Albany, NY -- (SBWIRE) -- 02/12/2018 -- Increasing number of new biological products and emergence of new biosimilars is focusing the attention towards the development of advanced drug delivery technologies for delivery of these biological products. Currently, oral and parenteral drug delivery technologies are dominating the Advanced Parenteral Drug Delivery Devices Market. Despite various technological innovations and discovery of more compelling and effective methods for drug delivery, parenteral method remains most dominant due to its effective results.
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Parenteral drug delivery is one of the largest segments of drug delivery markets accounting for about 30% of the total market share. This industry is expected to reach $51 billion by the year 2015 owing to various factors such as introduction of new biologics, uptake of new delivery platforms, and utilization of controlled release systems. Monoclonal antibodies segment is expected to lead the market due to advancements in biotechnology and improved therapies for various disorders like cancer, and other debilitating diseases.
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Geographically, the United States and Europe market contributes a larger proportion of revenues to this product category. Owing to expensive medical treatment, demand for home care, availability of efficient reimbursement scenario and government interventions to curb per patient healthcare expenditure has driven the market in these geographies. Asia-Pacific as of now is at a very nascent stage but the with the burgeoning cardiovascular diseases and availability of high disposable income market is expected to grow at a rapid pace in coming 5-7 years.
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