The global drug delivery system market is poised for significant growth in the years ahead.
The global drug delivery system market is poised for significant growth in the years ahead. This is on the back of increasing demand for home healthcare devices and self-administration of drugs to minimize hospital stay.
With increasing incidence of chronic diseases patients are increasingly opting for self-administration of drugs. Self-administration of drugs can be done at homes and does not require hospital stay that leads to high expenses. This also allows patients to take medication from the comfort of their homes.
Drug delivery involves formulations, methods, and technologies for the transfer of active pharmaceutical ingredients in the body for therapeutics. Key product manufacturers of drug delivery systems are engaged in research and development to introduce novel products. They are also vying for collaborations and business alliances to introduce technologically advanced drug delivery systems. For example, in September 2017, Baxter International Inc. introduced DeviceVue – an asset tracking system for sigma spectrum infusion devices.
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Some of the novel drug delivery systems employ advanced technology such as nanotechnology that enables administering drug at the precise location and in the correct amount.
Product manufacturers are developing novel drug delivery systems that can be used for self-administration of drugs for patients who undergo long term treatment.
Continuous innovations in drug delivery systems offer high throughput along with reduced side effects and improved results.
Below, we sum up key pointers of the drug delivery system market that market players could leverage for competitive gains;
- Among the key delivery system purveyed in the market, targeted drug delivery segment is foretold to display leading demand and gross maximum revenue. Simplified drug administration protocols, requirement of lower dose as compared to conventional drug delivery, avoidance of first pass metabolism, and higher therapeutic effect in small doses are some factors fuelling this segment. The polymeric drug delivery segment is predicted to display considerable growth rate in the near future. Polymeric drug delivery systems allow concentrated drug delivery in large quantity for the treatment of chronic diseases such as cancer.
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- Based on application, the oncology segment is poised to hold substantial share of the drug delivery system market in the years ahead. As per a market research report by Transparency Market Research (TMR), the oncology segment is likely to expand at a CAGR of 7.4% between 2017 and 2025.
- Factors such as continuous drug innovations and expanded product portfolio of key drug delivery system manufacturers mainly account for the dominance of oncology segment. A case in point is Amgen Inc. and ALLERGAN. In September 2017, the two companies collectively obtained FDA approval for the use of MVASI for the treatment of five types of cancer.
- Vis-à-vis revenue, North America led the drug delivery system market among other regions in 2016. In the U.S., non-communicable diseases such as cancer were related to 23% deaths in 2016. This is stoking demand for advanced drug delivery systems that are being continually introduced by product manufacturers.
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