The Freedonia Group: US Demand for Drug Delivery Products to Reach $251 Billion
CLEVELAND, Feb. 25, 2016 /PRNewswire/ -- Demand for drug delivery products in the US is projected to increase 6.1 percent annually to $251 billion in 2019. Specialized dosage formulations that improve therapies for autoimmune, cancer, cardiovascular, neurological, viral, and other debilitating disorders will lead gains. Included in this group are human and humanized monoclonal antibodies, polymer-encapsulated medicines, and brachytherapy seeds. Among drug delivery devices, pen injectors and retractable prefillable syringes will record the fastest growth based on safety, infection prevention, and ease-of-use advantages. These and other trends are presented in Drug Delivery Products, a new study from The Freedonia Group, a Cleveland-based industry market research firm.
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Demand for oral drug delivery products is forecast to rise 4.0 percent annually to over $130 billion in 2019. Because of bioavailability and reduced dosing advantages, controlled-release formulations will continue to dominate revenues. On the downside, patent expirations and generic competition will soften overall growth prospects for this product segment.
Demand for parenteral drug delivery products is projected to rise over 10 percent annually to $86.5 billion in 2019. Advances in monoclonal antibodies and polymer-encapsulated medicines will underlie growth. According to analyst Bill Martineau, "The use of new and existing therapies based on human and humanized monoclonal antibodies will improve the effectiveness of therapies against various forms of cancer as well as against other debilitating disorders, such as allergy-linked asthma, Crohn's disease, rheumatoid and psoriatic arthritis, and wet age-related macular degeneration." Enhanced bioavailability and reduced toxicity advantages will boost applications for polymer-enhanced medicines in the treatment of such conditions as cancer complications, hepatitis B and C, and multiple sclerosis. Prefillable syringes will account for the largest and fastest growth among parenteral devices over the long term. Improvements in safety features such as retracting needles, along with overall infection prevention and response time advantages, will underlie growth. Prefillable syringes will also broaden self-use applications based on advances in pen injectors.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group