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The global drug delivery systems market size is expected to reach USD 45.20 billion by 2027 on account of rising preference for needle-free drug delivery mechanisms, states Fortune Business Insights™ in its report, titled “Drug Delivery Systems Market Size, Share & Industry Analysis, By Type (Inhalation, Transdermal, Injectables and Others), By Device Type (Conventional and Advanced), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others) and Regional Forecast, 2020-2027”. The report further states that the market value stood at USD 26.08 billion in 2019 and is projected to grow at 6.8% CAGR from 2020 to 2027.
Baxter Optimizes Its COVID-19 Response through Increased Production
In its attempt to optimize its response to the coronavirus pandemic, the US-based healthcare major, Baxter International, announced that it will be maximizing its production capacities to meet the surging need for various medical devices and drug delivery systems in healthcare facilities. Following its announcement in April 2020, Baxter began boosting production of its Spectrum IQ Infusion System and accompanying I.V. administration sets, Mini-Bag Plus drug delivery system, and other injectable drug units to be used in ICUs in hospitals. Moreover, the company is also accessing air freight hauls to transport its products between the US and Europe. Thus, the COVID-19 outbreak has surged the demand for these Systems and market players are looking to capitalize on this once-in-a-lifetime opportunity.
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Steady Spread of Asthma Worldwide to Stoke Market Growth
Asthma is a chronic respiratory disorder characterized by frequent attacks of wheeziness and breathlessness. Statistics released by the World Health Organization (WHO) reveal that over 339 million people across globe were afflicted by asthma in 2016, with majority of patients being children. Furthermore, the condition killed more than 400,000 and disabled nearly 25 million people worldwide in 2016, the WHO data highlights. Asthmatics heavily rely on different types of inhalers to deliver medication in aerosolized form targeted into their lungs. These devices are portable and extremely convenient to use in any kind of situation and recent advancements have led to the development of inhalers providing metered dosage into the lungs. This bodes well for the Drug Delivery Systems market growth as rising prevalence of asthma is likely to escalate the demand for drug administration systems.
Creation of Delivery Systems for Complex Disorders to Intensify Market Competition
Efficient and effective Drug Delivery Systems can prove vital in treating symptoms and conditions triggered by complex and chronic disorders. Thus, to cater to the patient pool suffering from such conditions, many market players are designing and developing novel delivery systems for the management of these disorders. These efforts are being reflected through increased R&D spending by and strategic partnerships and short-term collaborations among players with diverse capacities.
List of Companies Covered in this Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Device Type
By Distribution Channels