Asia is projected to grow at the highest CAGR during the forecast period. Opportunities in the Asian market have attracted huge investments by major companies in the area of R&D activities.
Seattle, United States -- (SBWIRE) -- 01/17/2017 -- The report "Drug Delivery Technology Market by Route of Administration (Oral (Solid), Pulmonary (Nebulizer), Injectable (Device), Ocular (Liquid), Topical (Solid), Implantable (Active), Transmucosal (Oral)), Patient Care Setting (Hospital, ASC) - Global Forecast to 2021", Drug delivery technology market is projected to reach USD 1,669.40 Billion by 2021 from USD 1,179.20 Billion in 2016, at a CAGR of 7.2% during the forecast period.
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Increasing prevalence of chronic diseases, increasing demand for biologics, technological advancements, and new product launches are some of the major factors driving the growth of the drug delivery technology market. Furthermore, self-administration & home care and rising demand for biosimilars and generic drugs offer significant growth opportunities for player operating in the market. On the other hand, risk of needle-stick injuries and side effects of drugs may restraint the growth of the market.
The drug delivery technology market is segmented based on route of administration, facility of use, and region. On the basis of route of administration, the market is segmented into oral, injectable, topical, nasal, ocular, pulmonary, implantable, and transmucosa.
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The topical drug delivery segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can primarily be attributed to the factors such as convenience and ease of use, ease of dosage, painlessness, noninvasiveness, and enhanced patient compliance.
On the basis of facility of use, the market is segmented into the hospitals, ambulatory surgical centers/clinics, home care settings, diagnostic centers, and other facilities of use. In 2016, the hospitals segment is expected to account for the largest share of the market. This can be primarily attributed to advantages such as the significant number of inpatient and outpatient visits in hospitals as compared to other end users and the requirement of large volumes of drugs and their respective delivery devices to cater to the demand of this patient pool.
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The drug delivery technology is highly competitive market, comprising of various players. Prominent players in the drug delivery technology market include Johnson & Johnson, Inc. (U.S.), F. Hoffman-La Roche (Switzerland), Merck & Co., Inc. (U.S.), Bayer AG (Germany), Pfizer, Inc. (U.S.), Novartis AG (Switzerland), 3M Company (U.S.), Becton, Dickinson and Company (U.S.), GlaxoSmithKline plc, (U.K.), Sanofi (France), and Antares Pharma, Inc. (U.S.).
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