Drug Delivery Devices Market Trends
Growth Drivers
- Growing Need for Targeted Drug Delivery- The growing popularity and importance of digital drug delivery systems among enterprises. Nearly 60 percent of employees in a 5000-person company agree that digital drug delivery technology is critical.
- Growing Technological Advancements- Technological developments in drug delivery systems are expected to make these devices more patient-friendly, easily accessible, and efficient. Phillips-Medisize unveiled its Aria Smart Autoinjector platform in May 2021, enabling breakthroughs, distinction, and long-term viability in the digital drug-delivery device industry.
- Swift Covid-19 Vaccination Drive Globally- With the worldwide epidemic of COVID-19, most pharmaceutical businesses and governments have been and continue to strive toward providing efficient medical care to COVID-19 patients, and drug delivery devices are likely to play an important role in this context. According to Our World in Data, 3.87 million vaccinations are performed internationally every day, with 12.69 billion doses administered globally.
Challenges
- Risk of Needle Stick Injuries
- Increasing Use of Generic Drugs
- Rigorous Rules and Regulations by the Government The government has implemented severe criteria for product testing to assure the product's effectiveness and security. These rigorous rules and regulations may impede the growth of a novel item or the manufacturing of an existing product. As a result, the factor is anticipated to stifle market expansion.
Drug Delivery Devices Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.6% |
|
Base Year Market Size (2024) |
USD 301.94 billion |
|
Forecast Year Market Size (2037) |
USD 603.34 billion |
|
Regional Scope |
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