Drug and gene delivery devices are medical instruments used for the precise and effective administration of pharmaceutical drugs, genes, and other therapeutic materials into patients. These advanced devices enable non-invasive and targeted delivery of drugs, genes, and other biologics to treat various diseases and conditions.
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 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the drug and gene delivery devices market is the rising adoption of advanced technological devices. Technological advancements have enabled the development of innovative targeted and personalized drug delivery devices with advanced features such as precision and accuracy. For instance, 3D printing technology is being utilized to manufacture personalized drug delivery devices with customized dosages and release profiles. This allows for developing patient-specific drug delivery devices with optimal drug release kinetics. The increasing investments by manufacturers in advanced technologies for developing novel personalized devices are expected to boost the demand for drug and gene delivery devices over the forecast period.
SWOT Analysis
Strength: Drug and gene delivery devices offer minimally invasive treatment options compared to conventional methods which reduce hospital stay and recovery time.
Weakness: High costs associated with development and adoption of these advanced delivery devices pose major challenges in healthcare systems.
Opportunity: Rising prevalence of chronic diseases and advantages over traditional treatment methods will drive demand for advanced drug and gene therapies using delivery devices.
Threats: Stringent regulatory norms and time to get product approvals can delay market entry for new players.
Key Takeaways
The Global Drug And Gene Delivery Devices Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 21% over the forecast period 2023 to 2030.
The North America region currently dominates the market owing to rapid adoption of advanced healthcare technologies and presence of leading players. Asia Pacific is expected to grow at fastest pace due to rising healthcare investments, growing medical needs of large patient pool, and expansion efforts of major market players in countries like China and India.
Key players related content comprises Key players operating in the drug and gene delivery devices market are 3D Systems Corporation, Cyfuse Biomedical KK, GeSIM GmbH, 3D Bioprinting Solutions, Aspect Biosystems Ltd., Organovo Holdings Inc., ARCAM AB, Cellink AB, RegenHU SA, REGEMAT 3D, EnvisionTEC GmbH and Stratasys Ltd. The key players are focusing on new product launches, partnerships and regulatory approvals to strengthen their market position. For instance, in 2022, Organovo launched the first 3D bioprinted human liver tissues to simulate NASH disease for testing drug efficacy and toxicity.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.