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The global drug delivery systems market size touched USD 39.55 billion in 2022 and is predicted to reach USD 42.71 billion in 2023. The market is anticipated to touch USD 78.76 billion by 2030, recording a CAGR of 9.1% over 2023-2030.
Fortune Business Insights™ presents this information in its latest report titled “Drug Delivery Systems Market Size, Share & COVID-19 Impact Analysis, By Type (Inhalation, Transdermal, Injectable, and Others), By Device Type (Conventional and Advanced), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others), and Regional Forecast, 2023-2030”.
The healthcare sector is undergoing several technological advancements to cater to the unique and increasingly complex medical requirements of the global population. The way drugs are administered today is also experiencing innovations to offer ease and convenience to patients. Drug delivery systems refer to a device that delivers a certain drug in the body and increases its safety and efficacy by supervising its rate, place, and time of release. Such controlled delivery of medicines can drastically reduce the risk of over or under-dose, thereby improving a patient’s survival rate. These factors are predicted fuel the drug delivery systems market growth.
Rise in Vaccination Drives to Mitigate COVID-19 Virus Spread Boosted Market Development
While the COVID-19 pandemic had a negative impact on the market initially due to reduced hospital visits, disrupted supply chain networks, and decrease in manufacturing activities, the market’s growth boosted considerably later on. Countries across the world had started rolling out mass vaccination campaigns to protect millions of people from the infection. This scenario skyrocketed the demand for drug delivery systems to immunize a large percentage of the population simultaneously and with ease.
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Growing Incidence of Chronic Diseases to Augment Market Growth
The prevalence of chronic ailments, such as Chronic Obstructive Pulmonary Disease (COPD), asthma, diabetes, cancer, and other diseases has increased considerably in recent years. They have also been the leading causes of death across the world. This factor has prompted market players to introduced technologically advanced drug delivery devices to enhance the survival rate of these patients, thereby augmenting the market progress.
Key Market Players to Hold their Dominant Positions by Expanding their Product Portfolios
Becton, Dickinson, and Company (BD), West Pharmaceutical Services Inc., and Gerresheimer AG, are the key companies operating in this market. These companies are increasing their focus on expanding their product portfolios to maintain their leading market positions. BD, for instance, is constantly launching novel products and solutions in the market to widen its customer base and cater to the unique medical needs of its clients.
Notable Industry Development:
List of the Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
CAGR of 9.1% from 2023-2030
Value (USD billion)
By Type, Device Type, Distribution Channel, and Region
By Device Type
By Distribution Channel