Topical Segment to Account Fastest Growing Market Share by Route of Administration in Drug Delivery Market during 2023–2028
According to our new research study on " Drug Delivery Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Route of Administration, Distribution Channel, and End User," the market is expected to grow from US$ 20,99,856.7 million in 2022 to US$ 32,54,594.2 million by 2028; it is estimated to register a CAGR of 7.7% from 2023 to 2028. The report highlights the key factors driving the drug delivery market growth and prominent players with their developments in the market.
Based on route of administration, the drug delivery market is segmented into oral drug delivery, transmucosal drug delivery, topical drug delivery, implantable drug delivery, and ocular drug delivery. The injectable drug delivery segment held the largest market share in 2022. However, topical drug delivery segment is anticipated to register the highest CAGR of during the forecast period. In a topical drug delivery system, medicine is applied to a particular body part, mainly the skin, to treat various ailments. Patches, sprays, gels, creams, and ointments are a few forms of topical medications. These formulations are rubbed on the skin and can be easily absorbed into the skin. Topical drug delivery is a localized drug delivery system anywhere in the body through skin as topical routes. Topical preparations contain therapeutically active ingredients in combination with base. The advanced approach of optimizing the topical delivery of dermatological agents includes the use of biopolymers, liposomes, chemical enhancers, particulate carriers, topical sprays and foams, and topical peels. According to the World Health Organization (WHO), skin disease is the third most prevalent cause of illness and the tenth major cause of disability across the world. Thus, the increasing prevalence rate of tropical diseases, rising incidence of skin diseases, and growing patient preference toward topical drugs over oral drugs are boosting the growth of the global drug delivery market for the topical drug delivery systems segment.
Based on the region, Asia Pacific is the fastest growing region in the drug delivery market. Among the countries accounted in the region for the study, Japan is holding the largest market share of the region in the drug delivery market.
The Japan drug delivery market is driven by the rising number of patients with diabetes, increasing R&D investments by key market players, and growing geriatric population. Within Asia Pacific, Japan has maintained its leadership role as the largest pharmaceutical market. It is the second-largest market globally after the US. With a growing geriatric population and increased economic pressure on its healthcare system, Japan supports its patient population by developing specialty self-administration devices such as pen and auto injectors. Apart from researching and developing new drugs to support this generation, many leading Japanese pharmaceutical companies have also been working with device manufacturers to develop different drug delivery device options.
In June 2018, AbbVie and Eisai launched the Humira (adalimumab) pen injector in Japan. The newly launched pen-type auto-injector devices were developed to simplify the operation and reduce the burden on patients when performing self-injection. According to The International Diabetes Federation, in 2021, 11 million people had diabetes in Japan. According to the Statistics Bureau of Japan, in 2021, Japan's total population was 125.50 million. The country ranked 11th in the world, accounting for 1.6% of the world's population. The geriatric population in Japan is on the rise. As per the Statistics Bureau of Japan, 2021, the number of elderly people aged 65 or older accounted for 28.9% of the 36.21 million total population. National Institute of Population and Social Security Research, Population Projections for Japan: 2015–2065 reported that 37.7% of the Japanese population will be 65 or older by 2050. Also, 1 in 3 people in Japan lives with diabetes-related distress. Moreover, the WHO reports that Japan has the longest life expectancy in the world.
Owing to the above-mentioned factors, the drug delivery market in Japan is expected to witness rapid growth during the forecast period.
Pfizer Inc, Johnson & Johnson, Becton Dickinson and Co, Novo Nordisk AS, Boston Scientific Corp, Baxter International Inc, Gerresheimer AG, Kindeva Drug Delivery LP, GlaxoSmithKline Plc, Bausch Health Companies, Novartis AG, Sever Pharma Solutions, Boehringer Ingelheim International. are among the key companies operating in the drug delivery market.
Companies operating in the drug delivery market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the drug delivery market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall drug delivery market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
A few of the significant developments by key drug delivery market players are listed below.