Effect of COVID19 on the Global Pharmaceutical Drug Delivery Market:
Coronavirus has spread across 215 countries and territories and affected more than 4.4 million people, with close to 300 thousand deaths. Due to the COVID-19 outbreak, we are estimating that the share of infectious diseases segment has increased and is anticipated that this segment will grow significantly during the forecast period. COVID-19 has given momentum to drug delivery market and it will show significant growth rate during 2020-2021
The outbreak of COVID-19 has been increasing at an exponential level in many countries. This has led to the need to improve patient care and provide added nutritional/immunity support (including vitamins and other curing drugs) to patients affected by the virus. This has led to an increased adoption of drugs, such as vit C, multivitamin, antiviral and so on, which in turn is expected to support market growth to a certain extent.
Coronavirus has spread across 215 countries and territories and affected more than 4.4 million people, with close to 300 thousand deaths. Due to the outbreak of COVID-19 globally, medical practices of all sizes are under immense pressure, and healthcare providers need to rely on teleradiology solutions to read diagnostic reports and treat patients. Teleradiology solutions also help to improve the efficiency of diagnostic imaging by optimizing and simplifying radiology with correct reads and reduced manual errors. As the battle against COVID-19 continues, there is a growing need to make teleradiology solutions more common.
There are large number of drugs and vaccines in various clinical trial phases which are expected to be launched in coming months/years under emergency usage authorization guidelines for treating COVID-19. As of May 2020, two vaccines are in Phase I clinical evaluation and 11 in pre-clinical stage. About 95 clinical studies are on-going for COVID-19 as potential drug therapies. Such strong pipeline is anticipated to drive the growth of this market.
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Global Industry Revenue Growth:
The pharmaceutical drug delivery technology market is projected to reach USD 2,015.3 billion by 2025 from USD 1,430.5 billion in 2020, at a CAGR of 7.1% during the forecast period.
# In 2020, Johnson & Johnson, Inc collaborated with Biomedical Advanced Research and Development Authority (BARDA), to expedite development and strengthen access through production of coronavirus vaccine.
# In 2020, Johnson & Johnson, Inc collaborated with MeiraGTx Holdings Plc (US) to develop, manufacture and commercialize its clinical stage inherited retinal disease drug portfolio.
# In 2019, Novartis signed an agreement with Shionogi (Japan) to commercialize new treatment, Rizmoic (Naldemedine) for Opiod-induced constipation in key European countries of Germany, UK and Netherlands, with rights of first refusal for some other European markets.
Major Applications: In 2019, the infectious diseases segment accounted for the largest share
Based on application, the pharmaceutical drug delivery market is segmented into infectious diseases, cancer, cardiovascular diseases, diabetes, respiratory diseases, central nervous system disorders, autoimmune diseases, and other applications. In 2019, the infectious diseases segment accounted for the largest share of the pharmaceutical drug delivery market. The large share of this segment can be majorly attributed to the increasing prevalence of infectious diseases and increasing company initiatives to enhance R&D related to infectious diseases. Further, spread of COVID-19 has further propelled the market for this application.
Geographical Growth Scenario: North America was the largest regional market for pharmaceutical drug delivery in 2019
The global pharmaceutical drug delivery market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the market. The large share of the North American market can be attributed to factors such as growth in biologics in the pharmaceuticals market; the rising prevalence of chronic diseases increasing patient compliance to innovative drug delivery technologies; and the presence of a large number of prominent players in this region.
# To define, describe, and forecast the global pharmaceutical drug delivery market on the basis of route of administration, application, facility of use, and region.
# To provide detailed information about the factors influencing market growth (drivers, restraints, and opportunities).
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To forecast the size of market segments in North America, Europe, Asia Pacific, and the Rest of the World.
# To profile key players and comprehensively analyze their product portfolios, market rankings, and core competencies.
# To track and analyze competitive developments, such as acquisitions, collaboration, product approvals, expansions, and agreements in the global pharmaceutical drug delivery market.
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The pharmaceutical drug delivery market is highly fragmented in nature with several big and emerging players. Johnson & Johnson, Inc. (US), Novartis AG (Switzerland), F. Hoffmann-La Roche Ltd. (Switzerland), Bayer AG (Germany), Pfizer, Inc. (US), Sanofi (France), GlaxoSmithKline plc (UK), Merck & Co., Inc. (US), 3M (US), Antares Pharma, Inc. (US), and Becton, Dickinson and Company (BD) (US) are some of the leading players operating in the global pharmaceutical drug delivery market.
Players in this market pursue the strategies of product approvals, partnerships, agreements, collaborations, expansions, and acquisitions to develop and expand their market presence. Product approvals has been the key growth strategy adopted by players to expand their share in the market.