DELRAY BEACH, Fla.,
Sept. 17, 2024 /PRNewswire/
-- The global pharmaceutical drug delivery market is set to
grow from USD 1,949.4 billion in 2024
to USD 2,546.0 billion by 2029, with
a CAGR of 5.5%. This growth is driven by increasing chronic disease
prevalence, new product launches, enhanced pharmaceutical R&D
investments, and government initiatives for affordable drug
delivery. The market also benefits from technological advancements,
patient preference for home care, and supportive reimbursement
policies. However, challenges include the risk of needlestick
injuries from injectables and government pricing pressures. Key
players in the market include Johnson & Johnson, Novartis, F.
Hoffmann-La Roche, Pfizer, and others. Injectable drug delivery is
expected to dominate the market, driven by advancements in
self-administration technologies and the increasing prevalence of
chronic diseases. North America is
predicted to hold the largest market share due to favorable
reimbursement options and high healthcare expenditure. Recent
developments include acquisitions by major companies like Johnson
& Johnson, AbbVie, and Pfizer to enhance their drug delivery
capabilities.
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Injectable Drug Delivery Sector Leading the Market
Injectable drug delivery holds the largest market share among
administration routes, primarily due to its effectiveness in
managing chronic diseases. Injectables offer advantages over oral
medications by improving patient adherence and reducing dosing
frequency. Advances in injectable technologies, aimed at minimizing
needle pain and complications, are further fueling growth in this
segment.
Hospitals to Experience Rapid Market Expansion
The pharmaceutical drug delivery market is segmented by facility
of use, including hospitals, ambulatory surgical centers,
diagnostic centers, home care settings, and other facilities.
Hospitals are projected to see the most substantial growth due to
high patient traffic, increased need for various medications and
delivery devices, a rise in surgeries, and a growing prevalence of
chronic diseases, which are driving up hospital admissions and,
consequently, the demand for drug delivery solutions.
Asia Pacific Region Poised for Significant Growth
The pharmaceutical drug delivery market is divided into five
major regions: North America,
Europe, Asia Pacific, Latin
America, and the Middle
East and Africa.
Asia Pacific is expected to
register the highest growth rate in the coming years, driven by the
presence of leading pharmaceutical companies, a growing patient
population with chronic conditions, increased healthcare spending,
and government efforts to enhance access to pharmaceutical
treatments in the region.
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Major Market Players and Their Strategies
Prominent players in the pharmaceutical drug delivery market
include Johnson & Johnson Services, Inc. (US), Novartis AG
(Switzerland), F. Hoffmann-La
Roche Ltd (Switzerland), Pfizer
Inc. (US), Becton, Dickinson and Company (US), GlaxoSmithKline plc
(UK), Merck & Co., Inc. (US), Sanofi (France), Bayer AG (Germany), Amgen, Inc. (US), AbbVie Inc. (US),
Genmab A/S (Denmark), Gilead
Sciences, Inc. (US), Boehringer Ingelheim International GmbH
(Germany), and AstraZeneca
(UK).
Johnson & Johnson Services, Inc. Focuses on
Innovation
Johnson & Johnson Services, Inc., a leading player in the
pharmaceutical drug delivery market, offers a broad range of
products across major therapeutic areas. The company emphasizes
product innovation and R&D, with an annual R&D expenditure
of approximately USD 15 million,
accounting for 17.7% of its total revenue. Johnson & Johnson
has a strong presence in North
America, Europe,
Asia Pacific, and Africa. To ensure continued growth, the
company pursues partnerships, agreements, and mergers and
acquisitions to expand its product portfolio and regional
reach.
Novartis AG: A Key Market Leader
Novartis AG stands out in the pharmaceutical drug delivery
market due to its extensive global presence and strong brand
recognition. The company offers a comprehensive portfolio in
therapeutic areas such as cardiovascular, renal and metabolic,
immunology, neuroscience, and oncology. Novartis focuses on
high-growth fields and prioritizes resource allocation to these
areas. The company strengthens its business through strategic
partnerships, collaborations, and agreements to enhance its
operations and market position.
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