Pharmaceutical Drug Delivery Market - Emerging Trends & Global Future Forecasts

Posted July 7, 2022 by vmack2187

The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Objectives of the Study:

# To define, describe, and forecast the pharmaceutical drug delivery market by route of administration, facility of use, application, and region

# To provide detailed information regarding factors influencing the market growth, such as drivers, restraints, opportunities, and challenges

# To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall pharmaceutical drug delivery market

# To analyze the market opportunities for stakeholders and provide details of the competitive landscape for key players

# To forecast the size of the pharmaceutical drug delivery market in five main regions (along with their respective key countries), namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa

# To profile the key players in the pharmaceutical drug delivery market and comprehensively analyze their core competencies2 and market shares

# To track and analyze competitive developments, such as acquisitions, product launches, expansions, collaborations, agreements, partnerships, and product approvals of the leading players in the pharmaceutical drug delivery market

# To benchmark players within the pharmaceutical drug delivery market using the competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering

Major Growth Driving Factors:

Growth in the market can largely be attributed to factors such as the rising prevalence of chronic diseases, the growing biologics market, increasing investments in pharmaceutical R&D, and increasing technological advancements. The rising demand for biosimilars & biologics and self-administration & home care provides a wide range of growth opportunities for key players in the market.

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Opportunity: Rising demand for biosimilars and biologics

Biosimilars are more acceptable for the treatment of chronic diseases that are of a non-life-threatening nature. Moreover, biosimilars can drive the overall therapeutics market by allowing patients to access drugs at cheaper rates. The lower cost of manufacturing due to the use of modern manufacturing technologies for the development of biosimilars is a major factor that is expected to drive the growth of this market in the coming years. Also, an increasing number of companies are conducting clinical trials on biosimilars.

For instance, Biocon Limited is involved in the clinical trials of various drugs, such as Insulin Glargine, Trastuzumab, Bevacizumab, Pegfilgrastim, and Adalimumab. Also, Amgen Inc. is conducting clinical trials for various biosimilars, such as rituximab, infliximab, centuximab, eculizumab, and trastuzumab. Some FDA-approved biosimilars include Zarxio (Sandoz), AMJEVITA (Amgen Inc.), and Erelzi (Sandoz). As of March 2020, there were about 79 programs enrolled in the Biosimilar Program Development (BPD) program.

Challenge : Pricing pressure

Government bodies in both developed and developing countries are encouraging cost-saving measures, such as cutting drug reimbursement prices and promoting the greater use of generics. Drug manufacturers across the globe are facing significant cost reduction pressures from government bodies, insurers, and patients. This downward pricing pressure is resulting in the greater uptake of drugs in emerging markets where the demand for low-cost therapeutics is high. However, this is affecting the profitability of several pharmaceutical companies.

This trend is expected to continue in the coming years owing to the continuous pressure for reducing pharmaceutical prices by insurers, pharmacy benefit managers (PBMs), and public and private payers due to concerns about covering more new medicines to treat prevalent conditions, such as high cholesterol and diabetes.

Recent Developments:

# In July 2021, Johnson & Johnson received FDA approval for DARZALEX (daratumumab), a subcutaneous formulation that reduces the treatment time for multiple myeloma indications.

# In December 2020, Pfizer, Inc. received FDA approval for BRAFTOVI (encorafenib) plus combination with cetuximab for the treatment of patients with brafv600e-mutant metastatic colorectal cancer (CRC) who have undergone prior therapy.

# In November 2020, GlaxoSmithKline plc partnered with IDEAYA to enter the field of Synthetic Lethality, an emerging field in oncology; programs MAT2A, Pol Theta, and Werner Helicase programs, which are part of it, are projected to reach clinical trials in the next three years.

North America will dominate the pharmaceutical drug delivery market from 2021–2026

Geographically, the global market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the pharmaceutical drug delivery market in 2020. The high share of the North American market is attributed to the rising prevalence of chronic diseases, such as cancer, respiratory allergies, and diabetes; 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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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags pharmaceutical drug delivery , pharmaceutical drug delivery market
Last Updated July 7, 2022