Drug Delivery Technologies Market is estimated to Witness High Growth Owing to Rising Prevalence of Chronic Diseases

The drug delivery technologies market is estimated to be valued at US$ 44.10 Bn in 2024 and is expected to exhibit a CAGR of 12.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Key Market Dynamics:

The growth of the global drug delivery technology market is mainly driven by the increasing prevalence of chronic diseases such as cancer, cardiovascular disease, diabetes and other autoimmune diseases across the world, prevention and effective medicines. For example, edible thin films are in high demand due to their advantages such as ease of administration. Dissolves quickly and provide accurate dosage to Patients.

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Key Market Trends:

Increasing adoption of advanced drug delivery technologies: Advanced drug delivery systems such as microencapsulation, nanoparticle drug delivery, transdermal drug delivery and targeted drug delivery are gaining traction owing to advantages such as reduction in dosing frequency and improved patient compliance.

Additionally, the growth of the biologics and generics market has a positive impact on the demand for advanced drug delivery technologies. Biologics require special drug delivery systems for injection. Because it has a large molecule and has the potential to degrade. Generics also rely on innovative drug delivery to differentiate themselves in a highly competitive market.

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Key Drug Delivery Technologies Market

Route of Administration Insights

The route of administration plays an important role in drug delivery technology this is because it affects treatment efficiency and patient compliance. Oral drug delivery continues to dominate the market due to its convenience in dosing and self-administration.

However, factors such as the short gastric residence time and the sensitivity of gastrointestinal and liver metabolism, the potency of many drugs is often hampered by oral delivery.

Therefore, alternatives such as intranasal injections, transdermal injections, and transmission through the eyes it has emerged as a possible alternative for increasing systematic and targeted bioavailability.

Therapeutic Area Type Insights

Cancer accounted for the largest share of the global drug delivery technologies market in 2020 owing to the rising prevalence as well as continued development of advanced targeted therapies to address unmet needs.

Cardiovascular disease and neurological disorders also present sizeable opportunities as the development of drug delivery devices helps optimize therapies and improve patient outcomes in these specialty areas. The availability of formulation options, coupled with novel systems for sustained and controlled release, have augmented the prospects for drug delivery technologies across various therapeutic realms.

Key Market Takeaways

The global drug delivery technologies market is anticipated to witness a CAGR of 12.7% during the forecast period 2024-2031, owing to rising R&D investments in advanced drug delivery systems to address limitations associated with conventional therapies.

On the basis of route of administration, the injectable segment is expected to hold a dominant position, owing to the precision and control they provide over drug release kinetics.

On the basis of region, North America is expected to hold a dominant position over the forecast period, due to increasing healthcare spending, favourable regulatory guidelines, and launch of path breaking technologies.

Key players operating in the drug delivery technologies market include:

Pfizer Inc. and Novartis AG continue to hold a major market share through innovations to address unmet clinical needs.

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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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