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(Medical-NewsWire.com, March 01, 2019 ) Rising prevalence of chronic diseases, growth in biologics market, technological advancements and new product launches are some of the major factors driving the growth of the market. Drug delivery technologies improve the efficacy and safety of a drug by controlling the rate, time, and place of drug release in the body.
The drug delivery technology market is expected to witness significant growth in the coming years, due to the technological advancements and new product launches. With the rise in prevalence of diseases, it has become important for companies to manufacture smart and fast technologies, which offer effective treatments for diseases.
A majority of companies operating in this market are involved in the research and development of drug delivery systems that can effectively cater to the needs of patients and enable effective delivery of drugs. This is expected to create growth opportunities for drug delivery companies in the market.
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North America is projected to dominate the market in 2016, with the U.S. accounting for a major share. However, Asia is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to investments by major companies in the area of R&D activities. Also, this region has low costs of labor and clinical trials, which has further served to draw market players to Asia.
The drug delivery technology market is segmented based on route of administration, facility of use, and region. On the basis of route of administration, the market is segmented into oral, injectable, topical, nasal, ocular, pulmonary, implantable, and transmucosa. The topical drug delivery segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can primarily be attributed to the factors such as convenience and ease of use, ease of dosage, painlessness, noninvasiveness, and enhanced patient compliance.
On the basis of facility of use, the market is segmented into the hospitals, ambulatory surgical centers/clinics, home care settings, diagnostic centers, and other facilities of use. In 2016, the hospitals segment is expected to account for the largest share of the market. This can be primarily attributed to advantages such as the significant number of inpatient and outpatient visits in hospitals as compared to other end users and the requirement of large volumes of drugs and their respective delivery devices to cater to the demand of this patient pool.
The drug delivery technology is highly competitive market, comprising of various players. Prominent players in the drug delivery technology market include Johnson & Johnson, Inc. (U.S.), F. Hoffman-La Roche (Switzerland), Merck & Co., Inc. (U.S.), Bayer AG (Germany), Pfizer, Inc. (U.S.), Novartis AG (Switzerland), 3M Company (U.S.), Becton, Dickinson and Company (U.S.), GlaxoSmithKline plc, (U.K.), Sanofi (France), and Antares Pharma, Inc. (U.S.).
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