The global Drug Delivery Devices Market size was valued at USD 20.64 Billion in 2022 and is projected to have a rapid revenue CAGR of 8% during the forecast period. Several factors are driving the growth of the market, including the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes, increasing need for self-administration and home healthcare equipment, technological advancements in drug delivery devices, and rising demand for biologics and biosimilars.
Additionally, the need to cut healthcare expenses due to the rising prevalence of needlestick injuries and the increasing adoption of cutting-edge technology including implantable, wearable, and networked drug delivery systems are further driving market revenue growth. However, factors such as high costs of medicine delivery systems, the absence of reimbursement policies in developing nations, and strict regulatory criteria for approval of drug delivery devices are restraining market revenue growth.
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Based on product type, the market is segmented into injectors, inhalers, pumps, transdermal patches, and others. The injectors market accounted for the largest revenue share in 2022 due to the rising prevalence of chronic illnesses such as diabetes, cancer, and autoimmune conditions. In addition, the development of sophisticated injectors such as auto injectors and pen injectors that provide mobility, ease of use, and self-administration capabilities is expected to drive revenue growth of this segment.
The inhalers segment is expected to register a fast revenue growth rate due to the rising prevalence of respiratory conditions such as asthma, Chronic Obstructive Pulmonary Disease (COPD), and cystic fibrosis, while the pumps segment is expected to account for a significantly large revenue share during the forecast period due to the increasing use of pumps for drug administration in various therapeutic fields, including oncology, pain treatment, and diabetes.
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Key companies in the drug delivery devices market –
There are several key companies operating in the drug delivery devices market, including:
- Johnson Johnson
- Novartis AG
- Pfizer Inc.
- Bayer AG
- Roche Holding AG
- GlaxoSmithKline plc
- Medtronic plc
- Becton, Dickinson and Company
- 3M Company
- Cipla Inc.
Based on end-use, the market is segmented into hospitals, home care, Ambulatory Surgical Centers (ASCs), and others. The hospitals segment is expected to register the fastest revenue growth rate due to increasing prevalence of chronic diseases and patient population, and rising demand for cutting-edge drug delivery systems.
The home care segment is expected to account for a significantly large revenue share due to the increasing elderly population and prevalence of chronic diseases and the rising trend of self-administration of medications. The ASCs segment is also expected to experience significant growth due to technological developments in drug delivery methods and the rising number of surgical procedures performed in ASCs.
Overall, the global drug delivery devices market is expected to experience significant growth due to the increasing prevalence of chronic diseases, rising demand for biologics and biosimilars, technological advancements in drug delivery devices, and the need for self-administration and home healthcare equipment. However, factors such as high costs of medicine delivery systems, absence of reimbursement policies in developing nations, and strict regulatory criteria for approval of drug delivery devices could restrain market revenue growth.
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