According to a recent study, the global market for drug delivery technology is likely to grow at a compound annual growth rate (CAGR) of 7.2% between 2016 and 2021. By the end of the forecast period, the market is expected to reach USD 1,669.40bn. In 2016, the market, which is segmented into injectable; topical; nasal; implantable; pulmonary; transmucosal; oral; and ocular, was dominated by the oral drug delivery segment as it held the largest share in the market. This is probably because oral drugs are simple, safe and convenient to use. Worldwide, drugs are delivered to patients via venues like hospitals, diagnostic centres, ambulatory surgical centres/clinics, home care settings, etc. It was reportedly via hospitals that the highest number of drugs were delivered in 2016.
When divided on the basis of regions and growth rates, the drug delivery technology market is expected to witness fastest growth in Asia during the forecast period. Two main factors that will accelerate the growth of the market in this region are:
- Low costs of clinical trials and labour
- Large investments by prominent MNCs in the field of research and development.
Listed below are the key 4 factors responsible for the growth of the global drug delivery technology market:
1)Rising number of chronic diseases and disorders:
Due to rapid changes in lifestyle, eating habits and climate over the years, many new variants of diseases have come into being, while many have become chronic.
2)Rising demand for biologics, biosimilars, and generic drugs:
Research and development in biotechnology will result in invention of effective biologics that can treat a variety of diseases. Demand for affordable generic drugs are also increasing so that the poor are not left untreated.
3)New entrants in the market:
Many new players have entered in this large market and are ceaselessly working on developing and launching new and effective products.
4)Home care settings:
These days, people are more aware of diseases and are willing to take good care of their body themselves. As a result, demand for self-administration drugs and home-care products are on the rise.