May 20, 2024
Pharmaceutical Drug Delivery Market

Pharmaceutical Drug Delivery Market is Estimated to Witness High Growth Owing to Advancements in Delivery Technologies

The pharmaceutical drug delivery market comprises products such as pill, powder, gel, cream that help in targeted delivery of drugs inside the body. These delivery methods allow drugs to reach specific areas of the body through different routes of administration such as oral, injectables, inhalation, transdermal and others. The targeted delivery of drugs help in timely release of drugs at desired site of action and also prevent damage to healthy tissues, thereby improving patient compliance.

The global pharmaceutical drug delivery market is estimated to be valued at US$ 2657.98 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the pharmaceutical drug delivery market are Thermo Fisher Scientific Inc., Corning Incorporated, Lonza Group Ltd., Avantor, Inc., Synthecon Incorporated, Bico Group, ReproCELL Incorporated, Becton, Dickinson, and Company, 3D Biotek, LLC, InSphero AG. Key players focusing on mergers and acquisitions to expand their product portfolio and market reach.The key opportunities in the market include development of advanced drug delivery systems for targeted therapy, increased demand for home healthcare and self-administered delivery systems. Ease of availability and affordability of delivery systems across developing regions will drive global expansion of the pharmaceutical drug delivery market.

Market Drivers

The advancements in delivery technologies such as controlled release formulations, transdermal drug delivery systems and others have played a major role in driving market growth. These technologies help in improving safety, efficacy and patient compliance of pharmaceutical products by releasing drugs in controlled manner at targeted sites in the body. With continuous research and development, more advanced delivery technologies are being introduced that can efficiently deliver wide range of drugs to desired locations in the body. This is expected to remain a key growth driver for the Pharmaceutical Drug Delivery Market Size over the forecast period.

PEST Analysis

Political: The government policy and regulations pertaining to the pharmaceutical industry have a significant impact on the drug delivery market. Changes in regulations for drug approval procedures can influence development cycles and costs.

Economic: Factors such as rise in healthcare spending, increasing research funding, and higher disposable income levels are boosting the growth of the pharmaceutical drug delivery market. However, pricing pressures and economic fluctuations can have an adverse impact.

Social: Growing awareness about various diseases and availability of new treatment options are driving the demand for advanced drug delivery systems. However, social stigma and cultural beliefs related to certain medical conditions act as challenges.

Technological: Continuous research & development in controlled and targeted drug delivery systems have led to innovations like transdermal patches, drug eluting stents etc. Nanotechnology and 3D bioprinting are opening new avenues for developing advanced delivery mechanisms with increased efficacy and reduced side effects. However, high R&D costs associated with new technologies pose constraints.

The pharmaceutical drug delivery market in terms of value is concentrated majorly in developed regions like North America and Western Europe. This can be attributed to factors such as higher healthcare spending, strong presence of market players, large research funding, and well-established regulatory frameworks.

The Asia Pacific region currently registers the fastest growth in the global pharmaceutical drug delivery market, mainly driven by China and India. Rising income levels, growing medical needs of expanding middle class, increasing healthcare investments from governments are fueling the demand. Additionally, increasing activities of global players setting up manufacturing units to cater to local demands contributes to the rapid market evolution in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it