Rising incidences of chronic diseases is leading the growth of drug delivery systems market over the forecast period.
According to The Insight Partners market research study titled "Drug Delivery Systems Market - Global Analysis and Forecasts by Route of Administration, Application, Distribution Channel, and End User, the global drug delivery systems market is expected to reach US$ 2,302.2 Bn in 2027 from US$ 1,243.1 Bn in 2018. The market is estimated to grow with a CAGR of 7.2% from 2019-2027. The report highlights the trends prevalent in the global drug delivery systems market and the factors driving the market along with those that act as deterrents to its growth.
The drug delivery systems market by product is segmented into oral, transmucosal, injectable, topical, implantable, and ocular. In 2018, oral drug delivery system segment led held a largest market share of 50.2% of the drug delivery systems market, by route of administration. Whereas, the transmucosal segment is expected to grow at a CAGR of 8.8% during the forecast period from 2019 to 2027. This is primarily attributed to rapidly rising incidence of chronic disorders, including gastrointestinal, respiratory, and autoimmune disorders.
Key factors driving the market are rising incidence of chronic diseases, growing demand for non-invasive drug delivery devices, increasing R&D expenditures in and pharmaceutical and medical device companies.
However, the restraining factors for the market are high cost involved in development of drug delivery devices and product recalls.
Some of the prominent players operating in drug delivery systems market are, BD, Novo Nordisk A/S, 3M, Boston Scientific Corporation, Bausch Health Companies Inc., Baxter International, Inc., Boehringer Ingelheim, Novartis AG, GlaxoSmithKline plc., and Johnson & Johnson Services, Inc. among others.The market players are focused towards bringing new and innovative products to sustain their position in the market. For instance, in January 2019, BD launched BD Nano 2nd gen pen needles reinforces BD’s commitment to providing the most advanced solutions possible for people with diabetes to help achieve better clinical management of insulin use. The developments performed by the companies are helping the market to grow in the coming years.