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Analysis of COVID-19 Crisis-driven Growth Opportunities in Drug Delivery Technology Market Sales

The technique or procedure used to deliver drugs or pharmaceuticals to a targeted site with the aim of curative solution is called as drug delivery. An active pharmaceutical component is the main element of any drug composition; however, the process of drug delivery plays an essential role in influencing the safety and efficacy of the drug. The process or the methodology that is used to deliver the drug effectively to the targeted area is known as the drug delivery technology.

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The technology used to deliver drugs has a remarkable impact on the drug manufacturers. Hence, novel technologies for drug delivery are being launched in the market and are highly are highly sought after. Innovative drug delivery technologies can aid drug manufacturers to improve patent protection, to distinguish between novel therapeutics and existing ones.

Increase in global prevalence of chronic diseases that require novel drug delivery technologies for treatment is expected to boost the market. Emergence of advanced technologies and surge in research & development activities are some factors that are expected to propel the market. Factors such regulatory restrictions, high cost of treatment, and needle stick injuries are likely to inhibit the market during the forecast period. Furthermore, increasing demand for drug delivery technology that can be self-administered to improve the efficacy and safety of the drug being administered across the globe is projected to drive the market. Polymers, such as pegylated drugs, have essayed a crucial part in the progress of drug delivery technology by creating opportunities for controlled release of therapeutic drugs in continual doses over a long duration of time.

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The global drug delivery technology market can be segmented in terms of route of administration, end-user, and region. Based on the route of administration, the drug delivery technology market has been segmented into ocular drug delivery, which is associated with delivering drugs to treat ophthalmic diseases, pulmonary drug delivery, which is primarily used to treat respiratory issues, injectable drug delivery, oral drug delivery, which involves ingesting or swallowing the drug orally, implantable drug delivery, which aids in releasing drugs into the blood stream in a continuous and sustained manner, topical drug delivery, which is applied on the surface of the body, trans mucosal drug delivery, which aids in rapid absorption of the drugs in the blood stream owing to their high permeability, and nasal drug delivery, which uses the nasal cavity to deliver the drugs.

The oral drug delivery segment is expected to hold a dominant share of the drug delivery technology market owing to factors such as their noninvasive nature, ease of storage, cost effectiveness, and easy portability. In terms of end-user, the drug delivery technology market can be classified into hospitals, homecare settings, diagnostic centers, ambulatory surgical centers/clinics, and others. The hospitals segment is anticipated to hold a major share of the market due to factors such as preference for hospitals by large patient pools and availability for a sizeable volume of drugs that need to be administered along with their delivery devices. The foray of novel drug delivery technology can supply several product opportunities and solutions for lifecycle management to its end-users such as hospitals, ambulatory surgical centers & diagnostic centers etc.

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Based on region, the global drug delivery technology market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global drug delivery technology market during the forecast period. Presence of key players and focus on R&D, and government support are some factors that are expected to propel the market in this region. The drug delivery technology market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period. Increasing number of clinical trials, rising investments by key players in this region, low labor costs, and large patient pools are some key factors that are expected to drive the drug delivery technology market.

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Major players operating in the global drug delivery technology market include Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd, Merck & Co., Inc., Bayer AG, Pfizer Inc., Novartis AG, 3M, BD, GlaxoSmithKline plc, Sanofi, and Antares Pharma, Inc.

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