Factors such as rising prevalence of chronic diseases, growth in the biologics market, funding initiatives for drug delivery research, and technological advancements are driving the growth of this market.
The North American Drug Delivery Technologies Market is projected to reach USD 758.7 Billion by 2021 from USD 520.0 Billion in 2016, at a CAGR of 6.5%.
In this report, the North American drug delivery technologies market is segmented on the basis of route of administration, end user, and region. Based on end user, the market is segmented into hospitals, ambulatory surgical centers (ASCs)/clinics, home care settings, and other end users. The home care settings segment is expected to register the highest CAGR during the forecast period. Improving patient acceptability, patient awareness, and the need for comfortable usability have increased the use of drug delivery systems in home care settings, thus contributing to the growth of this end-user segment.
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Market Drivers: –
1 Rising Prevalence of Chronic Diseases
2 Launch of New Products in the Market
3 Technological Advancements
4 Growth in the Biologics Market
5 Funding Initiatives for Drug Delivery Research
Based on route of administration, the North American drug delivery technologies market is segmented into oral, pulmonary, injectable, ocular, nasal, topical, implantable, and transmucosal drug delivery. The topical drug delivery market is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is attributed to the advantages of topical drugs, such as convenience and ease of use, painless application of the correct dosage at the affected site, noninvasive nature, superior spreadability, and enhanced patient compliance.
The North American drug delivery technologies market is divided into two country-level segments, namely, the U.S. and Canada. The U.S. is expected to continue to dominate the market during the forecast period. The large share of the U.S. in the North American market can primarily be attributed to factors such as the rising prevalence of chronic diseases; rapid growth in the geriatric population; growth in the biologics market; and increasing number of regulatory approvals, new product launches, and technological advancements.
The North American drug delivery technologies market is a highly competitive market with the presence of several big and emerging players. Moreover, each product segment has a different set of vendors. Johnson & Johnson, Inc. (U.S.), Novartis AG (Switzerland), F. Hoffman-La-Roche Ltd. (Switzerland), Bayer AG (Germany), Pfizer, Inc. (U.S.), 3M Company (U.S.), Becton, Dickinson and Company (U.S.), Merck & Co, Inc. (U.S.), Sanofi (France), Antares Pharma, Inc. (U.S.), and GlaxoSmithKline Plc. (U.K.) are some of the prominent players in the North American drug delivery technologies market.