of suppliers.
Competitive Factors
Global drug delivery devices market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
Recent Market Developments
- In September 2018, Sulzer Ltd announced that they had completed the acquisition of MEDMIX SYSTEMS AG. This acquisition will help Sulzer Ltd in expanding their business segments to include the healthcare division and help in providing various products for the healthcare market.
- In January 2019, BD launched BD Nano 2nd gen pen needles reinforces BD’s which is an advanced drug delivery device for diabetes.
- In November 2019, a significant development was witnessed between AptarGroup and Nobel International. This acquisition will empower the drug delivery devices market globally. The merger is for developing and improving medicine delivery practice tools for the patients suffering from the illness. This will enhance the Aptar’s portfolio and will assist the healthcare industry.
Key Market Players
The Key Market Players in the global drug delivery devices market include
Johnson & Johnson Inc. (US) manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.
F. Hoffman-La Roche (Switzerland) provides in-vitro diagnostics and drugs for cancer and transplantation. The Company specializes in medicines for oncology, virology, inflammation, metabolism, CNS, clinical chemistry, immunology, urinalysis, blood screening, genetics, infectious diseases, and microbiology. F. Hoffmann-La Roche operates throughout Switzerland.
Merck & Co., Inc. (US) is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.
Bayer AG (Germany) produces and markets healthcare and agricultural products. The Company manufactures products that include aspirin, antibiotics, anti-infectives, cardiovascular, oncology, central nervous system drugs, over-the-counter medications, diagnostics, and animal health products, as well as crop protection products, plastics, and polyurethanes.
Pfizer, Inc. (US) operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.
Novartis AG (Switzerland) manufactures pharmaceutical and consumer healthcare products. The Company uses innovative science and digital technologies to create transformative treatments in areas of great medical need. Novartis offers patent protected prescription medicine and generic pharmaceuticals and biosimilars.
Strategic Conclusion
The Global Drug Delivery Devices is at growth stage and hence poised to witness significant growth across the globe. The market is estimated to be worth US$ 1325.15 billion in 2019 and is expected to grow at a CAGR of 6.58% to reach a market size of US$ 1882.4 billion in 2024.
The Global drug delivery devices market is driven by factors such as rise in the number of Geriatric Population and Increasing incidence of Chronic Disease.
The market is expected to witness significant growth rate in the forecast period (2019 to 2024), However bottlenecks exist in the form of Significant decline in sales of Branded Drugs, Pricing pressures in Global Healthcare System and High cost of development.
The challenges for the growth of the market exist in the form of Lack of skilled and trained professionals and Strict Regulatory Requirement for approval of drug delivery devices.
References
- https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Life-Sciences-Health-Care/gx-lshc-hc-outlook-2019.pdf
- https://www.mckinsey.com/~/media/mckinsey/dotcom/client_service/Pharma%20and%20Medical%20Products/PMP%20NEW/PDFs/778886_India_Pharma_2020_Propelling_Access_and_Acceptance_Realising_True_Potential.ashx
- https://www.healthcaredive.com/news/most-nations-grappling-with-increased-healthcare-cost-trends/562856/
- https://www.advamed.org/sites/default/files/resource/medical_industry_in_india_-_the_evolving_landscape_oppurtunities_and_challenges_white_paper.pdf
- https://www.researchgate.net/publication/325290115_Novel_excipients_-_Regulatory_challenges_and_perspectives_-_The_EU_insight
- https://www.pharmacircle.com/rc/files/docs/1442408626_Chpt_8_DD2011%202015-08-03.pdf
- https://ihsmarkit.com/research-analysis/telehealth-pharma-creating-opportunities-for-remote-drug-delivery-and-clinical-trials.html
Appendix
- SMEs – Small & Medium Enterprises
- NFC – Near Field Communication
- FDA – Food and Drug Administration
- CGM – Continuous Glucose Monitors
- CNS – Central Nervous System
- NDA – New Drug Application
