Drug delivery systems refer to technologies that transport drugs throughout the body. These technologies include methods like swallowing a pill or injecting a vaccine. Drug delivery systems also encompass the way drugs are packaged, such as in a micelle or nanoparticle that guards against degradation and enables the drug to reach its intended destination in the body. The field of drug delivery has made significant progress in recent decades, and more advancements are expected in the coming years.
The Global Drug Delivery System Market was valued at US$ 39,615.3 Million in 2022 and is anticipated to reach US$ 73,555.89 Million by the end of 2030 with a CAGR of 8.1% from 2023 to 2030.
Biomedical engineers have played a significant role in comprehending the physiological barriers to efficient drug delivery and have developed various new modes of drug delivery that have been implemented clinically. However, despite these achievements, many disease treatments still have undesirable side effects. Side effects arise when drugs interact with healthy organs or tissues, which can impede our ability to treat diseases like cancer, neurodegenerative diseases, and infectious diseases. The continued progress in this area will aid in the targeted delivery of drugs while also minimizing their side effects.
Drug Delivery System Market to Recover Amid COVID-19 Pandemic
The drug market offers a vast selection of products that consist of various substances. Four of the most prominent drug markets worldwide are cannabis, cocaine, opiates (mainly heroin), and synthetic drugs, each with a unique distribution across different regions. A few countries have a monopoly on producing cocaine and heroin, while synthetic drugs and cannabis are produced in almost all countries. The COVID-19 measures in place will impact drug production differently due to their diverse manufacturing methods (concentrated in few countries or spread out) and inputs (labor force and chemicals). The implementation of these measures can affect drug production directly, such as reducing the available workforce for harvesting, or indirectly, such as disrupting the supply chain of precursor chemicals, which are often diverted from legal markets. The sale of drugs at the source of production may also be affected. If buyers are unable to reach isolated locations where drugs are cultivated or produced due to mobility restrictions, the overall supply will be impacted.
Increasing Prevalence of Chronic Diseases to Boost Drug Delivery System Market
There is a growing need for healthcare services that cater to drug-related issues due to the rise in awareness and incidence of problems. In developed areas, insurance companies are covering treatments. The demand for drug care has also increased due to unhealthy eating habits in children, concerns about aesthetics among young people, and an aging population. For example, the American College of Prosthodontists (ACP) reports that there are currently 39,241.2 million completely edentulous people in the U.S. and another 18 million edentulous in one arch. Additionally, the Centers for Disease Control and Prevention states that in 2014, 83% of children aged 2-17, 62% of adults aged 18-64, and 62.4% of adults aged 65 and above had dental visits throughout the year.
North America to Spearhead the global Drug Delivery System Market
The demand for personalized cosmetic dental care is on the rise, as people look to improve their appearance, quality of life, and dental health. This trend is driving market growth, as is the increasing investment in healthcare infrastructure and research and development in North America. Regulatory authorities in the region are also establishing clearer guidelines and processes for the approval of Dental 3D Printing, creating a more favorable regulatory environment for the development and commercialization of these therapies.
Companies in the global drug delivery system market are adopting various strategies to expand their market share and revenue. These include forming partnerships and collaborations to accelerate the development of new therapies, investing in research and development for drug delivery systems, expanding their geographical presence, and acquiring or merging with other companies for access to new technologies. Additionally, companies are investing in marketing and promotional activities to increase awareness and educate healthcare professionals. Some key players in this market include Novartis, AG, and Bayer.