North America was the largest regional market for pharmaceutical drug delivery in 2019
Northrook, IL -- (SBWIRE) -- 08/04/2020 -- According to the new market research report "Pharmaceutical Drug Delivery Market by Route (Oral (Tablet), Pulmonary (Nebulizer), Injectable, Ocular (Liquid), Topical (Solid), Implantable (Active), Transmucosal), Application (Cancer, Diabetes), Patient Care Setting (Hospital)- COVID-1 Impact - Forecast to 2025", published by MarketsandMarkets™, the Pharmaceutical Drug Delivery Technology Market is projected to reach USD 2,015.3 billion by 2025 from USD 1,430.5 billion in 2020, at a CAGR of 7.1% during the forecast period.
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The factors supporting market growth include the rising prevalence of chronic diseases, growth in the biologics market, and technological advancements & new product launches.
The home care settings segment is expected to grow at the highest CAGR during the forecast period
Based on facility of use, the Pharmaceutical Drug Delivery Market is segmented into hospitals, ambulatory surgical centers (ASCs)/clinics, diagnostic centers, home care settings, and other facilities of use. The home care settings segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be attributed to the increasing use of various drug delivery devices such as injectables, nebulizers, and inhalers in home care settings.
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In 2019, the infectious diseases segment accounted for the largest share
Based on application, the Pharmaceutical Drug Delivery Technology Market is segmented into infectious diseases, cancer, cardiovascular diseases, diabetes, respiratory diseases, central nervous system disorders, autoimmune diseases, and other applications. In 2019, the infectious diseases segment accounted for the largest share of the market. The large share of this segment can be majorly attributed to the increasing prevalence of infectious diseases and increasing company initiatives to enhance R&D related to infectious diseases. Further, spread of COVID-19 has further propelled the market for this application
The global Pharmaceutical Drug Delivery Market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the market. The large share of the North American market can be attributed to factors such as growth in biologics in the pharmaceuticals market; the rising prevalence of chronic diseases increasing patient compliance to innovative drug delivery technologies; and the presence of a large number of prominent players in this region.
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The global market is highly competitive owing to the presence of several large and small players. Johnson & Johnson, Inc. (US), F. Hoffman-La Roche (Switzerland), Merck & Co., Inc. (US), Bayer AG (Germany), Pfizer, Inc. (US), Novartis AG (Switzerland), 3M Company (US), Becton, Dickinson and Company (US), GlaxoSmithKline plc, (UK), Sanofi (France), and Antares Pharma, Inc. (US) are some of the leading players operating in the Pharmaceutical Drug Delivery Technology Market.