The Drug Delivery Devices Market is likely to mark stellar growth in the upcoming period. The current situation calls for conducive integrated healthcare models that do away with middlemen regarding offering various products and services. Drug manufacturers, hospital systems, PBMs (pharmacy benefit managers), wholesale distributors, hospital systems, medical insurers, and retail pharmacy outlets – are all into the integration of healthcare strategies. This would be how the healthcare vertical function in the upcoming period.
Drug delivery refers to formulations, approaches, and technologies used to deliver drugs or chemical substances in the body. This can be for diagnosis, treatment, cure, or prevention of various diseases such as diabetes, viral and bacterial diseases, gastrointestinal illnesses, and allergies. Silicone, ethylene vinyl acetate, polyurethane, acrylate hydrogels, and other biodegradable substances are the materials commonly used to manufacture drug delivery systems.
Drugs can be administered directly into the body through injections, infusion, or through other drug delivery devices. Drug delivery devices are the devices or formulations used to inject therapeutic substances in the body through a specific route of administration, which depends on the type of disease, desired effect, and available products.
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Various drug formulations such as insulin and antibiotics are administered through drug delivery devices. These devices help in increasing the efficiency of the drug delivery system by controlling time, dosage, and place of release of the drugs in the body. Drug delivery devices may be conventional or implantable.
Infusion pumps such as ambulatory infusion pumps, insulin infusion pumps, implantable infusion pumps, enteral pumps, and volumetric infusion pumps are some of the drug delivery devices used to administer drugs in medical systems. Infusion catheters such as valves, IV sets, needles, and cannulas are also used for drug delivery. Transcellular and paracellular routes are the routes commonly used to administer drugs. Hospitals, long-term care facilities, and home care providers are the main users of drug delivery devices.
Currently, North America leads the global drug delivery devices market, followed by Europe. This is due to increasing demand for improved drug delivery systems, rising accessibility and affordability of drug delivery devices, and increasing number of chronic diseases in the region. In the next five years, Asia is expected to be the fastest growing market due to rising prevalence of various chronic diseases and aging population in this region. Moreover, the improving economic conditions in the region are also expected to support the growth of the drug delivery devices market in Asia.
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Rising geriatric population, technological advancements, and increasing demand for improved drug delivery systems are the key factors driving the growth of the global drug delivery devices market. Also, the improving healthcare facilities in various countries such as China, India, and Brazil are also fuelling the growth of this market. However, strict regulatory requirements for approval of drug delivery devices and lack of skilled and trained professionals to administer drugs are restraining the growth of the global drug delivery devices market. Moreover, problems related to the use of drug delivery devices such as dosage error are also hampering the growth of this market.
Innovations such as infusion pens could create opportunities for new players in the global drug delivery devices market. However, safety, quality and consistent performance could lead another challenge for the growth of the global drug delivery devices market.
Some of the trends noticed in the global drug delivery devices market include healthcare at home, collaborations and partnerships among companies in the market, and new product innovations. The major companies operating in this market are Abbott Laboratories, B. Braun Melsungen AG, Pfizer, Inc., F. Hoffmann-La Roche Ltd., Baxter International Inc., Smith Medical, CareFusion Corporation, and 3M Company.
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