June 17, 2020
As per the report titled ‘Pharmaceutical Drug Delivery Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Route of Administration; Application; End User, available with Market Study Report LLC, global pharmaceutical drug delivery market was worth USD 1,403,082.9 million in 2019 and is projected to reach USD 2,296,170.9 million by the end of the forecast period, expanding with a CAGR of 6.6% through 2027.
Rising prevalence of chronic and infectious diseases coupled with increasing expenditures on R&D of drug delivery devices are driving the global pharmaceutical drug delivery market. For instance, as per the report of Pharmaceutical Research and Manufacturers of America (PhRMA), the expenditure of biopharmaceutical companies in R&D increased to 58.8 billion in 2015 as compared to USD 49.6 billion in 2012. In a similar turn of events, Evonik Corporation has made an investment of USD 50 million over the past four years in the manufacturing of RESOMER polymers for bioreabsorbable and drug delivery medical devices.
Furthermore, growing focus of pharmaceutical and biopharmaceutical companies towards R&D activities for developing new molecules for various applications in therapeutics and drug delivery platforms is rendering a positive impact on the market. However, the high cost of drug delivery devices is arresting the market growth.
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Based on the route of administration, injectable drug delivery segment held majority share of global pharmaceutical drug delivery system market in 2019. The report estimates that topical drug delivery segment will register the highest CAGR over the analysis period.
Elaborating on the application scope, cancer segment accounted majority of the market share in 2019, however, infectious diseases segment is presumed to register the highest growth rate through 2027.
Speaking of the end user spectrum, the market is categorized into home care settings, hospitals, ASC/clinics, and other end users, wherein hospitals segment is expected to show robust growth over the projection period.
Major players operating in global pharmaceutical drug delivery industry are Antares Pharma, 3M, Bayer AG, GlaxoSmithKline plc., BD, MERCK KGaA, Novartis AG, Pfizer Inc., and Johnson & Johnson. These industry giants are undertaking strategic collaborations and partnerships for new product development, thereby strengthening the business landscape. For instance, in December 2018, IntelGenx Corp., a leading provider of oral drug delivery solutions, signed an agreement with Gensco Pharma for the commercializing RIZAPORT drug in the United States.