Drug delivery technologies improve the efficacy and safety of a drug by controlling the rate, time, and place of drug release in the body. This market is highly competitive and is witnessing rapid growth due to the development of numerous new routes of drug delivery. The global pharmaceutical industry is research-intensive, with innovative firms spending on average about 15% of their sales on R&D. Also, the increasing R&D expenditure on early-stage development, as well as an increase in the number of potential drugs in the preclinical phase, is driving the demand for preclinical services among life science companies.

Overview of This Study:

This study involved the extensive use of both primary and secondary sources. 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.

Major Growth Influencing 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.

On the other hand, the risk of needlestick injuries and the increased pricing pressure is expected to limit the market growth to some extent in the coming years. Further, the COVID-19 pandemic affected world economics, including the pharmaceutical sector. While currently there is no definitive treatment for this novel infectious disease, the pharmaceutical industry is assisting government bodies to address the COVID-19 unmet needs, from R&D actions on potential treatment and prevention strategies to balancing the medicines supply chain in the time of crisis.

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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.

Recent Developments in the Global Pharmaceutical Drug Delivery Market:

# 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.

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.

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In 2020, the infectious disease segment accounted for the largest share of the market

On the basis of application, the pharmaceutical drug delivery market is segmented into cancer, infectious diseases, cardiovascular diseases, diabetes, respiratory diseases, central nervous system disorders, autoimmune diseases, and other applications. In 2020, the infectious diseases segment accounted for the largest share of the market. The increasing prevalence of infectious diseases across the globe is the major factor driving the market growth. Also, the current COVID-19 pandemic scenario has increased the R&D expenditure for new drugs in the market along with the increase in FDA approvals for such drugs, thus propelling the market growth of this segment.

Geographical Growth Dynamics:

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.

Projected Surge in Revenue Generation:

The global pharmaceutical drug delivery market is projected to reach USD 2,206.5 billion by 2026 from USD 1,656.9 billion in 2021, at a CAGR of 5.9% during the forecast period.

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