The Global Drug Delivery Technology Market is estimated to secure a valuation of US$ 4.3 billion in 2023 and reach US$ 143.5 billion by 2033. The global market is anticipated to register a CAGR of 12.6% during the forecast period.
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How are Manufacturers Bringing New Opportunities in the Global Drug Delivery Technology Industry?
Manufacturers bring new technology, trends, and innovations that drive new opportunities in the global market. Manufacturers actively adopt various technologies to enhance drug delivery methods that increase treatments. Some of these opportunities in the global market are as follows:
- Nanotechnology: Nanotechnology is widely used for drug delivery systems to gain popularity in the market. These technologies carry nano drugs, including micelles and liposomes, to reduce side effects and enhance drug efficiency.
- Biodegradable and Implantable Devices: Manufacturers are focused on investing heavy amounts in biodegradable drug delivery devices to improve patients’ conditions, reduce dosing, and conveniently make them.
- Wearable Drug Delivery Devices: Manufacturers are developing wearable devices, including injectors, patches, and pumps, to control continuous drug delivery. These advanced devices are patient-friendly and non-invasive as compared to traditional delivery.
- Better Health Solutions: Manufacturers integrated drug delivery technologies on devices, including mobile apps and remote monitoring systems, to track patients’ conditions, respond, and adjust treatment.
- Personalized Medicines: The advanced technology enhances the personalized medicine approach to identify biomarkers. Manufacturers explore various ways to treat patients with optimized therapeutic.
- Combination Products: Manufacturers are working on innovating drug systems, including sensors, inhalers, and auto-injectors. These products are widely accepted by patients for better and more efficient treatments.
- Non-invasive Delivery Methods: Research institutions and agencies are developing novel drug delivery technologies, such as nasal sprays and transdermal patches, to enhance patients’ comfort.
- Cell Therapy Delivery: The manufacturers actively focus on developing specialized delivery systems by adopting cell therapies for safe and effective patient delivery.
- Expanding Manufacturing Technique: The manufacturers continue to expand the market through their advancement in drug delivery devices. It allows a better approach, reduced costs, and high production with quality control.
- Regulatory and Market Support: Manufacturers are gaining popularity in improving regulations by innovating drug delivery technologies. The regulatory agencies are collaborating with institutions for market success through their strategies.
These are a few of the new opportunities in the Global Drug Delivery Technology Industry by manufacturers that significantly drive the market size.
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Key Takeaways:
- The Global Drug Delivery Technology Industry is estimated to register a CAGR of 12.6% with a valuation of US$ 143.5 billion by 2033.
- The market captured a CAGR of 8.6% in the historical period between 2018 and 2022.
- The United States is anticipated to dominate the global market by registering a share of 28.6% during the forecast period.
- With a share of 5.5%, Germany is significantly driving the global market by 2033.
- Japan is anticipated to secure a share of 5.3% in the global market during the forecast period.
Key Player’s Innovations Bring Lucrative Growth in the Global Drug Delivery Technology Industry
The market is highly fragmented by the present essential players globally. These players are trying to develop new and unique products by heavily investing in research and development activities. They are focused on offering improved products to their consumers by taking relevant feedback from them.
Key players adopt various marketing strategies to expand the global market, including mergers, acquisitions, collaborations, and partnerships.
Recent Developments in the Global Drug Delivery Technology Industry are:
In 2022, Merck announced its partnership with Starpharma to develop an antibody-drug conjugate. The company took this partnership to enhance its business in healthcare facilities.
Key Companies Profiled
- Johnson and Johnson Pvt. Ltd
- 3M
- Novartis AG
- Pfizer Inc.
- GlaxoSmithKline PLC
- Merck & Co. Inc.
- Antares Pharma
- Generex Biotechnology
- Sivida Corporation
- Alkermes
- Aradigm Corp.
- Vectura Group Plc.
- NanoPass Technologies Ltd.
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Global Drug Delivery Technology Industry by Segmentation
By Route of Administration:
- Oral Route
- Parenteral Route
- Intramuscular
- Intravenous
- Intra-arterial
- Subcutaneous route
- Transdermal Route
- Inhalation Route
- Nasal Drug Delivery
By End User:
- Hospitals
- Clinics
- Diagnostic Centres
- Home care settings
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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