New York, April 22, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “Drug Delivery Devices Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06271909/?utm_source=GNW
In the outbreak of the COVID-19 pandemic, most pharmaceutical companies and governments are working to provide effective medical care to COVID-19 patients, and drug delivery equipment is expected to play a crucial role in this regard. For example, in June 2020, Chalmers University of Technology, Sweden, the University of Gothenburg and AstraZeneca announced a new key project to study a nasal spray mRNA vaccine against COVID-19 by combining various new approaches to drug delivery. The project is working towards the development of principles for nasal immunization, development of a biomimetic? nanoparticle provided with both immune enhancers and a targeting protein. In addition, in March 2020, Bioavanta-Bosti announced its intention to collaborate with drug developers and clinical researchers to rapidly develop a recycled drug or new molecular or biological unit formulations that enable the treatment of severe COVID-19 infection in the lungs. Therefore, the COVID-19 pandemic is expected to have a significant impact on the market under investigation.
The increasing incidence of chronic diseases, technological advances and the growth of the market for biological drugs are important factors that are expected to drive the growth of the market for drug delivery equipment during the forecast period. As drug delivery devices help deliver the drugs that are beneficial to the targeted population recovering faster, there has been a growing adoption and propensity for advanced drug delivery devices. In addition, an increasing number of cancer cases, respiratory diseases and diabetic patients worldwide can promote the introduction of drug delivery devices and drive the overall market. According to the Global Asthma Report 2018, published by the Global Asthma Network, asthma was estimated to kill around 1,000 people every day and affect more than 339 million people globally, and this incidence is expected to increase disproportionately in low- and middle-income countries. Therefore, with a huge target group that may require regular drug delivery devices for diagnostic and treatment purposes, the market for drug delivery devices is expected to increase in the coming years. In addition, rising R & D spending by innovators and generic players, the development of new drugs and biological substances, and technological advances in the understanding of human biology and disease are expected to feed the overall market.
Important market trends
By administration route, the injectable drug segment is estimated to experience healthy growth during the forecast period.
The injectable drug delivery devices are considered to administer drugs either intravenously, intramuscularly or subcutaneously. The injectable method is the commonly used method for drugs with poor oral bioavailability, targeted drug delivery system and delivery of drugs at the site of action. Injectable drug delivery is used in conditions such as hormonal imbalance, diabetes, cystic fibrosis, autoimmune diseases, pain, Wilson’s disease, hemophilia, hepatitis C and ribose-5-phosphatisomerase deficiency.
According to the International Diabetes Federation (IDF) 2019, approximately 463 million adults (20-79 years) lived with diabetes in 2019 and are expected to reach 700 million by 2045. The burden of chronic diseases is increasing worldwide. Factors such as the aging population and behavioral changes in lifestyle lead to long-term health problems and their treatment can be costly. Most deaths due to chronic diseases can be attributed to cardiovascular disease, obesity and diabetes. This increase in the burden of such diseases contributes to the growth of injectable drug delivery devices.
An increase in the adoption of injectable drugs is currently driving market growth. In addition, companies operating in the pre-filled syringe industry receive regulatory approvals for various drugs used in syringes to increase their market share. For example, in June 2019, IPSEN Biopharmaceuticals received UD FDA approval for its new pre-filled syringe for Somatuline Depot (lanreotide). One of the advantages of pre-filled syringes over traditional vial packaging includes ease of use. Pre-filled syringes essentially eliminate the processes required before using the drug in a vial. In addition, it helps eliminate dosing errors. Thus, due to the above factors, the segment for injectable drug delivery devices is expected to record significant growth over the expected period.
North America has a significant market share and is expected to do the same during the forecast period
North America is expected to have a significant share of the global drug delivery equipment market due to the increasing incidence of chronic diseases, the presence of a large number of pharmaceutical companies, growing R & D spending, increasing patient preference for drug delivery equipment, new product launches and technological advances. The United States owns the largest share of the drug delivery equipment market in the North American region. Heart disease is a leading cause of death that creates a huge burden on people, communities and healthcare providers and systems. According to the 2021 Heart and Stroke Statistics of the American Heart Association, cardiovascular disease (CVDs) in 2019 were the leading global cause of death, accounting for approximately 18.6 million deaths in the United States. In addition, nearly 126.9 million Americans were diagnosed with some form of cardiovascular disease between 2015 and 2018.
Furthermore, the increasing use of new drug delivery systems and advances in pharmacology are expected to feed the market for drug delivery equipment in this region. Market participants also focus on launching new products in the market. For example, in April 2020, Teva Pharmaceuticals USA launched the autoinjector for AJOVY (fremanezumab-fra) injection in the USA, which is indicated for the preventive treatment of migraine in adults. In addition, in October 2019, AstraZeneca received US FDA approval for self-administration of Fasenra (benralizumab) in a pre-filled auto-injector (Fasenra Pen), a respiratory biologic drug that offers the choice of administration at home or in a doctor’s office with eight weeks of maintenance dosing. Thus, given the above factors, the market under investigation is expected to experience significant growth in the North American region during the forecast period.
The market for drug delivery equipment is moderately competitive and consists of several major players. Some of the companies currently dominating the market include Pfizer Inc., Novartis AG, Becton, Dickinson and Company, Antares Pharma Inc., Elcam Medical and Biocorp. The major players have focused on strategic alliances, such as acquisitions, collaborations, investment in R & D activities and the launch of new products to secure their position in a competitive global market. For example, in December 2019, Johnson and Johnson completed the acquisition of TARIS Biomedical LLC, a company that specializes in the development of a new drug delivery technology (silicone-based drug delivery device) to help treat bladder diseases, including cancer, by continuously release of medication to the bladder.
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