PORTLAND, Oregon, April 20, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Pharmaceutical Drug Delivery Market by Route of Administration (Oral Drug Delivery, Pulmonary Drug Delivery, Injectable Drug Delivery, Nasal Drug Delivery, Ocular Drug Delivery, Topical Drug Delivery, and Others) and Application (Cancer, Diabetes, Respiratory Diseases, Cardiovascular Diseases, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global pharmaceutical drug delivery market garnered $1,200 billion in 2018, and is projected to reach $1,733 billion by 2026, growing at a CAGR of 4.7% from 2019 to 2026.
Chief contributors for the market growth
Rise in prevalence of chronic disorders that require the use of drug delivery systems, surge in healthcare expenditure across the globe, and increase in number of developments made by market players drive the growth of the global pharmaceutical drug delivery market. However, rise in number of drug recalls and drug failure hampers the market growth. On the contrary, high growth potential in the developing economies would open new opportunities for the market players in the coming years.
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Oral drug delivery system segment dominated the market
Based on route of administration, the oral drug delivery system held the largest share in 2018, accounting for more than one-third of the market. Moreover, the segment is projected to register the highest CAGR of 4.7% from 2019 to 2026. The report includes an in-depth analysis of other segments such as nasal drug delivery system, ocular drug delivery system, topical drug delivery system, and others.
Cancer segment to manifest the highest CAGR through 2026
By application, the cancer segment is projected to portray the highest CAGR of 4.3% during the forecast period. Moreover, the segment held the largest share in 2019, accounting for nearly one-fifth of the market. The report includes an in-depth analysis of the other segments such as diabetes, cardiovascular diseases, and others.
North America held the lion's share
The market across North America dominated the market in 2019, contributing to more than two-fifths of the market, owing to prevalence of chronic disorders and increase in healthcare expenditure and easy availability of these medical devices and drugs. However, the market across Asia-Pacific is projected to register the highest CAGR of 6.1% during the study period, due to surge in prevalence of diabetes and surge in awareness related to use of specialized pharmaceutical drug delivery drugs and devices.
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Major market players
- Bayer AG
- Dickinson And Company
- GlaxoSmithKline Plc
- F. Hoffmann-La Roche AG
- Merck & Co., Inc.
- Johnson & Johnson
- 3M Company
- Novartis AG
- Pfizer Inc.
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SOURCE Allied Market Research