The global drug delivery market is expected to rise at a CAGR of 9.92% from 2017 to 2023

The recent study on the global drug delivery market covers an in-depth analysis of the market on the basis of type, technique, application, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. According to the report titled “Drug Delivery Market - Forecasts From 2018 to 2023”, the market is expected to increase from US$594.090 billion in 2017 to US$1.047 trillion by 2023, showing a CAGR of 9.92% during the projected period. The report has segmented the global drug delivery market by type (inhalation drug delivery, injectable drug delivery, nasal drug delivery, oral drug delivery, transdermal drug delivery), technique (needle-free injectors, drug delivery patches, autoinjectors, others), application (cancer treatment, infectious diseases treatment, others) and geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). Drug delivery devices are systems which consist of formulations, polymers, and instruments used for the delivery of medicines in a controlled manner at a specific target site. The oral drug delivery systems are the most preferred among the other drug delivery devices which include oral pills, oral films, orally disintegrating tables etc. The demand for these devices is mainly due to the growing consumer preference and for the pharma companies increasing patient compliance holds importance where many patients do not stick to the daily prescribed medicines due to difficulty in drug administration. In addition, advances in drug delivery technology will further boost the growth of the global drug delivery market in the forecast period and beyond.

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Injectables are anticipated to grow at a noteworthy CAGR during the forecast period.

The growth is mainly attributed to the growing demand for self-administration therapies leading to the development of autoinjectors. Also, there is an increase in the number of new drugs coming into the market, and their administration requires injections. Many of these are large biologic drug molecules, also highly viscous which need to be delivered via specialist devices capable of effective drug administration.

The growing number of diseases worldwide is boosting the demand for drug delivery devices.

There is an increase in the incidence of chronic diseases due to the rising aging population, and there is increasing longevity of people with non-communicable diseases. In addition, the prevalence of multimorbidity (presence of more than one disease in an individual) has given rise to the demand for a targeted drug delivery driving the market growth in the forecast period. Many countries are aiming towards reforming their healthcare systems in order to manage the growing elderly population suffering from chronic diseases.

North America holds a dominant share in the market.

The North America drug delivery market is expected to dominate the global market with a market share of 46.01% in 2017, the region is further anticipated to grow at a CAGR of 9.84% during the forecast period on account of rising R&D investments and early adoption of innovations. Also, healthcare spending of the United States is the highest among all the developed countries worldwide. This is due to the fact that the United States spend heavily on healthcare services including doctors, pharmaceuticals, and administration. U.S. healthcare spending grew 3.9% in 2017, reaching $3.5 trillion or $10,739 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.9% (source: U.S. Centers for Medicare & Medicaid Services).

Some of the major players discussed in the reports are Pfizer Inc., West Pharmaceutical Services, Inc., Medtronic, and Becton, Dickinson and Company, among others.

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