Drug delivery technology includes the approaches, systems, formulations and methods used to transport medications or pharmaceutical compounds in the safest way possible. These technologies are used to provide therapeutic effects on the patients. North American region has been dominating the industry for these products since the past few years. Constantly evolving techniques and emerging applications are expected to drive the North American drug delivery technology market. The industry is aiming at healthy growth, especially with the government reforms and growth and investment opportunities for the established as well as potential players in this market.
Segmentation in Drug Delivery Technology Market
In order to understand the growth trends and revenue forecasts, researchers segment the North American drug delivery technology market on the basis of its basic components. These components include various types of technologies and their country based demand patterns. Major countries in this region include Canada and United States of America. The technologies in this market are segmented into oral, transdermal, pulmonary, ocular, injectable, implantable, topical, nasal, and transmucosal drug delivery technologies. Analysis of all these segments provides details like market drivers, restraints, growth opportunities, geographic demand and revenue forecasts for the market.
Market Drivers and Restraints
According to the experts, the North American drug delivery technology market is driven by several vital driving factors. These factors include growing competition and strong adoption rate in the region. Expiration of crucial patents and improved patient compliance are also expected to drive the market in the near future. Growth in the focus on geriatric and pediatric patients is also expected to boost the growth of this market in the years to come. Strong rise in the instances of chronic diseases and number of aging people are also expected to influence the growth trends in this market during the near future. Major restraints for the market include technical barriers and drug recalls and failures. Growth in home healthcare, business collaborations and growth in therapeutic applications are projected to help the market.
Future Growth Opportunities
As per the latest research reports, the North America drug delivery technology market is poised to witness a steady growth rate of over 7.9% by 2017. At the forecasted growth rate, the market is poised to reach past $10.7 billion by the end of the year 2017. Pulmonary segment is expected to dominate the global market with a strong CAGR of over 11% during the forecasting period. Untied States of America is expected to be the strongest region in terms of market share, revenue channels and demand patterns. Canada on the other hand is expected to witness rise in demand for the advanced technologies used for drug delivery.