Market Size of Australia Drug Delivery Devices Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2021 - 2022 |
CAGR | 5.10 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
Australia Drug Delivery Devices Market Analysis
The Australian drug delivery device market is expected to register a CAGR of nearly 5.1% during the forecast period.
The COVID-19 pandemic impacted the Australian drug delivery device system. For instance, an article published in the journal Asia Pac. J. Clin. Oncol. in April 2022 reported that the pandemic has forced rapid system-wide changes to be implemented within cancer care clinical trials at an alarming rate, and new clinical trials for the COVID-19 vaccine and drug development were initiated. Thus, COVID-19 surged, increasing the number of clinical trials. However, in the current scenario with a decrease in COVID-19 cases and the emergence of other SARS-CoV-2 strains, the demand for drug delivery devices may keep on increasing in Australia, and the market is expected to witness significant growth over the forecast period.
The factors that are driving the growth of this market are the rising prevalence of chronic diseases and technological advancements. The rising prevalence of chronic diseases in the country is propelling the demand for increasingly technologically advanced drug delivery systems. For instance, in 2021, the International Diabetes Federation (IDF) reported that in Australia, in 2021, about 6.4% of people were living with diabetes, and this number is expected to increase by 8.0% by 2045. Thus, the high incidence of diabetes and rising demand for transdermal drug delivery devices for its treatment are likely to contribute to the growth of the studied market.
Similarly, in 2022, the Australian Institute of Health and Welfare reported that in the years 2020-2021, nearly 571,000 Australians aged 18 and over (2.9% of the adult population) had chronic heart diseases, based on self-reported data from the Australian Bureau of Statistics 2020-2021 National Health Survey. Thus, there is a high burden of cardiovascular diseases among the target population, increasing the demand for drug delivery devices in Australia.
Moreover, government support and initiatives for the development of new drugs in Australia are also contributing to the growth of this market. For example, in March 2022, the Australian Government Department of Health said that the government had paid for basic research that led to the development of different drug delivery devices.For instance, in August 2022, the Australian Government reached an in-principle agreement with the Victorian Government and global mRNA company Moderna to establish a new sovereign vaccine manufacturing facility in Australia. As a result, new drug delivery device developments contribute to market growth.
Furthermore, new product approvals are also contributing to the market's growth. For example, Novavax, Inc., a company that develops and commercializes next-generation vaccines for serious infectious diseases, announced in June 2022 that the Australian Therapeutic Goods Administration (TGA) had granted provisional registration of Nuvaxovid (NVX-CoV2373) COVID-19 vaccine as a booster in individuals aged 18 and over.
Thus, due to the rising prevalence of chronic diseases and technological advancements, the market is expected to witness significant growth over the forecast period. However, the risk of needlestick injuries may slow down the growth of the studied market.
Australia Drug Delivery Devices Industry Segmentation
As per the scope, drug delivery devices or systems are the tools that are used to deliver the drug through a specific route of administration. It enables the introduction of therapeutic substances into the body.
The Australian Drug Delivery Devices Market is segmented by route of administration (injectable, topical, ocular, and other routes of administration), application (cancer, cardiovascular, diabetes, infectious diseases, and other applications),, and end user (hospitals, ambulatory surgical centers, and other end users). The report offers the value (in USD million) for the above segments.
By Route of Administration | |
Injectable | |
Topical | |
Ocular | |
Other Route of Administration |
By Application | |
Cancer | |
Cardiovascular | |
Diabetes | |
Infectious diseases | |
Other Applications |
By End User | |
Hospitals | |
Ambulatory Surgical Centers | |
Other End Users |
Australia Drug Delivery Devices Market Size Summary
The Australian drug delivery device market is poised for significant growth, driven by the increasing prevalence of chronic diseases and technological advancements. The market is experiencing a resurgence as the impact of the COVID-19 pandemic subsides, with a rise in demand for drug delivery devices. This demand is fueled by the high incidence of chronic conditions such as diabetes and cardiovascular diseases, which necessitate advanced drug delivery systems. Government initiatives and support for drug development, along with new product approvals, are further propelling market expansion. The oncology segment, in particular, is expected to capture a substantial share due to the rising cancer cases in Australia, which drive the need for effective oncology drug delivery devices.
The market is characterized by a competitive landscape with several major players, including Viatris Inc., Novartis AG, and GlaxoSmithKline Plc, among others. Innovations such as next-generation syringes and pre-fillable polymer syringes are enhancing the market's growth trajectory. The increasing geriatric population and the burden of chronic diseases are boosting the demand for injectables, while partnerships and collaborations among key market players are fostering the development of improved products. Despite challenges like the risk of needlestick injuries, the market is expected to continue its upward trend, supported by the ongoing introduction of innovative drug delivery solutions.
Australia Drug Delivery Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Prevalence of Chronic Diseases
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1.2.2 Technological Advancements
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1.3 Market Restraints
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1.3.1 Risk of Needlestick Injuries
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Route of Administration
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2.1.1 Injectable
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2.1.2 Topical
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2.1.3 Ocular
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2.1.4 Other Route of Administration
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2.2 By Application
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2.2.1 Cancer
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2.2.2 Cardiovascular
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2.2.3 Diabetes
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2.2.4 Infectious diseases
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2.2.5 Other Applications
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2.3 By End User
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2.3.1 Hospitals
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2.3.2 Ambulatory Surgical Centers
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2.3.3 Other End Users
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Australia Drug Delivery Devices Market Size FAQs
What is the current Australia Drug Delivery Devices Market size?
The Australia Drug Delivery Devices Market is projected to register a CAGR of 5.10% during the forecast period (2024-2029)
Who are the key players in Australia Drug Delivery Devices Market?
Novartis AG, GlaxoSmithKline Plc, Becton, Dickinson and Company, Johnson and Johnson and Pfizer, Inc. are the major companies operating in the Australia Drug Delivery Devices Market.