Rising Prevalence of Infectious and Chronic Diseases Drives Pharmaceuticals Drug Delivery Market Growth
According to a new market research study on "Pharmaceutical Drug Delivery Market to 2027 - Global Analysis and Forecasts by Route of Administration, Application, and End User," the global pharmaceutical drug delivery market is expected to reach US$ 2,296,170.9 Mn by 2027 from US$ 1,403,082.9 Mn in 2019. The market is estimated to grow at a CAGR of 6.6% from 2020 to 2027. The report provides trends prevailing in the global pharmaceutical drug delivery market as well as the driving and restraining factors pertaining to the market growth.
The prevalence of infectious diseases, especially caused by bacteria, is increasing worldwide. For instance, according to a study published by American Society for Microbiology in 2019, ~1.5-4.5 million infections are caused by the Carbapenem-resistant Enterobacteriaceae bacteria every year in the world. This leads to the hospitalization of ~49,000 individuals in the US each year. Moreover, according to a study published by UNICEF, in 2018, pneumonia caused the death of ~1,755,000 children of <5 years of age; also, ~1,200,000 children lost their lives by diarrhea in the world. Such exponentially growing prevalence of infectious diseases results in the use of more drugs, which eventually drives the growth of the pharmaceutical drug delivery market.
In terms of chronic conditions, cancer and diabetes are the leading cause of mortalities worldwide. For instance, according to a study conducted by the American Cancer Society (ACS), in 2018, ~1,735,350 new cancer cases were diagnosed in the US. Further, according to the International Diabetes Federation (IDF), in 2017, ~46 million Americans were suffering from diabetes; moreover, this number is expected to reach 62 million by 2045. The data also mentioned that ~425 million people were living with diabetes in 2017 in the world, and the number is likely to reach 629 million by 2045.
On the basis of application, the pharmaceutical drug delivery market has been segmented into infectious diseases, cancer, cardiovascular diseases, diabetes, respiratory diseases, central nervous system disorders, autoimmune diseases, and other diseases. The cancer segment held the largest share of the market in 2019; however, the infectious diseases segment is estimated to register the highest CAGR in during the forecast period. The projected growth of the market for infectious diseases is ascribed to increasing prevalence of these diseases around the world. For instance, according to World Health Organization (WHO) data published in 2018, ~30 million people in the world undergo sepsis each year; moreover, the same study estimated that the condition causes 6 million deaths each year.
Leading companies operating in the pharmaceutical drug delivery market are Pfizer Inc., Bayer AG, Johnson & Johnson Services, Inc., Novartis AG, 3M, Becton, Dickinson and Company, Sanofi, MERCK KGaA, GlaxoSmithKline plc., and Antares Pharma, among others.
The report segments Global Pharmaceutical drug delivery Market as follows:
By Route of Administration
By Application
By End User
By Geography
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