Drug Delivery Systems Market Size to Hit USD 78.76 Billion
The global drug delivery systems market size was valued at USD 39.55 billion in 2022 and is expected to be worth USD 42.71 billion in 2023. The market is projected to reach USD 78.76 billion by 2030, recording a CAGR of 9.1% during the forecast period.
A drug delivery system is a device that releases a medicine in the body and enhances its effectiveness and safety by controlling the time, rate, as well as place of release. Some of the popular examples of these systems include jet-injectors, auto-injectors, and syringes. The COVID-19 pandemic was instrumental in boosting the sales of these systems as there was a notable growth in the number of vaccination drives to contain the spread of the virus. Moreover, other factors, such as growing prevalence of chronic diseases and introduction of technologically advanced products will accelerate the drug delivery systems market growth.
Fortune Business Insights™ displays this information in a report titled, "Drug Delivery Systems Market, 2023-2030."
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Key Takeaways:
- Strategic Collaborations and New Product Launches to Boost Market Growth
- Increase in Shift of Patients toward Advanced Drug Delivery Systems to Favor Market Growth
- Increasing Burden of Chronic Diseases to Drive Market Growth
- Product Recalls and Stringent Regulations to Hinder Market Growth
- Companies with Diversified and Strong Product Portfolios to Hold Key Market Share
COVID-19 Impact:
Rising Number of Vaccination Campaigns Fueled Market Growth During COVID-19
The COVID-19 pandemic had decelerated the market growth due to factors, such supply chain disruptions, decreased hospital admissions, and temporary stoppage in manufacturing processes. Many key players in the market also witnessed a major decline in their revenue margins. However, governments across the world had initiated vaccination drives to mitigate the spread of the virus. This factor had a favorable impact on the demand for drug delivery devices, such as injectable systems to cater to the ever-growing medical requirements of patients across the world.
To know more about the impact of COVID-19 on this market, please visit:
https://www.fortunebusinessinsights.com/drug-delivery-systems-market-103070
Hospital Pharmacies to be the Main Distribution Channel with Growing Hospital Admissions
In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and others. The hospital pharmacies segment is set to dominate the market as the number of patient visits in hospitals is increasing each year, thereby boosting the sales of efficient drug delivery systems from these pharmacies.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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