The global drug delivery market size is forecasted to reach USD 1,792.60 billion by 2026, attributable to the rapid development of the pharmaceutical industry and the advent of drug delivery systems worldwide. The rising trend of digitalization in the pharmaceutical industry has propelled the demand for drug delivery systems for accurate, convenient, and systematic drug concentration for patients. As per a recently published report by Fortune Business insights™ titled, “Drug Delivery Devices Market Size, Share & Industry Analysis, By Route of Administration (Injectable, Nasal, Topical & Transdermal, Oral and Others), By Type (Conventional and Advanced), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and Regional Forecast, 2019-2026,” the size was USD 1,020.07 billion in 2018 and is likely to exhibit a CAGR of 7.3% between 2019 to 2026.
Which Factors Affect the Market Growth?
Rising Popularity of Smart Wearables will Aid in Expansion of Market
There has been a rise in demand for advanced drug delivery devices on account of increasing launch of innovative products, sufficing to consumer satisfaction and efficiency. This is a significant factor in boosting the drug delivery devices market growth. In addition, the advent of smart technology, user-friendly operations, and large volume doses are other factors aiding in the expansion of the market. Furthermore, the increasing popularity of wearables, insulin jets, ocular inserts, and others are likely to help the market gain impetus in the forecast period.
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Favorable Reimbursement Policies by Governments to Help North America Continue Dominance
From a geographical viewpoint, the global drug delivery devices market is widespread into the regions of Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America emerged dominant with a revenue generation of $428.43 billion in 2018. This is attributed to the favorable health reimbursement supported by the regional government, and increasing inclination towards elderly care.
On the other side, the growing population in nations such as India, and China, improving healthcare infrastructure, and the rising awareness about the drug delivery devices market will help attract remarkable drug delivery devices market revenue in Asia Pacific during the forecast period.
Massive Investments for Product Development to Set High Bars for Players
The drug delivery devices market is fragmented in nature. Manufacturers are focusing on expanding their product portfolio over various geographies by making huge monetary investments for research and development of better therapeutic products suitable for drug delivery devices. Apart from this, players are adopting other strategies such as company collaborations, merger and acquisition, contracts and agreements, joint ventures, and others to compete for the top position in the market and attract high drug delivery devices market revenue in the coming years.
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