Overview of This Market:
This study involved four major activities to estimate the current size of the Pharmaceutical Drug Delivery Solutions Market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Pharmaceutical Drug Delivery Market Dynamics
Drivers: Growth in biologics market
According to the American Journal of Managed Health Care, biologics form the fastest-growing segment of the pharmaceutical market. An article published by Congressional Research Service 2017, stated that in the US, in 2016, spending on biologics increased by 13% (as compared to 2015) to reach USD 105.5 billion. According to an article published by The Economist, in the US, more than 900 biologics are under development for the treatment of more than 100 diseases.
It is estimated that biologics contributed approximately 22% of the sales of large pharmaceuticals companies in 2013, which is expected to reach 32% by 2023. As biologics are mainly administered by the injectable route, the significant growth in the biologics market is expected to drive the injectable drug delivery market in the coming years. According to Pharmaceutical Research and Manufacturers of America (formerly known as the Pharmaceutical Manufacturers Association), as of June 2020, there are 17 biosimilars in the US market against 7 reference biologics.
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Restrains: Risk of needlestick injuries
Needlestick injuries are one of the major risks in injectable drug delivery. According to PharmaJet, in the US, around 600,000 to 800,000 needlestick injuries are reported every year. The Occupational Safety and Health Administration (OSHA) estimates that around 5.6 million workers in the US are at the risk of exposure to blood-borne pathogens due to needlestick injuries. Furthermore, the CDC estimates that an average of 385,000 needlestick injuries occur annually in US hospital settings.
Similarly, in Europe, more than 1 million needlestick injuries are reported each year (Source: Becton, Dickinson and Company). In Sweden, one needlestick injury is reported per 200 employees each year, while in Germany, the estimated number of needlestick injuries in hospitals is around 500,000 per year. Further, according to the WHO, it was found that 37.6% of Hepatitis B, 39% of Hepatitis C, and 4.4% of HIV/AIDS cases in healthcare workers around the world are caused due to needlestick injuries.
Expected Revenue Growth:
The pharmaceutical drug delivery market is projected to reach USD 2,015.3 billion by 2025 from USD 1,430.5 billion in 2020, at a CAGR of 7.1% during the forecast period.
Research Methodologies Followed:
In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects of the market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Secondary research was mainly used to identify and collect information for the extensive, technical, market-oriented, and commercial study of the pharmaceutical drug delivery market. Secondary sources such as the Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), Health Canada, American Journal of Drug Delivery and Therapeutics, Center for Drug Delivery and Nanomedicine, Parenteral Drug Association (PDA), International Journal of Drug Delivery, Annual Reports, Press Releases, SEC Filings, and Investor Presentations were used. These sources were also used to obtain key information about major players, market classification, and segmentation according to industry trends, regional/country-level markets, market developments, and technology perspectives.
North America was the largest regional market for pharmaceutical drug delivery in 2019
The global Pharmaceutical Drug Delivery Solutions Market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the market. The large share of the North American market can be attributed to factors such as growth in biologics in the pharmaceuticals market; the rising prevalence of chronic diseases increasing patient compliance to innovative drug delivery technologies; and the presence of a large number of prominent players in this region.
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The pharmaceutical drug delivery market is highly fragmented in nature with several big and emerging players. Johnson & Johnson, Inc. (US), Novartis AG (Switzerland), F. Hoffmann-La Roche Ltd. (Switzerland), Bayer AG (Germany), Pfizer, Inc. (US), Sanofi (France), GlaxoSmithKline plc (UK), Merck & Co., Inc. (US), 3M (US), Antares Pharma, Inc. (US), and Becton, Dickinson and Company (BD) (US) are some of the leading players operating in the global pharmaceutical drug delivery.
Growth Strategies Adopted:
Players in Pharmaceutical Drug Delivery Solutions Market pursue the strategies of product approvals, partnerships, agreements, collaborations, expansions, and acquisitions to develop and expand their market presence. Product approvals has been the key growth strategy adopted by players to expand their share in the market.
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