Drug Delivery Systems Market Set to Register Strong 7% Growth, Concludes Fact.MR
The global drug delivery systems market shall register an upswing, expanding at a strong CAGR of 7.0% during the forecast period (2020-2025).
As a result, key players in the industry have scaled up their production in order to meet shortages. The easing of nationwide lockdowns and lifting of travel restrictions is anticipated to regenerate production cycles and supply chains, thus restoring the supply of drug delivery systems. In addition, the utilization of drug delivery systems for gene therapy will leverage the global drug delivery systems market.
Key Takeaways of Global Drug Delivery Systems Market Study:
• By delivery type, targeted drug delivery shall grow at a CAGR of 6.8%, accounting for almost half of the global drug delivery systems market. However, polymeric drug delivery is expected to grow the fastest at the rate of 7.3% during the forecast period. Use of nanotechnology and localized drug delivery are key growth drivers for both segments.
• By application, the oncology segment shall expand the fastest at a CAGR of 7.5% while the CNS segment shall grow at a CAGR of 6.9%. Rising prevalence of cancer and neurological disorders have boosted the demand for enhanced drug delivery devices, thus boosting the overall market share.
• By route of administration, the injectables segment shall capture a major chunk of the global drug delivery systems market, constituting 44.6% market share. The oral segment is close behind, capturing nearly 2/5th of the global drug delivery systems market. Faster drug delivery at the affected site drives the growth of the injectables segment while advancements in oral drug formulations such as solid lipid nanoparticles shall drive the growth of the oral drugs segment.
• By region, North America shall dominate the global drug delivery systems market, capturing nearly 40% of the market. At the same time, Asia-Pacific shall expand the fastest, at a CAGR of 7.8% across the forecast period. Increasing prevalence of acute chronic infections, introduction of advanced drug delivery devices and systems and favorable reimbursement policies for key players shall drive growth in both regions.
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"Introduction of nanotechnology, coupled with three-dimensional printing and strengthening of existing and new drugs are poised to act as important growth stimulators of the global drug delivery systems market. Key manufacturers are exploiting the available opportunities to consolidate their foothold within the market," concludes a Fact.MR analyst.