This study involved four major activities to estimate the current size of the pharmaceutical drug delivery market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Recent Developments:
- # In 2018, Johnson & Johnson, Inc signed an agreement with the Oklahoma Health Care Authority (OHCA), (US). Under this agreement, OHCA aimed to improve care among patients with schizophrenia and to cut down the expenses for medical services. The agreement is focused on enabling the use of INVEGA SUSTENNA (paliperidone palmitate) and INVEGA TRINZA (paliperidone palmitate) in the treatment of adults with schizophrenia.
- # In 2018, Johnson & Johnson, Inc collaborated with the Jenner Institute at the University of Oxford to develop and manufacture a vaccine against Middle East Respiratory Syndrome Coronavirus (MERS-CoV).
- # In 2018, Novartis signed an agreement with Gan & Lee (China) to commercialize and supply biosimilar versions of insulins (glargine, lispro and aspart, the three top insulin medicines by sales), used in patients with type 1 and type 2 diabetes.
Expected Revenue Growth, Globally:
The global pharmaceutical drug delivery market is projected to reach USD 1,694.7 billion by 2023 from USD 1,244.4 billion in 2018, at a CAGR of 6.4% during the forecast period.
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Factors Influencing the Global Industry Growth:
The factors supporting market growth include the rising prevalence of chronic diseases, growth in the biologics market, and technological advancements & new product launches.
Global Growth Restraints:
# Risk of Needlestick Injuries
Opportunities:
# Self-Administration and Home Care
# Rising Demand for Biosimilars
Geographical Snapshot of the Industry:
The report also highlights the attractive geographical markets. Though North America and Europe occupy large shares of the market, the Asian region represents a lucrative market for the growth of many drug delivery companies. The expansion of economies in India, China, and South-East Asia has compelled key industry players to invest in these regions.
The growth of the drug delivery technologies market in Asia will be fuelled by its booming pharmaceutical industry. The increase in disposable income, development of healthcare infrastructure, increasing penetration of health insurance, and rising prevalence of chronic diseases will be the key drivers for the growth.
Major Industry Leaders:
The global pharmaceutical drug delivery market is highly fragmented owing to the presence of several large and small players. Johnson & Johnson, Inc. (US), F. Hoffman-La Roche (Switzerland), Merck & Co., Inc. (US), Bayer AG (Germany), Pfizer, Inc. (US), Novartis AG (Switzerland), 3M Company (US), Becton, Dickinson and Company (US), GlaxoSmithKline plc, (UK), Sanofi (France), and Antares Pharma, Inc. (US) are some of the leading players operating in the market.
Pharmaceutical companies prefer to develop new drug delivery technologies for existing drugs as developing a new chemical entity (NCE) can be a more expensive and time-consuming process. Developing a new technology helps companies extend the patent life of their blockbuster drugs, which proves to be less time consuming and requires less monetary investments.
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In addition, drug delivery technologies improve the safety and efficacy of a drug as well as enhance the bioavailability and drug distribution throughout the body. These technologies reduce the dosing frequency, thereby increasing convenience and patient compliance. Such advantages make drug delivery technologies extremely significant in the pharmaceutical industry.
A number of specialty companies engaged in the development of novel drug delivery technologies form an important part of the market as many small pharmaceutical companies rely on such technology providers. The Global Drug Delivery Technologies report highlights the technologies that are being adopted increasingly by pharmaceutical players. Technologies such as Orodispersible tablets (ODTs), transdermal patches, microneedles-based transdermal delivery, self-injection devices, and nasal sprays provide distinguished growth opportunities.
