DUBLIN, Nov. 18, 2021 /PRNewswire/ -- The "North America Drug Delivery Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The North America drug delivery market is projected to grow at a CAGR of 10.04% to reach US$657.863 billion by 2026, from US$336.766 billion in 2019.
Advancements in the drug delivery system are being made by studying and exploiting the properties of nanoparticles, which will make the process of drug delivery more efficient and time-saving. Also, by controlling the rate, time, and release of the drug, the safety and efficiency of the drug are expected to be improved.
The drug delivery market in North America is poised to grow at a fast pace owing to the early adoption of technology, an aging population, and the prevalence of chronic diseases. In addition, high health expenditure is augmenting the market growth during the forecast period. According to the Center for Disease Control and Prevention (CDC), chronic diseases account for 90% of the total healthcare costs in the United States annually.
The increasing use of self-administering drugs and rising awareness about diagnosis and treatment across the world is expected to fuel the market growth. According to the World Health Organization (WHO), the improvements in medical treatment and healthcare systems have resulted in higher survival rates from disease and injury over the last decade. This in turn will support the market growth of the North America drug delivery market.
Furthermore, technological development and the growth in the development of biologics are further projected to drive market growth. For instance, for the manufacturing of large-scale monoclonal antibodies, pharmaceutical companies Sanofi and Lonza are planning to invest USD 299.43 million by the year 2022. Several research studies are being conducted in the United States, which will create an advantage for manufacturers to develop novel drug delivery devices, which will support the growth of the market in the region.
By type, the oral drug delivery system is estimated to hold a dominant market share owing to the high reception of oral drug delivery routes of administration by the patients as it is an extremely convenient and harmless route for drug administration. By application, the disease treatment is projected to hold a significant market share as drug delivery is largely used to cure chronic and other prevalent diseases.
On the other hand, the research/ academic purposes segment is also expected to grow notable due to various research studies and technological advancements taking place in the region. By country, the United States segment is estimated to account for a major portion of the market share owing to the growing geriatric population and the common occurrence of chronic diseases in the region.
The increasing prevalence of medical conditions and diseases such as cardiovascular diseases, diabetics, cancer, neurological disorders, strokes, and respiratory diseases has considerably increased in the North America region in the last few years.
With the constant increase in the prevalence of these diseases the demand for the drug delivery market in the region is expected to surge. Recent developments and innovations in the drug delivery system like pulmonary and injectable drug delivery systems, and the transdermal patches will further fuel the market growth during the forecast period.
Biologics is the fastest-growing segment in the pharmaceutical market. The growth of biologics will subsequently augment the market growth of the drug delivery market in the region. The development and manufacturing of branded and generic drugs are becoming competitive with several new players entering the market. This will increase the competitiveness of the market.
The stringent regulations for the approval of drugs and medical devices may impede the market growth during the forecast period. To sell any drug in the North American region, it is essential to take approval from the FDA, they have a five-step process after which the approval is granted. The regulations are very strict which may hamper the market growth during the forecast period.
Impact of COVID-19
The Covid-19 pandemic resulted in an upsurge in the North America drug delivery market as due to the virus outbreak the demand for healthcare increased exponentially in the region.
The lack of effective treatment, healthcare infrastructure, and unavailability of medications resulted in expanding the drug delivery market. Also, owing to the pandemic, the process of approval from the FDA become relatively easier, which further resulted in market growth.
The players in the North America Drug Delivery Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market.
Prominent/major key market players in the North America Drug Delivery Market include
- AstraZeneca PLC
- West Pharmaceutical Services, Inc.
- Becton, Dickinson and Company
- Medtronic PLC
- Boston Scientific Corporation
- Cipla, Inc.
- 3M Company
- Ethypharm SAS
- Stevanato Group
- Gerresheimer AG
- Inhalation Drug Delivery
- Injectable Drug Delivery
- Nasal Drug Delivery
- Oral Drug Delivery
- Transdermal Drug Delivery
- Disease Treatment
- Research/Academic purposes
For more information about this report visit https://www.researchandmarkets.com/r/balbr1
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SOURCE Research and Markets