Segments covered: By Route Of Administration – Oral Drug Delivery, Injectable Drug Delivery, Topical Drug Delivery, Ocular Drug Delivery, Pulmonary Drug Delivery, Nasal Drug Delivery, Transmucosal Drug Delivery, Implantable Drug Delivery; By Patient Care Setting – Hospitals, Diagnostic Centers, Ambulatory Surgery Centers/Clinics, Home Care Settings, Others; By Application – Cancer, Infectious Diseases, Respiratory Diseases, Diabetes, Cardiovascular Diseases, Autoimmune Diseases, Central Nervous System Disorders, Others
LONDON, Aug. 04, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the devices for the pharmaceutical drug delivery market, COVID-19 has positively impacted the drug delivery devices market with the increasing rate of vaccination and rising number of COVID-19 cases with the second wave of the COVID-19 pandemic.
The global drug delivery devices market size is expected to grow from $40.7 billion in 2020 to $42.76 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $50.9 billion in 2025 at a CAGR of 4.5%, owing to the COVID-19 pandemic. Drugs used for COVID-19 treatment are both oral and injectable; however, a marginal increase is expected for pulmonary or respiratory-based drug delivery devices.
North America is the largest region in the drug delivery devices market, accounting for 41.2% of the total in 2020. It was followed by Western Europe and Asia- Pacific and then the other regions. Going forward, the fastest-growing regions in the drug delivery devices market will be South America and the Middle East where growth will be at CAGRs of 12.4% and 10.74% respectively during 2020-2025. These will be followed by Africa and Asia-Pacific, where the markets are expected to register CAGRs of 10.71% and 9.7% respectively during 2020-2025.
The Business Research Company’s report titled Drug Delivery Devices Global Market Report 2021: COVID-19 Implications And Growth to 2030 covers major drug delivery devices companies, drug delivery devices market share by company, drug delivery devices manufacturers, drug delivery devices market size, and drug delivery devices market forecasts. The report also covers the global drug delivery devices market and its segments.
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Most pharmaceutical firms and governments have been attempting to provide effective medical treatment to COVID-19 patients since the start of the pandemic, and medication delivery devices are playing a key role in this regard.
For example, the Chalmers University of Technology in Sweden, the University of Gothenburg, and AstraZeneca introduced a new pivotal initiative in June 2020 to investigate a nasal spray mRNA vaccine against COVID-19 using a combination of unique drug delivery techniques. The goal of the project was to create fundamentals for nasal immunization by creating a biomimetic nanoparticle that contains both immune enhancers and a targeted protein.
With the rapid development of COVID-19 therapies and vaccines, one path for researchers looking to improve their medicines is to investigate other routes of drug administration, such as intranasal sprays. Clinical trials of an intranasal spray known to kill 99.9% of SARS-CoV-2 began in early January this year in the United Kingdom. The UK Medicines and Healthcare Products Regulatory Agency (MHRA) approved Codagenix and the Serum Institute of India (SII) to begin a Phase I clinical study of COVI-VAC, a single-dose intranasal, live attenuated vaccine against COVID-19, in early January 2021.
COVI-VAC has been demonstrated to be safe and effective in preclinical animal testing, according to Codagenix. The medication is also being tested in Phase II clinical studies across Canada and in other countries that have been approved by Health Canada.
Of course, while medicines and vaccines are being approved and driving the pharmaceutical drug market, there is a need to administer them safely as well. To minimize the risk of needle stick infections, prefilled syringes are being used to administer COVID-19 immunizations. Companies are working on increasing the manufacturing of prefilled syringes to meet the growing demand for administering COVID-19 vaccinations.
For example, the US Department of Defense granted ApiJect Systems America a $138 million contract in May 2020 for Project Jumpstart and RAPID USA, to help with the production of prefilled syringes for the coronavirus vaccine. Project Jumpstart aided the prefilled syringe supply chain, which produced 100 million prefilled syringes in 2020. The agreement also sped up the introduction of RAPID USA, which will help the company produce 500 million prefilled syringes by 2021. As a result, prominent players in the prefilled syringe markets are capitalizing on this trend and ramping up production capacity to combat COVID-19.
With the increasing rate of vaccination in countries across the world, the drug delivery devices market is expected to receive a positive impact. Also, the expected third wave of COVID-19 pandemic with new strains of viruses in the near future will increase the focus on drug development and drug delivery, which will drive growth in the market.
Drug Delivery Devices Global Market Report 2021: COVID-19 Implications And Growth to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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