Drug Delivery Systems Market Trends

Growth Drivers

• Technological Advancement and Innovations in Drug Delivery Systems- The rising development in technology has always favored market growth such as microneedle arrays are a new technology for delivering medications through the skin. In these arrays, several microscopic needles, each thinner than a strand of hair, are coated or filled with medicine. Therefore, technological advancement in drug delivery systems is anticipated to boost the market's growth in the upcoming years. Such as, Medtronic announced the release of Efficio, an advanced cloud-based data management technology application for use with SynchroMed II intramedullary drug delivery system in January 2020.

• Rapid COVID-19 Vaccination Drive all over the World- There has been a rising demand for syringes owing to increasing COVID-19 vaccinations across the globe. Moreover, it has boosted the production of injectable drug delivery, and it is projected to drive the market's growth. According to the reported data, globally, 3.87 million vaccinations are done every day, and 12.69 billion doses have been given worldwide.

• Growth of Digital Drug Delivery- The rising popularity and importance of digital drug delivery among companies is expected to increase the growth of the global drug delivery systems market. Nearly 60% of people working at a company size of 5000 believe that digital drug delivery technology is crucial.

Challenges

• Strict Rules and Regulations Set by the Government - The government has imposed strict mandates to be followed while checking the product in order to ensure the efficacy and safety of the product. These stringent rules and regulations might limit the production of a new product or any other development of an old product. Therefore, the factor is likely to hamper the market growth.

• Negative Impact and Data Security Risk Associated with Drug Delivery System

• Customer Trust is Compromised Owing to the Invasive Nature of Drug Delivery