According to a new report published by Allied Market Research, titled, "Pharmaceutical Drug Delivery Market by Route of Administration and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global pharmaceutical drug delivery market was valued at $1,200 billion in 2018, and is expected to reach $1,733 billion by 2026, registering a CAGR of 4.7% from 2019 to 2026.
Pharmaceutical drug delivery (DDS) systems are defined as drug formulations, which are responsible for controlling the administration of medications with the aid of a chemical or a physiological trigger, thereby delivering medications to specially targeted parts of a patient’s body. Moreover, these systems are used to enhance drug absorption, efficacy, and patient experience. In addition, DDSs provide protection against the biochemical degradation of pharmaceutical agents.
Surge in awareness related to use of pharmaceutical drug delivery is the major factor that contributes to the growth of the global market. In addition, rise in governmental support for research in the field of drug delivery and increase in healthcare expenditure fuel the pharmaceutical drug delivery market growth. Furthermore, rise in prevalence of various chronic diseases such as cardiovascular diseases, cancer, and respiratory diseases, which require the use of pharmaceutical drug delivery systems is a major factor that boosts the growth of the market. However, rise in number of drug recalls and drug failures restricts the growth of the market. On the contrary, high growth potential in developing economies is expected to offer remunerative opportunities for market expansion during the forecast period.
The global pharmaceutical drug delivery market size is studied on the basis of route of administration, application, and region to provide a detailed assessment of the market. Depending on route of administration, the market is segmented into oral drug delivery system, pulmonary drug delivery, ocular drug delivery systems, nasal drug delivery system, ocular drug delivery, topical drug delivery, and others. The applications covered in the study include cancer, diabetes, respiratory diseases, cardiovascular diseases, and others. Region wise, the pharmaceutical drug delivery market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and rest of LAMEA).
According to route of administration, the others segment occupied the largest share of pharmaceutical drug delivery market in 2018, and is expected to grow at the fastest pace during the forecast period, owing to rise in awareness related to the use of drug delivery systems and increase in healthcare expenditure.
By application, the cancer segment occupied the largest share of the pharmaceutical drug delivery market, in 2018. This growth is attributable to surge in prevalence of cancer. Moreover, rise in need for novel and advanced therapeutics required for cancer treatment is acts as a key factor that boosts the growth of the global market. However, the others segment is expected to grow at the fastest pace during the forecast period, owing to alarming increase in prevalence of various disorders such as respiratory disorders such as asthma and bronchitis.
Key Findings of the Study:
- By application, the others segment occupied three-fourths share of the global pharmaceutical drug delivery market in 2018.
- The oral drug delivery occupied one-third share of the global pharmaceutical drug delivery market in 2018.
- The others segment in route of administration is expected to show fastest growth rate during the forecast period.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.