The global pharmaceutical drug delivery market involves the administration of a pharmaceutical product into the body to achieve intended or desired therapeutic effect of the drug. In pharmaceutical drug delivery, various drug delivery routes such as oral, injection, topical, inhalation and transdermal administration are utilized as each route has advantages and limitations for achieving desired drug concentrations in the body needed to attain therapeutic effect.
The global Pharmaceutical Drug Delivery Market is estimated to be valued at US$ 2307.27 Bn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the pharmaceutical drug delivery market is being accelerated by rising number of new product launches.Over the past few years, there have been numerous product approvals and launches for novel drug delivery systems delivering medications through different administration routes such as oral, injectable, topical, inhalation and transdermal. For instance, in 2022, the FDA approved new formulations and delivery systems for drugs such as Emgality, Somavert, Orencia and others delivering them through self-administrable injection devices and pen devices for enhanced convenience. This has significantly driven the demand for advanced drug delivery technologies and systems in the pharmaceutical market.
Segment Analysis
The global Pharmaceutical Drug Delivery market is segmented based on route of administration, application, and end user. The oral drug delivery segment currently dominates the market owing to its ease of administration and better patient compliance. However, the transdermal drug delivery segment is expected to witness higher growth during the forecast period due to its ability to avoid first pass hepatic metabolism and provide controlled drug release for systemic effects.
Key Takeaways
The Global Pharmaceutical Drug Delivery Market Size is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the Pharmaceutical Drug Delivery market owing to well-established pharmaceutical companies, rising healthcare expenditure, and high adoption of advanced delivery technologies. Europe holds the second largest share and is estimated to witness the highest growth during the forecast period due to rising research funding and favorable regulations for drug development.
Key players: Key players operating in the Pharmaceutical Drug Delivery market are Meta Inc., HTC Corporation, Unity Technologies, Microsoft Corporation, Samsung Electronics Co., Ltd., Magic Leap, Sony Corporation, Vuzix Corporation, Apple Inc, Niantic Inc., Northern Digital Inc., Snap Inc., SoftServe, and Accenture. Meta Inc. currently holds the largest market share due to its extensive research in VR/AR technologies. Microsoft Corporation is another prominent player known for HoloLens mixed reality solutions.
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