Major players in the drug delivery devices market are F. Hoffmann-La Roche Ltd, 3M Company, Pfizer Inc. , Baxter International, BD. , Novartis AG, Gerresheimer AG, Johnson & Johnson Services, Inc. , Bayer AG, and GlaxoSmithKline plc.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drug Delivery Devices Global Market Report 2021: COVID 19 Implications And Growth to 2030" - https://www.reportlinker.com/p06065176/?utm_source=GNW
The global drug delivery devices market is expected to grow from $40.7 billion in 2020 to $42.76 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $50.9 billion in 2025 at a CAGR of 4.5%.
The drug delivery devices market consists of the sales of medical devices and equipment that are used for delivering specific drugs to a specific part of the body to cure chronic diseases such as cancer, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases.The market includes the sales of the devices that are specifically made for delivering the specific drugs according to the various administration techniques such as oral drug delivery, injectable drug delivery, topical drug delivery, ocular drug delivery, pulmonary drug delivery, nasal drug delivery, transmucosal drug delivery and implantable drug delivery.
Drug delivery devices used in various patient care settings such as hospitals, diagnostic centres, pharmaceutical companies, clinics and home care settings are included in this market.
owing to the Covid-19 pandemic. Drugs used for Covid-19 treatment are both oral and injectable; however, a marginal increase is expected for pulmonary or respiratory-based drug delivery devices.
The regulatory changes related to medical devices is expected to restraint the growth of drug delivery devices market.The companies operating in the market are required to adapt according to the changes in the regulatory framework, which may limit business at the bottom line.
Also, companies will have to bear the heavy cost of adapting to the changing regulatory framework.Also, the sudden changes in the regulatory framework related to medical devices can result in losses, fines, penalties at a global level.
For instance, European Union (EU) and the parliament in 2017 approved the new Medical Device Regulation (MDR) and Medical Device Single Audit Program (MDSAP) to monitor all the medical devices for quality.The new MDSAP will come into effect from 2020 and is adopted by regulators in the US, Canada, Japan, Brazil, and Australia.
Following the changes, in Canada, all the medical device manufacturers including drug delivery products manufacturers, will have to comply with the requirements of MDSAP and are required to submit the MDSAP reports to the regulatory body in order to obtain or maintain the device licenses, resulting in high costs and time loss. Thus, the growth of the drug delivery devices market is limited by the regulatory changes related to medical devices.
The microneedle (MN), is a highly efficient and versatile medical device technology, due to its prominent properties including painless penetration, low cost, excellent therapeutic efficacy, and relative safety.The major players operating in the global microneedle drug delivery system include, 3M, Vetter Pharma International GmbH, nano Biosciences LLC, Nano Pass and more.
The microneedles are fabricated using biodegradable polymers in which drugs or vaccines are encapsulated in the microneedles.Once, the microneedles dissolve in the skin, the drug gets released.
This novel delivery method allows a wider variety of molecules to pass the skin’s barrier, thus allowing the transdermal delivery to be applied to a large range of clinical applications, including diabetes, severe osteoporosis, and influenza vaccination.
Companies in the drug delivery devices market are collaborating with other companies within the industry in order to strengthen their product portfolio as well as to expand their footprint across different geographies.For example, in December 2019, Leo Pharma, a Danish pharmaceutical company, has collaborated with Portal Instruments to build Portal’s advanced needle-free drug delivery system for use in conjunction with LEO Pharma’s research and approved drug portfolio.
This simplifies administration and removes the need for sharp containers at home, and also decreases the time required for self-injections.
In August 2020, Sulzer, a Swiss-based engineering and manufacturing firm acquired Haselmeier GmbH for $118m.The acquisition of Haselmeier will allow Sulzer to complement its healthcare portfolio, in addition to leveraging its APS expertise in precision injection moulding to expand its presence in the drug delivery devices market.
Haselmeier GmbH, a Swiss-German drug delivery device developer and manufacturer.
The rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer and other diseases is expected to drive the drug delivery devices market.According to the world health organization (WHO), by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide, and that 71% of deaths due to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries.
There are various routes of drug administration for medical drugs.The selection of the route depends on three factors - the effect desired; the type of the disease and the type of the product.
Currently, the development of new drug delivery systems plays a major role in pharmaceutical industries.Research and development (R&D) in drug delivery are increasing throughout the world due to increasing prevalence of these diseases.
Most of the pharmaceutical companies are focusing on multiple drug delivery technologies for creating excellent advantages and better outcome for their marketed products. Hence, the increasing prevalence of chronic diseases is resulting in increased consumption of therapeutic drugs and therapies, and this factor is expected to act as a driver for the growth of the drug delivery devices market.
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