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.