The global “drug delivery market” size is forecasted to reach USD 1,792.60 billion by 2026, attributable to the rapid development of the pharmaceutical industry and the advent of drug delivery systems worldwide. The rising trend of digitalization in the pharmaceutical industry has propelled the demand for drug delivery systems for accurate, convenient, and systematic drug concentration for patients. As per a recently published report by Fortune Business insights™ titled, “Drug Delivery Devices Market Size, Share & Industry Analysis, By Route of Administration (Injectable, Nasal, Topical & Transdermal, Oral and Others), By Type (Conventional and Advanced), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and Regional Forecast, 2019-2026,” the size was USD 1,020.07 billion in 2018 and is likely to exhibit a CAGR of 7.3% between 2019 to 2026.
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https://www.fortunebusinessinsights.com/drug-delivery-market-102416
Which Factors Affect the Market Growth?
Rising Popularity of Smart Wearables will Aid in Expansion of Market
There has been a rise in demand for advanced drug delivery devices on account of increasing launch of innovative products, sufficing to consumer satisfaction and efficiency. This is a significant factor in boosting the drug delivery devices market growth. In addition, the advent of smart technology, user-friendly operations, and large volume doses are other factors aiding in the expansion of the market. Furthermore, the increasing popularity of wearables, insulin jets, ocular inserts, and others are likely to help the market gain impetus in the forecast period.
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Key Industry Developments of Drug Delivery Devices Market Include:
March 2019 – The FDA approved Bidose nasal drug delivery device manufactured by Aptar Pharma. This device is meant for treating depression, as was approved as a breakthrough therapy by the US Food and Drug Administration.
August 2019 – Insights Product Development and Nemera entered into a strategic collaboration for providing drug delivery services to patients in North America. This strategy will help strengthen the product portfolio of both the entry-level companies and collectively earn significant revenues from the market.
