Drug delivery system is the process of administering therapeutic substance through common route of administration to achieve a therapeutic effect in humans or animals. Drugs release the active ingredients in the target area so that in the period of time it controls though its formulation. The most important driving factor for drug delivery technology market is the increasing demand for effective delivery mechanisms of novel biopharmaceuticals.
Recently, AstraZeneca signed a licensing agreement with Starpharma for the use of its DEP drug delivery technology aiming to enhancing the dosing and efficacy characteristics of pharmaceuticals. AstraZeneca agreed to fund all development and commercialization costs, including ongoing and future collaborative work conducted with Starpharma.
Drug Delivery Technology Market: Drivers & Restraints
Growing incidence of chronic diseases such as cardiovascular diseases, diabetes, and cancer, technological advancement, innovation, the growing focus on pediatric and geriatric patients, change in lifestyle due to growing urbanization, the increasing demand for minimally invasive surgeries, are the most important driving factors in drug delivery technology market. Since growth of biopharmaceutical market is fast, the demand for drug delivery technology market has increased.
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With so many advantages and splendid features of drug delivery technology, it has few disadvantages too. Side-effects related to drugs, patents expiry and regulatory hurdles are acting as key barrier for drug delivery technology.
Drug Delivery Technology Market: Segmentation
Drug delivery technology market is broadly classified on the basis of the following segments –
By Route of Administration:
- Oral Route
- Parenteral Route
- Transdermal Route
- Inhalation Route
- Nasal Drug Delivery
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By End User:
- Diagnostic Centres
- Home care settings
Drug Delivery Technology Market: Overview
The drug delivery technology market has grown substantially at a healthy CAGR due to growing incidence of chronic diseases and change in lifestyle. With rapid technological advancement and innovation, drug delivery technology market is expected to grow globally. North America is the largest market for drug delivery technology and Asia Pacific would be the fastest growing market in the forecast period.
Drug Delivery Technology Market: Region-wise Outlook
The drug delivery technology market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, drug delivery technology is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. North America is the largest market for drug delivery technology market and is contributing the most as compare to other regions. Asia Pacific is the fastest growing region in the forecast period.
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Drug Delivery Technology Market: Key Players
Some of the key market players in drug delivery technology market are Johnson and Johnson Pvt Ltd, 3M, Novartis AG, Pfizer Inc, Glaxosmithkline PLC, Merck & Co., Inc, Antares Pharma, Generex Biotechnology, pSivida Corppration, Alkermes, Aradigm Corp., Vectura Group plc, NanoPass Technologies Ltd.