The global Drug and Gene Delivery Devices Market is estimated to be valued at US$ 169.3 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Drug and gene delivery devices are used for the effective delivery of therapeutics such as biologics, small molecules and genes into the body by various routes of administration. These devices offers advantages such as targeted therapy, controlled release, specificity and efficiency.
Market key trends:
One of the key trends in the drug and gene delivery devices market size is the rising demand for targeted drug delivery systems. Targeted drug delivery aims to deliver the drug directly to the site of action in the body in order to increase the drug efficacy and reduce side effects. Advances in materials science and nanotechnology have enabled the development of various targeted drug delivery systems such as nanoparticles, micelles, liposomes and polymeric carriers which can transport drug molecules to specific sites in the body. This helps in achieving higher concentrations of drug at disease sites and lower systemic drug levels, resulting in enhanced therapeutic effect and lower toxicity.
SWOT Analysis
Strength: The drug and gene delivery devices market offers treatment for various diseases such as cancer, infectious diseases, cardiovascular diseases. It helps in targeted drug delivery which reduces side effects and improves efficacy of drugs.
Weakness: High cost involved in R&D of advanced drug delivery systems. Stringent regulatory approvals delay product launches.
Opportunity: Increasing prevalence of chronic diseases and rising demand for personalized medicine and targeted drug delivery systems. Growing awareness about advanced therapeutics.
Threats: Existing delivery methods like oral and injectable drugs limit market growth. Expiry of patents of blockbuster drugs impact market revenues.
Key Takeaways
The global drug and gene delivery devices market is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis
North America accounted for the largest share in the global market in 2023 and is expected to remain dominant during the forecast period. This is attributed to higher adoption of advanced medical technologies and growing research in drug delivery systems in the region. Asia Pacific is expected to grow at fastest pace during the forecast period owing to rising healthcare spending, increasing patient pool and presence of generic manufacturers.
Key players operating in the drug and gene delivery devices market include Pfizer, Inc., Novartis AG, Kite Pharma, Inc., Bluebird bio, Inc., Becton Dickinson and Company, Amgen, Inc., Vericel Corporation, uniQure N.V., Spark Therapeutics, Inc., Renova Therapeutics, Orchard Therapeutics plc, Kolon Tissue Gene, Inc., Human Stem Cell Institute, Dendreon Pharmaceuticals, Helixmith Co., Ltd (ViroMed Co., Ltd), Bausch & Lomb Incorporated, and Castle Creek Biosciences, Inc (Fibrocell Technologies, Inc.), among others.
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