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Albany, New York, Sept. 05, 2019 (GLOBE NEWSWIRE) -- The global Drug Delivery Systems Market is likely to witness substantial expansion owing to growth in biologic products, and advancements in the medical industry. Drug deliveries systems mainly comprise technologies, formulations, and methods to transport active pharmaceutical ingredients into body for therapeutic effect.
Becton, Dickinson & Company, Johnson and Johnson Services, Inc., AstraZeneca plc., Baxter International, Inc., Novartis AG, F. Hoffman-La Roche, GlaxoSmithKline plc, and Antares Pharma, Inc. are some of the renowned companies in the global drug delivery systems market.
Experts at Transparency Market Research (TMR) have followed extensive research methods to prepare a report on the ‘global drug delivery systems market’. TMR analysts predict that at a 6.9% CAGR, the market is likely to reach a value of US$ 900 bn through 2025.
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North America to Lead the Market Due to Growing Prevalence of Chronic Diseases
The global drug delivery systems market has been segmented into the regions of South America, Asia Pacific, Middle East and Africa, Europe, and North America.
From the geographical viewpoint, North America is expected to be one of the leading regional segments of the global drug delivery systems market. Rising occurrences of chronic diseases in the U.S. is likely to propel the market toward growth in years to come. According to the statistics of World Health Organization (WHO), in U.S. nearly 23% of the total deaths have been caused due to non-communicable diseases. In addition to that, top-notch facilities and technologies that are available in the healthcare industry will drive the market toward growth.
On the other hand, Asia Pacific is likely to emerge as one of the rapidly growing regions during the forecast period, from 2017 to 2025. Countries like Japan and Singapore are spending more on the research and development activities pertaining to the drug delivery systems, which is further fuelling the market in the region.
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Among the Latin American countries, Brazil is augmenting spending on healthcare infrastructure and the industry as a whole. Facilitation of entry of new and international drug makers and rise in the health insurance policies are also fuelling the market.
Increased Spending on Research and Development Activities to Spell Growth for the Market
Constant innovations offer copious growth opportunities for the global drug delivery systems market. Both local and international drug manufacturers can take advantage of these innovations to expand their product portfolio. In addition to that, strategic collaborations among the leading players to harness the benefits of advanced technological innovations are likely to add impetus to the global drug delivery systems market during the period of forecast. For instance, utilizing the benefits of nanotechnology drugs can be delivered to the precise location effectively, which lessens the possibility of side effects.
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Oncology is one of the most important segments and accounts for a dominant share of the global drug delivery system during the assessment timeframe. In accordance with the findings of WHO, nearly 8.8 million people lost their lives to cancer, out of which 788,000 died of liver cancer and 1.69 million of lung cancer. Effective and precise delivery of drugs gains more importance in such cases.
Constant research and development on cancer and the need for more effective treatment methods of cancer are likely to add fuel to the market during the review period. Recently, Allergen Plc. and Amgen Inc. together got approval from The Food and Drug Administration (FDA) for MVASI. It is used for the treatment of five different types of cancer, which are glioblastoma, non-squamous non-small cell lung cancer (NSCLC), metastatic carcinoma of the cervix, metastatic colorectal cancer (mCRC), and metastatic renal cell carcinoma. The global drug delivery systems market is expected to gain substantial momentum from such inventions in the years to come.
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The information shared in this review is based on a TMR report, bearing the title, “Drug delivery systems market (Delivery System - Intrauterine Implants, Prodrug Implants, Polymeric Drug Delivery, and Targeted Drug Delivery; Application - Infectious Diseases, Oncology, Urology, Diabetes, and CNS; Route of Administration - Oral, Injectable, Inhalation, Transdermal, Ocular, Nasal, and Topical) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025.”
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