The pharmaceutical drug delivery market involves the administration of a pharmaceutical product to patients to achieve a therapeutic effect. Drug delivery technologies have evolved significantly over the past few decades with advanced drug formulation approaches that enable targeted and sustained drug release at the site of action. This allows for improved efficacy of pharmaceutical drugs along with reduced dosing frequency and side effects. Nanoparticle-based drug delivery, transdermal patches, oral thin films, and controlled release formulations are some widely adopted advanced techniques. The global pharmaceutical drug delivery market is estimated to be valued at US$ 2307.27 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing adoption of advanced drug formulation technologies is expected to boost the pharmaceutical drug delivery market over the forecast period. Novel technologies such as nanoparticle engineering, lipid drug conjugation, and stimuli-responsive polymers have shown promising potential for targeted drug delivery. This helps in overcoming challenges related to conventional administration approaches. For instance, liposomes and nanoemulsions have emerged as effective delivery carriers to improve therapeutic efficacy for cancer treatments. In addition, the growing demand for self-administrable drug delivery formulations is anticipated to fuel market growth. Transdermal patches and oral thin films offer convenience of self-administration compared to injections and provide sustained drug release. This helps in improving patient compliance.
Segment Analysis
The pharmaceutical drug delivery market can be segmented into oral drug delivery, pulmonary drug delivery, injectable drug delivery, topical drug delivery, implantable drug delivery and transmucosal drug delivery. Oral drug delivery dominates the market with the largest share owing to its ease of administration and patient compliance. However, the injectable drug delivery segment is expected to witness the highest growth during the forecast period due to the increasing demand for self-injection devices and launch of novel biologics.
PEST Analysis
Political: Government support for research and development activities in drug delivery technologies is driving growth. Favorable regulations for clinical trials are supporting new product approvals.
Economic: Rising healthcare expenditure and growth in demand for advanced treatment options are fueling market expansion. Patent expirations of biologics are creating opportunities for generic drug developers.
Social: Increasing prevalence of chronic diseases, rise in geriatric population and greater awareness about innovative therapies are augmenting the pharmaceutical drug delivery market. Lifestyle changes are contributing to high incidence of conditions like diabetes and cancer.
Technological: Adoption of drug delivery techniques such as microencapsulation, transdermal drug delivery and controlled release formulations are enhancing patient compliance. 3D bioprinting is enabling development of organ-on-chip models for testing drug formulations.
Key Takeaways
The Global Pharmaceutical Drug Delivery Market Size is expected to witness high growth over the forecast period supported by rising prevalence of chronic conditions, increasing R&D initiatives and launch of advanced drug delivery systems.
Regional analysis: North America dominates the market due to high healthcare spending and availability of advanced healthcare facilities. Asia Pacific is anticipated to witness the fastest growth supported by growing healthcare infrastructure, rising disposable incomes and expanding patient pool in countries like China and India.
Key players operating in the pharmaceutical drug delivery market are Thermo Fisher Scientific Inc., Corning Incorporated, Lonza Group Ltd., Avantor, Inc., Synthecon Incorporated, Bico Group, ReproCELL Incorporated, Becton, Dickinson, and Company, 3D Biotek, LLC, InSphero AG. Key players are focusing on developing innovative drug carriers through collaboration and acquisition strategies to gain market share.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
