Drug Delivery Systems Market Size to Record 9.6% CAGR over 2024-2032; Growing Incidence of Chronic Diseases to Augment Market Growth

The global drug delivery systems market size touched USD 42.71 billion in 2023 and is predicted to reach USD 46.23 billion in 2024. The market is anticipated to touch USD 96.34 billion by 2032, recording a CAGR of 9.6% over 2024-2032.

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, 2024-2032”.

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.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/drug-delivery-systems-market-103070

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.

Competitive Landscape

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:

• February 2023: Innovation Zed declared that it received the CE mark for its InsulCheck DOSE, a single unit add-on device for insulin pen injectors.

List of the Companies Profiled in the Report:

• Gerresheimer AG (Germany)


• BD (Becton, Dickinson and Company) (U.S)


• Kindeva Drug Delivery (U.S.)


• Baxter (U.S.)


• West Pharmaceutical Services Inc. (U.S.)


• Ypsomed (Switzerland)


• Medtronic (Ireland)


• Nemara (France)


• E3D Elcam Drug Delivery Devices (Israel)

Further Report Findings

• North America accounted for the largest drug delivery systems market share and is expected to record a notable CAGR during the forecast period as the region ramped up its vaccination efforts during the COVID-19 pandemic, which skyrocketed the demand for syringes. North America is also seeing a considerable growth in the number of hospital admissions, which will further augment the regional market’s growth.


• The market in Asia Pacific is anticipated to register the highest CAGR during the forecast timeline as the region has a vast patient population and the incidence of chronic diseases is growing every year. This scenario has prompted governments of countries, such as India and China to increase their healthcare expenditure, thereby accelerating the regional market’s expansion.


• The injectable segment held the largest share in the market in 2022 and is predicted to register the fastest growth rate during the forecast period as there has been a notable increase in the need for wearable injectable devices to deliver drugs. Companies are also introducing new products to cater to this demand. In addition, the growing number of vaccination campaigns across the globe is expected to drive the demand for these products.

Table of Segmentation