Drug Delivery Devices Market: Trends, Opportunities, and Challenges

Drug Delivery Devices Industry Overview

The global drug delivery devices market size was estimated at USD 270.6 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.83% from 2024 to 2030. Increasing adoption of advanced technology for effectively delivering drugs on the target site is expected to drive the overall market growth. Moreover, usage of these drug delivery devices reduces the chances of side effects by optimizing the delivery of drugs at target site. This helps in minimizing the dose and associated side effects. In addition, this helps in reducing the overall product price by reducing the amount of active pharmaceutical ingredients. Increasing demand for novel drug delivery devices is expected to boost the R&D in the field.

The global drug delivery devices market size was estimated at USD 270.6 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.83% from 2024 to 2030. Increasing adoption of advanced technology for effectively delivering drugs on the target site is expected to drive the overall market growth. Moreover, usage of these drug delivery devices reduces the chances of side effects by optimizing the delivery of drugs at target site. This helps in minimizing the dose and associated side effects. In addition, this helps in reducing the overall product price by reducing the amount of active pharmaceutical ingredients. Increasing demand for novel drug delivery devices is expected to boost the R&D in the field.

Gather more insights about the market drivers, restrains and growth of the Drug Delivery Devices Market

Pertaining to the demand growth, various companies are developing patient-friendly drug delivery devices and other market players are acquiring these companies to expand their portfolio. In April 2023, DifGen Pharmaceuticals acquired Aveva Drug Deliver Services Inc, strengthening its position in offering intricate pharmaceutical dosage forms. This strategic move not only boosts DifGen's capabilities but also establishes a robust presence in the United States, expanding its development and manufacturing capacities.

Ongoing studies in the healthcare industry include technological advancements in drug delivery devices to make them more patient-friendly, accessible, and accurate. Players in the industry are continuously researching innovative technologies and developing advanced drug delivery devices. For instance, AstraZeneca is developing next-generation technologies to enhance the efficacy and safety profile of drug delivery systems. They are concentrating on improving the patient experience by developing medications that are easier to use, require less frequent doses, and are more convenient. In addition, pharmaceutical industries are continuously seeking the development and application of modern technologies for the advancement and design of modern drug-providing systems. Computational studies have helped envisage molecular interactions of drugs and develop next-generation drug inventions such as target-based drug discovery. By advancing the science of drug delivery, the industry aims to improve the way in which patients experience medicines.

Despite the advantages and advancements associated with these drug supply devices, certain challenges are expected to impede the market growth. The major challenge faced with these drug delivery devices is their inefficiency in delivering poorly soluble medications. Moreover, other bioavailability hurdles of poorly soluble tablets are also expected to impact the market growth. In addition, these drug devices may release uncontrolled drugs on the infection site, which can later lead to other side effects such as infections and allergies.

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Key Companies profiled:

• Pfizer, Inc.

• Johnson & Johnson Services, Inc.

• F. Hoffmann-La Roche, Ltd.

• Novartis AG

• BD

• Bayer AG

• uniQure N.V.

• Sibiono GeneTech Co. Ltd.

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