Market Trends of Drug Delivery Devices Industry
This section covers the major market trends shaping the Drug Delivery Devices Market according to our research experts:
Topical Drug Delivery Devices Segment is Estimated to Witness a Healthy Growth Over the Forecast Period
Topical drug delivery involves drug transport from a product on the skin to a local target site and then clearance by diffusion, metabolism, and dermal circulation to the rest of the body and deeper tissues.
The major factors fueling the growth of the segment are the increasing implementation of strategic initiatives and the development of novel products. For instance, as of March 2021, scientists at Stanford University and the University of North Carolina at Chapel Hill (UNC) produced a 3D-printed vaccine patch that they claim provides more excellent protection than a typical vaccine shot. The development of such novel products is fueling the usage of drug delivery products, thereby contributing to market growth.
Furthermore, topical drug delivery has various applications in cancer, which is expected to further boost segment growth. For instance, according to an article published by Frontiers in October 2022, topical drug delivery through the skin can be used to deliver drugs locally in skin cancer because it offers several advantages such as avoidance of the problems associated with stomach emptying, pH, enzyme deactivation, and first-pass metabolism, which are generally associated with oral administration.
Several market players are engaged in implementing strategic initiatives, thereby contributing to market growth. For instance, in December 2020, Agile Therapeutics, Inc., a women's healthcare company, commercially launched the Twirla (levonorgestrel and ethinyl estradiol) transdermal system, a new non-daily, non-invasive contraceptive patch. Moreover, in June 2020, Vektor Pharma introduced a generic version of the Neupro patch (rotigotine), a transdermal patch that indicated against the symptoms of Parkinson's disease.
Thus, due to the above-mentioned factors, the topical drug delivery devices segment is expected to grow significantly during the forecast period.
North America is Expected to Hold a Significant Share in the Drug Delivery Market Over Forecast Period
The North American drug delivery devices market is estimated to grow significantly during the study period owing to the rising incidences of chronic diseases like cancer and HIV, among others, increasing product launches, and rising initiatives by key market players. For instance, according to the American Cancer Society's 2022 report, approximately 1.9 million new cancer cases are expected to be diagnosed in 2022 in the United States, and cancer cases are further expected to increase in the country, which is expected to increase the demand for the drug delivery devices for various therapeutics as demand for cancer treatment is quite high in the region owing to the high mortality rate associated with the disease, which is expected to boost growth in the drug delivery market.
The launch of new products in the country will also help drive market growth. For instance, in February 2022, the United States FDA approved the generic Apokyn (apomorphine hydrochloride injection) drug cartridges to treat hypomobility and other episodes associated with advanced Parkinson's disease. In January 2021, Novartis AG invested in Credence MedSystems to support the development and scale-up of its drug delivery systems. This initiative facilitates Novartis AG's use of Credence technology in its injectable medicines. Similarly, in November 2020, Croda International PLC entered into an agreement with Pfizer Inc. to supply innovative drug delivery systems for Pfizer's COVID-19 vaccine candidate.
Furthermore, in March 2022, Corium received US FDA approval for Adlarity to treat patients with mild, moderate, or severe dementia associated with Alzheimer's. The launch of transdermal patches in the country is expected to boost the studied market during the study period. Moreover, strategic initiatives by market players, such as partnerships and collaborations for increasing the production of drug delivery devices, would lead to lucrative market growth. For instance, in May 2020, the Department of Defense and the United States Department of Health and Human Services awarded a contract worth USD 138 million to ApiJect Systems America for "Project Jumpstart" and "RAPID USA," which will work together to expand the United States' production capability of medical-grade injection devices. This project aided in the manufacturing of more than 100 million prefilled syringes for distribution across the country, thereby driving the market. Therefore, the rising number of chronic diseases and product launches in the country are expected to grow at a healthy CAGR over the forecasted period.
