The growth of the global pharmaceutical drug delivery market is driven by increase in number of people suffering from various chronic diseases such as cancer, cardiovascular diseases, and respiratory diseases, technological advancement in drug delivery system, and rise in demand for advanced drug delivery such as controlled-release formulation.
PORTLAND, Ore., July 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Pharmaceutical Drug Delivery Market, By Route of Administration (Oral Drug Delivery, Nasal Drug Delivery, Ocular Drug Delivery, Topical Drug Delivery, and Other Drug Delivery), By Application (Cancer, Diabetes, Cardiovascular Diseases, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global pharmaceutical drug delivery industry was estimated at $1,498.72 billion in 2022, and is anticipated to hit $2,307.27 billion by 2032, registering a CAGR of 4.4% from 2023 to 2032.
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Prime determinants of growth
Increase in prevalence of chronic diseases due to changing lifestyle, increase in smoking population, and development of advanced drug delivery products drive the growth of the global pharmaceutical drug delivery market. However, strict government regulations for the approval of new pharmaceutical drug delivery products hampers the pharmaceutical drug delivery market growth. On the contrary, increase in demand for advanced drug delivery products is expected to offer remunerative opportunities for expansion of the pharmaceutical drug delivery market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $1,498.72 billion |
Market Size in 2032 | $2,307.27 billion |
CAGR | 4.4 % |
No. of Pages in Report | 236 |
Segments covered | Route of Administration, Application, and Region. |
Drivers | Rise in prevalence of various chronic diseases Technological advancement in drug delivery systems |
Opportunity | Increase in demand for advanced delivery |
Restraint | Stringent regulatory requirements for the approval of pharmaceutical drug delivery |
Covid-19 Scenario
- The pharmaceutical drug delivery market growth was moderate during the lockdown period owning to, increase in demand for injectable delivery systems for vaccine administration, disruption in supply of pharmaceutical drugs, and delay in research projects.
- Furthermore, the demand for pharmaceutical drug delivery is increasing post pandemic due to rise in prevalence of chronic diseases, and development of advanced drug delivery products. This, in turn, presented various growth opportunities for companies operating in the pharmaceutical drug delivery market.
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The other drug delivery segment to maintain its leadership status throughout the forecast period
Based on route of administration, the other drug delivery segment held the largest market share in 2022, accounting for more than two-fifths of the global pharmaceutical drug delivery market revenue in 2022, owing to, increase in use of injectable drug delivery during the COVID-19 pandemic. However, oral drug delivery is expected to grow at highest CAGR of 4.9% during the forecast period owing to, increase in adoption of extended release oral drug delivery products.
The others segment to maintain its lead position during the forecast period
Based on application, the others segment accounted for the largest share in 2022, contributing to nearly half of the global pharmaceutical drug delivery market revenue and it is projected to maintain highest CAGR of 4.8% during the forecast period, owing to, increase in prevalence of respiratory diseases such as asthma and other neurological diseases.
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North America to maintain its dominance by 2032
Based on region, North America held the largest market share in terms of revenue in 2022, accounting for more than two-fifths of the global pharmaceutical drug delivery market revenue, owing to rise in adoption of advanced pharmaceutical drug delivery products, increase in prevalence of chronic diseases, and strong presence of market key players. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.1% from 2023 to 2032, owing to increase in adoption of advanced drug delivery products, and rise in healthcare expenditure.
Leading Market Players: -
- Bayer AG
- Cipla Ltd
- F. Hoffmann-La Roche Ltd.
- GlaxoSmithKline Plc
- Johnson and Johnson
- Merck and Co., Inc.
- Novartis AG
- Amgen Inc.
- Pfizer Inc.
- Sanofi
The report provides a detailed analysis of these key players of the global pharmaceutical drug delivery market. These players have adopted strategy such as, acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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