The rise of targeted therapy and drug compounds is prompting the development of novel drug delivery approaches such as nano gel and transdermal patches. Although intravenous (IV) infusion continues to dominate the market, subcutaneous, intradermal, and intramuscular modes will gain significant traction in five to eight years, when approximately 30 to 35 new products will be launched. Digital transformation will especially play a role in driving the $88.2 billion market in 2018 toward a $125 billion market by 2023, at a compound annual growth rate of approximately 7.2%.
"With the availability of multiple home care devices, drug delivery device makers are looking to invest in technologies that support sensors and apps to monitor out-of-clinical settings. Solutions that offer a predictability and wellness index for efficient patient flow will find significant adoption among hospitals," said Bejoy Daniel, Senior Industry Analyst, Transformational Health. "Acknowledging the potential of digital solutions, vendors are focused on analyzing the available data and enabling connectivity to integrate devices."
Frost & Sullivan's recent analysis, Analysis of the Drug Delivery Devices Market, Forecast to 2023, examines the investment opportunities for companies in the drug delivery market. It covers the product segments of pulmonary, injectable, and transdermal drug delivery devices in the traditional clinical and home care settings. The study highlights the trends in the US and the EU5 (France, Germany, Italy, Spain, and the UK).
"At $49.6 billion, the US market accounted for 56.3% of the revenues of the total market in 2018. Europe was not far behind due to its lead in the pulmonary device segment," noted Daniel. "Germany and the United Kingdom dominated the European market as they had witnessed rapid technological innovations in drug delivery technologies."
Despite the advances in the field of drug delivery, there are several unmet patient needs. Vendors can find ample growth opportunities through:
Targeted and controlled therapy for oncology drug delivery systems.
Needle-free delivery, supported by the home healthcare trend of self-administered, painless and effective treatment.
Modalities for delivering more than one drug at a time.
Predictive analysis and patient-centricity enabled through digital platforms.
Analysis of the Drug Delivery Devices Market, Forecast to 2023 is part of Frost & Sullivan's global Advanced Medical Technologies Growth Partnership Service program.
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