Rise in prevalence of chronic diseases, rapid rise in the aging population, and growth in the biologics market have propelled the growth of the global drug delivery devices market
PORTLAND, Oregon, April 6, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Drug Delivery Devices Market by Device Type (Smart Pills, Inhalers & Nebulizers, Drug Eluting Stents, Safety Syringes, Implantable Drug Delivery Device, and Transdermal Patches, and, Others), End User (Hospitals and Diagnostic Centers, Ambulatory Surgery Centers and Clinics and Others), Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global drug delivery devices market was pegged at $19.06 billion in 2018, and is projected to hit $26.74 billion by 2026, growing at a CAGR of 4.3% from 2019 to 2026.
Major drivers for the market growth
Increase in prevalence of chronic diseases, rapid rise in the aging population, and growth in the biologics market have boosted the growth of the global drug delivery devices market. However, risk of needlestick injuries and stringent government regulations hamper the market growth. On the contrary, high potential in developing countries is expected to create lucrative opportunities in the near future.
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Inhalers and nebulizers segment dominated the market
The inhalers and nebulizers segment held the largest share in 2018, accounting for more than one-third of the global drug delivery devices market, owing to surge in prevalence of asthma across the globe. However, the smart pills segment is projected to manifest the highest CAGR of 7.1% during the forecast period. This is due to the benefits they offer. For instance, smart pill has enabled monitoring of the results from different drug administrations, which assist in various stages of drug development such as drug candidate profiling, drug candidate selection, and accelerating the development of new drugs.
Ambulatory surgery centers and clinics segment to manifest CAGR through 2026
The ambulatory surgery centers and clinics segment is projected to register the highest CAGR of 5.3% during the forecast period, as ambulatory surgical centers provided services for a few medical specialties such as urological, orthopedics, ophthalmology, and pain management. However, the hospitals and diagnostic centers segment held the largest share in 2018, accounting for more than two-fifths of the global drug delivery devices market, due to as hospitals have more resources to manage complications over ASCs.
North America held the lion's share
The market across North America held the largest share in 2018, contributing to around two-fifths of the market. This is owing to prevalence of chronic disorders such as cancer and diabetes that require use of specialized drug delivery devices. However, the global drug delivery devices market across Asia-Pacific is estimated to portray the fastest CAGR of 5.1% during the forecast period. This is due to surge in prevalence of diabetes and surge in awareness related to use of specialized drug delivery devices and increase in healthcare expenditure in various countries such as India and Japan.
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Major market players
- AstraZeneca PLC
- 3M Company
- Dickinson and Company
- Consort Medical plc
- Boehringer Ingelheim group
- Insulet Corporation
- GlaxoSmithKline plc, Sulzer Ltd. (Medmix Systems AG)
- Medtronic Plc
- West Pharmaceuticals Services, Inc.
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SOURCE Allied Market Research