Drug and Gene Delivery Devices Market is Estimated To Witness High Growth Owing to Increased Demand for Targeted Drug Delivery
The Drug and Gene Delivery Devices Market is estimated to be valued at US$ 169.3 Thousand 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.
Market Overview:
Drug and gene delivery devices are medical devices designed to deliver therapeutic drugs, genes and other therapeutics to targeted body areas or tissues. These devices offer advantages like controlled and sustained release of drugs at desired site without affecting other healthy tissues. They help improve patient compliance and reduce side effects by avoiding systemic delivery of drugs.
Market key trends:
One of the major trends driving the growth of drug and gene delivery devices market size is the increased demand for targeted drug delivery. Targeted drug delivery helps deliver the drug directly to the diseased site in the body thus minimizing systemic side effects and improving efficacy of treatment. These devices facilitate localized and controlled release of therapeutics at the disease site. For example, inhalable insulin and gene therapies are gaining popularity as they can directly deliver the drug/gene to lungs avoiding effects on rest of the body. Manufacturers are focusing on developing innovative targeted delivery technologies like nanoparticles, hydrogels etc to efficiently deliver therapeutics for both chronic and acute diseases.
Porter's Analysis
Threat of new entrants: The high capital requirements and stringent regulations make entry difficult for new players in this market. Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of products whereas large healthcare providers can negotiate on pricing. Bargaining power of suppliers: The presence of many suppliers gives buyers more bargaining power over price and quality of raw materials. Threat of new substitutes: Many new research provides possible substitutes, competition is high. Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strengths: Large established player base with strong R&D and brand image. Technological advancements allowing targeted delivery are an added advantage.
Weaknesses: High costs associated can limit accessibility. Stringent regulatory approvals along with medical risks can delay new product launches.
Opportunities: Rising prevalence of chronic diseases worldwide along with growing geriatric population provides scope. Untapped potential in developing markets offers scope.
Threats: Threat from cheaper alternatives and stringent regulations around the world will negatively impact growth.
Key Takeaways
The global Drug and Gene Delivery Devices Market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of chronic diseases. Regionally, North America dominated the market in 2023 with a share of over 35%, owing to high adoption of advanced treatments. However, Asia Pacific is expected to grow at a higher pace due to rising healthcare investments.
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.
Get more insights on this topic: https://makuv.com/gene-therapy-is-fastest-growing-segment-fueling-the-growth-of-drug-and-gene-delivery-devices-market/
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