Future Growth Trends in Pharmaceutical Drug Delivery
Major Growth Influencing Factors:
Increased R&D spending, the expanding biologics market, the emergence of new products, the growing prevalence of chronic illnesses, and technology breakthroughs are all major contributors to the growth of the pharmaceutical drug delivery sector. Additionally, research and development (R&D) is a priority for pharmaceutical and biopharmaceutical businesses as they create novel compounds for a range of therapeutic uses and drug delivery systems.
The companies invest heavily in R&D with the aim of delivering high-quality and innovative products to the market. R&D spending by biopharmaceutical companies has also increased over the years. On the other hand, the risk of needlestick injuries and the increased pricing pressure are expected to limit the market's growth to some extent in the coming years.
Market Size Estimation:
Following data triangulation from various methods, the pharmaceutical medication delivery market's overall size was determined, as will be discussed below. Based on the degree of assumptions made in each method, a weighted average of the techniques was determined after each one.
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Major Surge in Global Revenue:
The size of global pharmaceutical drug delivery market in terms of revenue was estimated to be worth $1,656.9 billion in 2021 and is poised to reach $2,206.5 billion by 2026, growing at a CAGR of 5.9% from 2021 to 2026.
Data Triangulation:
After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.
Opportunity: Self-management and in-home care
Players in the pharmaceutical drug delivery market could see substantial growth prospects from self-administration and home care. The primary cause of this is the growing geriatric population, as they represent a significant market for home care medication delivery equipment. This aspect is also driving up demand for application-specific topical, injectable, inhalation, and transdermal medication treatments that meet patients' and caregivers' demands.
Challenge: Pressure on prices
Government agencies are pushing cost-cutting initiatives including lowering prescription reimbursement rates and encouraging the use of generics more frequently in both developed and developing nations. Government agencies, insurers, and patients are putting tremendous pressure on drug makers worldwide to reduce costs. Because there is a significant demand for affordable treatments in emerging countries, there is a greater adoption of pharmaceuticals as a result of this lower pricing pressure.
Still, this is hurting a number of pharmaceutical companies' bottom lines. Due to constant pressure from pharmacy benefit managers (PBMs), insurers, and public and private payers to lower pharmaceutical prices because they are worried about paying for more new medications to treat common conditions like diabetes and high cholesterol, this trend is anticipated to continue in the upcoming years.
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Geographical Growth Scenario:
North America will dominate the pharmaceutical drug delivery industry from 2021–2026
Geographically, the global pharmaceutical drug delivery market is segmented into North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. North America accounted for the largest share of this market in 2020. The high share of the North American market is attributed to the rising prevalence of chronic diseases, such as cancer, respiratory allergies, and diabetes; increasing patient compliance with innovative drug delivery technologies; and the presence of a large number of prominent players in this region.