Drug Delivery Devices

WiseGuyReports.com adds “Global Drug Delivery Devices Market Research Report 2020-30” reports to its database.

PUNE, MAHARASTRA, INDIA, April 22, 2020 /EINPresswire.com/ -- Drug Delivery Devices Market:

Executive Summary

The global drug delivery devices market is expected to grow from $1.4 billion in 2019 to about $1.6 billion in 2020 as there is a marginal increase in demand due to the use of such devices in the treatment of Covid-19 patients. The market is expected to stabilize and reach $1.9 billion at a CAGR of 8.2% through 2023.

Drug delivery devices, specifically respiratory-based delivery devices, are estimated to gain demand owing to the Covid-19 pandemic. Drugs used for Covid-19 treatment are both oral and injectable; however, a marginal increase is expected for pulmonary or respiratory-based drug delivery devices.

The drug delivery devices market consists of the sales of medical devices and equipment that are used for delivering specific drugs to a specific part of the body to cure chronic diseases such as cancer, infectious diseases, respiratory diseases, diabetes, cardiovascular diseases. The market includes the sales of the devices that are specifically made for delivering the specific drugs according to the various administration techniques such as oral drug delivery, injectable drug delivery, topical drug delivery, ocular drug delivery, pulmonary drug delivery, nasal drug delivery, transmucosal drug delivery and implantable drug delivery. Drug delivery devices used in various patient care settings such as hospitals, diagnostic centers, pharmaceutical companies, clinics and home care settings are included in this market.

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The drug delivery devices market in Asia Pacific is forecasted to register the highest CAGR during 2019-2023.

The regulatory changes related to medical devices is expected to restraint the growth of drug delivery devices market. The companies operating in the market are required to adapt according to the changes in the regulatory framework, which may limit business at the bottom line. Also, companies will have to bear the heavy cost of adapting to the changing regulatory framework. Also, the sudden changes in the regulatory framework related to medical devices can result in losses, fines, penalties at a global level. For instance, European Union (EU) and the parliament in 2017 approved the new Medical Device Regulation (MDR) and Medical Device Single Audit Program (MDSAP) to monitor all the medical devices for quality. The new MDSAP will come into effect from 2020 and is adopted by regulators in the US, Canada, Japan, Brazil, and Australia. Following the changes, in Canada, all the medical device manufacturers including drug delivery products manufacturers, will have to comply with the requirements of MDSAP and are required to submit the MDSAP reports to the regulatory body in order to obtain or maintain the device licenses, resulting in high costs and time loss. Thus, the growth of the drug delivery devices market is limited by the regulatory changes related to medical devices.

The microneedle (MN), is a highly efficient and versatile medical device technology, due to its prominent properties including painless penetration, low cost, excellent therapeutic efficacy, and relative safety. The major players operating in the global microneedle drug delivery system include, 3M, Vetter Pharma International GmbH, nanoBioSciences LLC, NanoPass and more. The microneedles are fabricated using biodegradable polymers in which drugs or vaccines are encapsulated in the microneedles. Once, the microneedles dissolve in the skin, the drug gets released. This novel delivery method allows a wider variety of molecules to pass the skin’s barrier, thus allowing the transdermal delivery to be applied to a large range of clinical applications, including diabetes, severe osteoporosis, and influenza vaccination.

The rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer and other diseases is expected to drive the drug delivery devices market. According to the world health organization (WHO), by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide, and that 71% of deaths due to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries. There are various routes of drug administration for medical drugs. The selection of the route depends on three factors - the effect desired; the type of the disease and the type of the product. Currently, the development of new drug delivery systems plays a major role in pharmaceutical industries. Research and development (R&D) in drug delivery is increasing throughout the world due to increasing prevalence of these diseases. Most of the pharmaceutical companies are focusing on multiple drug delivery technologies for creating excellent advantages and better outcome for their marketed products. Hence, the increasing prevalence of chronic diseases is resulting in increased consumption of therapeutic drugs and therapies, and this factor is expected to act as a driver for the growth of the drug delivery devices market.

In September 2018, Sulzer Ltd., a Swiss-based industrial engineering company specialized in pumping, agitation, mixing, separation and application technologies for all fluid types, acquired Medmix Systems AG for an undisclosed amount. Through this acquisition, Sulzer Ltd. aims towards broadening its business segment in the healthcare division by utilizing the product portfolio offered by Medmix System. Medmix Systems AG is a Switzerland-based manufacturer of medical equipment & devices, that specializes in providing applicators for drug delivery, bone repair, oral surgery in the healthcare industry.

Companies in the drug delivery devices market are collaborating with other companies within the industry in order to strengthen their product portfolio as well as to expand their footprint across different geographies. For instance, in July 2018, Gerresheimer AG, a Germany based provider of pharmaceutical packaging and drug delivery devices, acquired Sensile Medical AG for $413.4 million. The acquisition helped Gerresheimer AG in broadening its technological portfolio by enabling them to offer drug delivery devices for pharmaceutical and biopharmaceutical customers. Sensile Medical AG is a Switzerland based manufacturer of liquid drug delivery devices.

Major players in the drug delivery devices market are F. Hoffmann-La Roche Ltd, 3M Company, Pfizer Inc., Baxter International, BD., Novartis AG, Gerresheimer AG, Johnson & Johnson Services, Inc., Bayer AG, and GlaxoSmithKline plc.

Continuous…

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NORAH TRENT
WiseGuy Research Consultants Pvt. Ltd.
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