Pharmaceutical Drug Delivery is Estimated To Witness High Growth Owing To Growing Geriatric Population
The Pharmaceutical Drug Delivery market is estimated to be valued at US$ 2,307.27 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pharmaceutical drug delivery involves administration of a pharmaceutical compound to achieve a therapeutic effect in humans or animals. Main goal of drug delivery is to ensure an individual receives the right dose of medication to get the desired effect. It is a method or process of administering a pharmaceutical compound to achieve a therapeutic effect in humans or animals. The route of administration could be oral, pulmonary, intravenous, intradermal or subcutaneous among others.
Market Dynamics:
Growing geriatric population: According to WHO, the global geriatric population which was estimated to be nearly 524 million in 2010 is expected to reach around 2 billion by 2050. This substantially increasing geriatric population is expected to drive demand for pharmaceutical drug delivery owing to greater proneness to chronic and lifestyle associated diseases in this age group.
Technological advancements: Innovations and advancements in drug delivery systems such as transdermal patches, controlled release formulations and others have enabled improved efficacy and safety of medications. Development of delivery systems mimicking zero-order release kinetics enables maintaining therapeutic drug levels for prolonged period thereby driving their adoption. For instance, extended release injectable drugs have gained popularity.
SWOT Analysis
Strength: The pharmaceutical drug delivery market has strong research and development capabilities. Major companies are investing heavily in R&D to develop advanced drug delivery systems. Furthermore, continuous technological advancements are helping design more effective drug delivery methods.
Weakness: High costs associated with developing new drug delivery technologies is a major challenge. obtaining regulatory approvals for novel drug delivery systems is a long and complex process. Furthermore, stringent regulations surrounding the pharmaceutical industry increase compliance burdens.
Opportunity: Growing geriatric population prone to chronic diseases creates demand for innovative drug delivery solutions. Furthermore, increasing preferences for alternate routes of drug administration like transdermal and inhaled pose opportunities.
Threats: Price erosion due to market entry of generic drugs is a looming threat. Furthermore, patent cliffs of major drug brands increase competition.
Key Takeaways
The global Pharmaceutical Drug Delivery Market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is US$ 2,307.27 Bn.
Regional analysis
North America dominates the global market due to rapid uptake of advanced technologies. However, Asia Pacific is projected to grow at the fastest pace during the forecast period owing to rising healthcare spending and increasing investents in healthcare infrastructure in countries like China and India.
Key players
Key players operating in the pharmaceutical drug delivery are Bayer AG, Cipla Ltd., F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc, Johnson & Johnson, Merck & Co., Inc., Novartis AG, Amgen Inc., Pfizer Inc., Sanofi. They are focusing on partnerships and collaboration for development of novel drug delivery technologies.
Tags : Pharmaceutical Drug Delivery Market, Pharmaceutical Drug Delivery Market, Pharmaceutical Drug Delivery Market Trends, Pharmaceutical Drug Delivery Market Growth
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