Drug and Gene Delivery Devices Market is Estimated To Witness High...

Drug and Gene Delivery Devices Market is Estimated To Witness High Growth Owing to Increasing Prevalence of Chronic Diseases

Posted 2023-11-28 10:32:10

Market Overview:
The drug and gene delivery devices market involves delivery devices that help in administration of therapeutics such as drugs, proteins, genes and nucleic acids into the body. These devices help in efficient delivery of therapeutics directly at the target site, reducing systemic side effects. Some key products in this market include drug delivery devices such as injectors and auto-injectors, syringes, pumps and needle free technology. Gene delivery devices involve viral vectors, non-viral vectors and gene gun for delivery of nucleic acids.

Market Dynamics:
The growth of the drug and gene delivery devices market is majorly driven by the increasing prevalence of chronic diseases globally. According to WHO, chronic diseases are estimated to account for 60% of all deaths globally. Also, genetic diseases are on the rise owing to changing lifestyle and environment factors. This increases the demand for advanced therapeutics and gene therapies to treat such medical conditions. Secondly, continuous introduction of advanced drug and gene delivery devices for targeted and controlled delivery of therapeutics is also fueling the market growth.

The global Drug and Gene Delivery Devices Market Size is estimated to be valued at US$ 169.3 Billion in 2023 and is expected to exhibit a CAGR of 11 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis
Strength: The drug and gene delivery devices market has three main strengths. Firstly, it provides minimally invasive methods for delivering drugs and genes inside the body. Secondly, these devices improve targeted drug delivery and localization of drugs at disease sites. Thirdly, they help reduce systemic side effects by avoiding first-pass metabolism of drugs in the liver.
Weaknesses: Two main weaknesses are the high costs associated with development and manufacturing of these devices. Also, regulatory constraints around clinical trials and approval timelines pose a challenge.
Opportunities: Firstly, the increasing prevalence of chronic diseases like cancer provides opportunities for growth. Secondly, advancement in material sciences is allowing developers to engineer novel drug and gene delivery technologies.
Threats: Regulatory uncertainty around approval of new gene therapy and cell therapy products is a threat. Secondly, safety issues if technology fails post-approval can damage market prospects.

Key Takeaways
The global drug and gene delivery devices market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is US$ 169.3 Thousand, indicating future potential for growth.

Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to increasing R&D investments, availability of advanced healthcare facilities, and growing awareness about new treatment options. Asia Pacific is expected to exhibit the highest growth rate during the forecast period owing to rising healthcare expenditure, growing geriatric population, and increasing focus of key players in developing markets.

Key players: Key players operating in the drug and gene delivery devices market are Pfizer, Inc., Novartis AG, Kite Pharma, Inc., Bluebird bio, Inc., Becton Dickinson and Company, Amgen, Inc., Vericel Corporation, uniQure N.V., Spark Therapeutics, Inc., Renova Therapeutics, Orchard Therapeutics plc, Kolon Tissue Gene, Inc., Human Stem Cell Institute, Dendreon Pharmaceuticals, Helixmith Co., Ltd (ViroMed Co., Ltd), Bausch & Lomb Incorporated, and Castle Creek Biosciences, Inc (Fibrocell Technologies, Inc.), among others.

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